比特幣第四次減半：礦工表現出韌性，費用增加收入

最近發生了第四次比特幣減半，該事件將區塊獎勵減少一半。儘管存在擔憂，但比特幣的挖礦哈希率（計算能力的衡量標準）最近創下了歷史新高。這表明礦工仍然被該網絡所吸引，可能是因為引入符文後交易費收入增加。然而，自減半以來算力略有下降表明一些礦工可能已經斷開連接。

Bitcoin's Fourth Halving: A Tale of Resilience and Adaptation Amidst Market Volatility

比特幣第四次減半：市場波動中的韌性與適應故事

The highly anticipated fourth Halving for Bitcoin, a landmark event that permanently slashes block rewards by half, has come and gone. This periodic occurrence, roughly every four years, has historically sent shockwaves through the mining community, impacting their profitability and driving market sentiment. However, this time, the miners have exhibited remarkable resilience and adaptability, signaling a potential paradigm shift in the Bitcoin mining landscape.

備受期待的比特幣第四次減半，這是一個里程碑式的事件，將區塊獎勵永久削減一半，已經過去了。這種週期性事件（大約每四年一次）歷來給採礦界帶來了衝擊，影響了他們的獲利能力並推動了市場情緒。然而，這一次，礦工們展現了非凡的韌性和適應性，標誌著比特幣挖礦領域潛在的典範轉移。

Unwavering Hashrate: A Testament to Miners' Optimism

穩定的算力：礦工樂觀的證明

One key metric used to gauge miner sentiment is the hashrate, a measure of the combined computing power dedicated to securing the Bitcoin network. Historically, Halvings have triggered a temporary decline in hashrate as some miners, particularly those with less efficient equipment, become unprofitable and disconnect from the network.

用於衡量礦工情緒的關鍵指標是哈希率，這是衡量專用於保護比特幣網路的綜合運算能力的指標。從歷史上看，減半會引發算力暫時下降，因為一些礦工，特別是那些設備效率較低的礦工，變得無利可圖並與網路斷開連接。

However, this time, the Bitcoin hashrate has defied expectations, reaching a new all-time high (ATH) of 650 EH/s on the day of the Halving. This surge suggests that a majority of miners remain bullish on Bitcoin's long-term prospects, shrugging off concerns about reduced block rewards.

然而，這一次，比特幣算力卻出乎意料，在減半當天達到了 650 EH/s 的歷史新高（ATH）。這一激增表明，大多數礦商仍然看好比特幣的長期前景，不顧對區塊獎勵減少的擔憂。

Post-Halving, the hashrate has experienced a modest decline, indicating that some marginal miners may have been forced out. However, it is still hovering around 629 EH/s, close to its ATH levels, suggesting that the network remains highly secure and well-supported by miners.

減半後，算力出現小幅下降，顯示一些邊緣礦工可能被迫退出。然而，它仍然徘徊在 629 EH/s 左右，接近其 ATH 水平，這表明該網路仍然高度安全並得到礦工的良好支持。

Fees to the Rescue: A New Source of Miner Revenue

拯救費用：礦工收入的新來源

While block rewards have taken a hit, miners have found solace in a surge in transaction fees. The advent of Runes, a new protocol that enables the creation of fungible tokens on the Bitcoin network, has brought an influx of transactions and fees.

雖然區塊獎勵受到了打擊，但礦工們卻從交易費用的飆升中找到了安慰。 Runes 是一種新協議，可以在比特幣網路上創建可替代代幣，它的出現帶來了交易和費用的大量湧入。

At the peak of the Runes hype, transaction fees accounted for over 75% of total miner revenue. While this has since cooled down slightly, fees still contribute a significant portion (30%) to miner income, far more than in the past. This additional revenue stream has likely cushioned the blow of reduced block rewards, helping to keep miners afloat.

在符文炒作的頂峰時期，交易費用佔礦工總收入的 75% 以上。儘管此後情況略有降溫，但費用仍佔礦工收入的很大一部分（30%），遠高於過去。這種額外的收入來源可能緩解了區塊獎勵減少的衝擊，有助於維持礦工的生存。

Implications for the Future of Bitcoin Mining

對比特幣挖礦未來的影響

The resilience displayed by Bitcoin miners post-Halving suggests a maturing industry with increased confidence in the long-term value of Bitcoin. The emergence of fees as a significant source of miner revenue may herald a new era where mining is less reliant on block rewards, creating a more balanced and sustainable ecosystem.

比特幣礦商在減半後表現出的韌性表明，該行業日益成熟，對比特幣的長期價值信心增強。費用作為礦工收入的重要來源的出現可能預示著一個新時代的到來，採礦業不再那麼依賴區塊獎勵，從而創建一個更平衡和可持續的生態系統。

Furthermore, the hashrate's continued strength indicates that the network remains secure and well-protected from potential attacks. This is crucial for maintaining trust in Bitcoin as a reliable and censorship-resistant store of value.

此外，算力的持續強勁表明網路仍然安全並受到良好的保護，免受潛在攻擊。這對於維持對比特幣作為可靠且抗審查的價值儲存手段的信任至關重要。

Price Impact: A Mixed Picture

價格影響：好壞參半

In the immediate aftermath of the Halving, Bitcoin's price has shown a mixed performance. It initially experienced a slight uptick, likely driven by anticipation and optimism surrounding the event. However, it has since retreated somewhat, hovering around the $66,000 mark.

減半後，比特幣的價格表現參差不齊。它最初經歷了小幅上升，可能是受到圍繞該事件的預期和樂觀情緒的推動。然而，此後有所回落，徘徊在 66,000 美元大關附近。

While the Halving has historically been seen as a bullish event, its impact on price can vary depending on market conditions and investor sentiment. It remains to be seen how the Halving will ultimately affect Bitcoin's long-term price trajectory, but it is clear that the mining community remains committed to securing the network and supporting its growth.

雖然減半歷來被視為看漲事件，但其對價格的影響可能會因市場狀況和投資者情緒而異。減半最終將如何影響比特幣的長期價格軌跡還有待觀察，但很明顯，採礦界仍然致力於保護網路並支持其成長。

Conclusion

結論

The fourth Halving for Bitcoin has been a resounding success, with the mining community demonstrating resilience and adaptability in the face of reduced block rewards. The surge in transaction fees has provided a much-needed cushion for miners, while the continued strength of the hashrate ensures the network's security and stability.

比特幣第四次減半取得了巨大成功，礦業社群在面對區塊獎勵減少時表現出了彈性和適應性。交易費用的飆升為礦工提供了急需的緩衝，而算力的持續強勁則確保了網路的安全和穩定。

These developments suggest a maturing Bitcoin mining industry that is less reliant on block rewards and more focused on the long-term health of the network. As Bitcoin continues to gain mainstream adoption and recognition as a legitimate store of value, the role of miners in securing its future will become increasingly crucial. The fourth Halving has marked a significant milestone in this journey, and the miners have risen to the challenge with determination and optimism.

這些發展表明，比特幣挖礦業正在成熟，不再依賴區塊獎勵，而是更注重網路的長期健康發展。隨著比特幣作為一種合法的價值儲存手段不斷獲得主流採用和認可，礦工在確保其未來安全方面的作用將變得越來越重要。第四次減半標誌著這趟旅程的一個重要里程碑，礦工們以決心和樂觀的態度迎接挑戰。