比特幣（BTC）採礦收入在2024年第四季度達到37億美元

比特幣（BTC）採礦收入在2024年第四季度達到37億美元，比上一季度增長了42％

Bitcoin (BTC) miners collectively generated an impressive $3.7 billion in revenue during the fourth quarter of 2024, marking a 42% increase from the previous quarter. This figure is also approaching the highs of around $3.6 billion reached in Q1 2025, as per data from Coin Metrics.

比特幣（BTC）礦工在2024年第四季度共同產生了37億美元的收入，比上一季度增長了42％。根據硬幣指標的數據，該數字還接近了第1季度2025年第1季度的36億美元。

The uptick in revenue suggests that miners are stabilizing their incomes after the Bitcoin network's "halving" in April 2024 reduced mining rewards from 6.25 BTC to 3.125 BTC per block. Halvings, which occur every four years, effectively halve the number of BTC mined per block.

收入的上升表明，在比特幣網絡在2024年4月的“減半”後，礦工正在穩定收入，從而將採礦獎勵從6.25 BTC降低到每個街區3.125 BTC。每四年發生一次，有效地將每塊開采的BTC數量減半。

"With almost a year elapsed since Bitcoin’s 4th halving, miners have endured a period of stabilization, adapting to reduced block rewards, tighter margins, and shifting operational dynamics," noted Coin Metrics in its Q1 2025 Data Special report.

“自比特幣第四次減半以來，礦工已經經過了將近一年的時間，因此經歷了一段穩定的時期，適應了降低的塊獎勵，更緊密的利潤和轉移的操作動力學，” Q1 2025 Data Data Special Report中的Coin Metrics指出。

However, Ben Yorke, VP of Ecosystem at WOO X, a Web3 startup, cautions that this recovery could be cut short if ongoing trade wars disrupt miners' business models.

但是，WOO X的生態系統副總裁Ben Yorke（一家Web3創業公司）警告說，如果正在進行的貿易戰破壞礦工的業務模式，則可以縮短這種恢復。

"Should semiconductor tariffs return, Bitcoin mining could face higher costs, consolidating power among major players and forcing smaller operations to power down," Yorke told Cointelegraph.

約克告訴Cointelegraph：“如果半導體關稅返回，比特幣採礦可能會面臨更高的成本，鞏固主要參與者的力量並迫使較小的運營降低電源。”

Bitcoin mining revenues since 2022. Source: Coin Metrics

比特幣採礦收入自2022年以來。資料來源：硬幣指標

The report highlights that Bitcoin miners faced a challenging year in 2025 as the cryptocurrency's price declines put additional pressure on business models already strained by the network's April halving, according to a March 3 JPMorgan research note.

該報告強調，根據3月3日的JPMorgan研究報告稱，由於加密貨幣的價格下跌，比特幣礦工在2025年面臨著挑戰的一年，這給已經因該網絡的4月份減半而施加了額外的壓力。

Common adjustments made by miners include upgrading to more energy-efficient ASICs and relocating to regions with cheaper and more abundant renewable energy resources, such as Africa and Latin America. ASICs are specialized computer hardware used in Bitcoin mining.

礦工進行的常見調整包括升級到更節能的ASIC，並搬遷到具有更便宜，更豐富的可再生能源（例如非洲和拉丁美洲）的地區。 ASIC是用於比特幣採礦的專門計算機硬件。

Additionally, miners are diversifying into AI data-center hosting to expand revenue and repurpose existing infrastructure for high performance computing. For instance, Bitcoin miner Core Scientific has pledged 200 megaWatts of hardware capacity to support CoreWeave's artificial intelligence workloads.

此外，礦工正在多元化為AI數據中心託管，以擴大收入並重新利用現有的基礎架構以進行高性能計算。例如，比特幣礦工Core Scientific已承諾200兆瓦的硬件能力，以支持CoreWeave的人工智能工作負載。

Bitcoin supply held long-term has increased over time. Source: Coin Metrics

長期持續的比特幣供應隨著時間的推移而增加。資料來源：硬幣指標

According to Coin Metrics, more transaction activity on the Bitcoin network would help sustain economic incentives for miners post-halving. Over time, increased participation from higher-value or more time-sensitive activity could help drive stronger fee revenue, supporting miner incentives as block rewards decline.

根據硬幣指標，比特幣網絡上的更多交易活動將有助於維持售後礦工的經濟激勵措施。隨著時間的流逝，高價值或更多時間敏感的活動的參與增加可能有助於提高收費收入，從而支持礦工激勵措施，因為Block Rewards下降。

However, currently, transactions below $100 constitute about 60% of Bitcoin's total transaction count. This is partly due to holders increasingly holding Bitcoin for the long term rather than using it as a medium of exchange.

但是，目前，低於100美元的交易約佔比特幣總交易數量的60％。這部分是由於持有人越來越多地持有比特幣，而不是將其用作交換媒介。

"Bitcoin’s supply velocity, measuring the ratio of adjusted transfer volume to its current supply (rate of turnover), has declined over time, reinforcing the idea that BTC is increasingly held rather than transacted," the report noted.

報告指出：“比特幣的供應速度測量了調整後的轉移量與當前供應量的比率（營業額）隨著時間的推移而下降，從而加強了BTC越來越多地持有而不是交易的想法。”