比特幣BTCUSD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％

比特幣BTCUSD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％，並且接近相似的水平

Bitcoin BTCUSD mining revenues reached $3.7 billion in the fourth quarter of 2024, a 42% increase from the prior quarter, and are approaching similar levels of around $3.6 billion in Q1 2025, according to data from Coin Metrics.

根據硬幣指標的數據，比特幣BTCUSD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％，在2025年第1季度的36億美元接近36億美元。

The revenue buildup suggests miners’ incomes are stabilizing after the Bitcoin network’s “halving” in April 2024 reduced mining rewards from 6.25 BTC to 3.125 BTC per block. Halvings occur every four years and cut the number of BTC mined per block in half.

收入的積累表明，在比特幣網絡在2024年4月“減半”後，礦工的收入正在穩定，從而將採礦獎勵從6.25 BTC降低到每個街區3.125 BTC。每四年發生過度，並減少了每塊開采的BTC數量一半。

“With almost one 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,” Coin Metrics said in its Q1 2025 Data Special report.

Coin Metrics在其第一季度2025年數據特別報告中說：“自比特幣第四次減半以來，礦工已經經過了近一年的時間，因此經歷了一段穩定的時期，適應了減少的塊獎勵，更緊密的利潤和轉移的操作動態。”

This recovery could be cut short if ongoing trade wars disrupt miners’ business models, Ben Yorke, VP of Ecosystem at WOO, a Web3 startup, told Cointelegraph.

Web3初創公司Woo的生態系統副總裁本·約克（Ben Yorke）告訴Cointelegraph，這種恢復可能會縮短。

“Should semiconductor tariffs return, Bitcoin mining will face higher costs, concentrating power among major players and forcing smaller operations to shut down,” Yorke said.

約克說：“如果半導體關稅返回，比特幣採礦將面臨更高的成本，將主要參與者集中在主要球員中，並迫使較小的業務關閉。”

CoinDesk reporter Ben Raviv also highlighted the role of new technologies in shaping the future of Bitcoin mining.

Coindesk的記者本·拉維夫（Ben Raviv）還強調了新技術在塑造比特幣採礦未來中的作用。

After the halving: Adapting and diversifying

減半後：適應和多樣化

Bitcoin miners have struggled in 2025 as a worsening macroeconomic climate and the cryptocurrency market downturn have put additional pressure on their business models, which were already strained by the network’s April halving, according to a March 3 JPMorgan research note. However, well-capitalized miners have managed to adapt, and they are still deploying capital to expand their operations, as evidenced by several recent announcements.

根據3月3日的3月3日的摩根大通研究報告，比特幣礦工在2025年苦苦掙扎，因為宏觀經濟的氣候惡化，加密貨幣市場的低迷對其商業模式施加了額外的壓力，該公司的商業模式已經受到了3月3日的4月份減半的壓力。但是，資本良好的礦工已經設法適應了，他們仍在部署資本來擴大其業務，這是最近的幾項公告所證明的。

For instance, in January, Bitcoin’s hashrate — a measure of the total computing power securing the network — reached a new all-time high, according to CoinWarz data. Meanwhile, common adjustments that miners have made include “upgrading to more energy-efficient ASICs, [and] relocating to regions with cheaper and more abundant renewable energy,” such as Africa and Latin America, Coin Metrics said. ASICs are specialized computer hardware used in Bitcoin mining.

例如，根據Coinwarz的數據，在一月份，比特幣的哈希拉特（Bitcoin's Hashrate）達到了新的高度計算能力。同時，礦工所做的常見調整包括“升級到更節能的ASIC，並將其搬遷到具有更便宜，更豐富的可再生能源的地區，例如非洲和拉丁美洲，例如，Coin Metrics說。 ASIC是用於比特幣採礦的專門計算機硬件。

Additionally, “miners are also diversifying into AI data-center hosting as a means to expand revenue streams and repurpose existing infrastructure for high performance computing,” according to the report. For instance, Bitcoin miner Core Scientific (NASDAQ:COSM) is now providing 200 megaWatts of hardware capacity to support CoreWeave’s artificial intelligence workloads.

此外，“礦工也將多元化為AI數據中心託管，作為擴展收入流並重新利用現有的高性能計算基礎架構的一種手段。”例如，比特幣礦工核心科學（NASDAQ：COSM）現在提供200兆瓦的硬件能力，以支持CoreWeave的人工智能工作負載。

Greater transaction activity would help sustain economic incentives for miners post-halving, according to Coin Metrics. “Over time, increased participation from higher-value or more time-sensitive activity could help drive stronger transaction fees, sustaining miner incentives as block rewards decline.”

據硬幣指標稱，更大的交易活動將有助於維持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較高的交易費用，並隨著收益獎勵的下降而維持礦工激勵措施。”

However, for now, “[t]ransactions below $100 currently represent ~60% of Bitcoin’s total transaction count,” according to Coin Metrics. This is partially because holders are increasingly treating Bitcoin as a buy-and-hold asset, rather than a medium of exchange.

但是，目前，據Coin Metrics稱，“目前的[T]贖金目前佔比特幣總交易總數的約60％”。這部分是因為持有人越來越多地將比特幣視為購買和持有的資產，而不是交換媒介。

“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）隨著時間的流逝而下降，從而加強了BTC越來越多地持有而不是交易的想法。”