比特幣第四次減半：重塑加密貨幣格局的關鍵時刻

期待已久的比特幣減半發生在 2024 年 4 月 20 日，這是事件的第四次減半。這項預先計劃的事件大約每四年發生一次，將開採新比特幣區塊的獎勵減少一半，目前從 6.25 BTC 減少到 3.125 BTC。

Bitcoin's Fourth Halving: A Pivotal Event with Far-Reaching Implications

比特幣第四次減半：具有深遠影響的關鍵事件

On April 20, 2024, the highly anticipated fourth halving of Bitcoin occurred at 05:09:27 UTC, marking a significant milestone in the cryptocurrency's history and setting in motion a series of transformative events.

2024 年 4 月 20 日，備受期待的比特幣第四次減半發生在世界標準時間 05:09:27，這標誌著加密貨幣歷史上的一個重要里程碑，並引發了一系列變革性事件。

Pre-Programmed Scarcity: The Halving Mechanism

預先編程的稀缺性：減半機制

The Bitcoin halving is a pre-programmed event that occurs approximately every four years, or after every 210,000 blocks are validated. This design feature, integral to Bitcoin's inception in January 2009, is intended to control the supply of Bitcoin and maintain its scarcity. During the halving, the rate of new Bitcoin creation every 10 minutes is halved, resulting in a decreased reward for miners.

比特幣減半是一個預先編程的事件，大約每四年發生一次，或每驗證 210,000 個區塊後發生一次。這項設計特徵是 2009 年 1 月比特幣問世不可或缺的一部分，旨在控制比特幣的供應並維持其稀缺性。在減半期間，每 10 分鐘新比特幣的創建速度減半，導致礦工的獎勵減少。

Post-Halving Block Reward

減半後區塊獎勵

Post-halving, the block reward for successfully mining a new block of transactions was reduced to 3.125 Bitcoin from its previous 6.25 Bitcoin. This block reward, or subsidy, is the newly minted Bitcoin given to miners as a reward for validating transactions. Additionally, miners also earn transaction fees associated with the transactions included in the block.

減半後，成功挖掘新交易區塊的區塊獎勵從先前的 6.25 比特幣減少至 3.125 比特幣。這種區塊獎勵或補貼是新鑄造的比特幣，作為驗證交易的獎勵給予礦工。此外，礦工還賺取與區塊中包含的交易相關的交易費用。

Record-Breaking Fees: A Surge in User Demand

破紀錄的費用：用戶需求激增

The 840,000th block, which marked this halving, was successfully mined by ViaBTC. The miner received over 40 Bitcoin, equivalent to more than $2.6 million, in block subsidy and fees. Interestingly, this amount was substantially higher than the approximately 7 Bitcoin, worth a little over $450,000, earned in fees from the blocks leading up to the halving.

標誌著本次減半的第 84 萬個區塊已被 ViaBTC 成功開採。該礦工收到了 40 多個比特幣，相當於超過 260 萬美元的集體補貼和費用。有趣的是，這個金額遠高於從減半之前的區塊中賺取的大約 7 個比特幣（價值略高於 45 萬美元）。

The reason behind this surge in fees remains unclear, but it could be attributed to users willing to pay higher fees to expedite their transactions and be included in the halving block. Meanwhile, in the initial 60 blocks following the 4th Bitcoin halving, miners amassed 860.2 BTC solely from transaction fees. This figure, which exceeds $54 million, has already outpaced the previous record for single-day transaction fees, which stood at $24 million.

費用激增背後的原因尚不清楚，但這可能是由於用戶願意支付更高的費用來加快交易並被納入減半區塊。同時，在第四次比特幣減半後的最初 60 個區塊中，礦工僅透過交易費用就累積了 860.2 BTC。這一數字超過 5,400 萬美元，已經超過了先前 2,400 萬美元的單日交易費用記錄。

Historical Context and Future Implications

歷史背景與未來影響

Historically, Bitcoin halvings have often preceded significant price surges, with the cryptocurrency reaching new all-time highs in the months following the events. However, this halving has shown a deviation from this trend, as Bitcoin had already hit a new all-time high prior to the event.

從歷史上看，比特幣減半往往先於價格大幅上漲，加密貨幣在減半事件發生後的幾個月內創下歷史新高。然而，這次減半已經顯示出與這一趨勢的偏差，因為比特幣在減半之前已經創下了歷史新高。

The recent bullish momentum in Bitcoin's price has been largely attributed to the introduction of spot Bitcoin exchange-traded funds (ETFs). This suggests that the demand generated by the ETF market might exert a more substantial influence on Bitcoin prices than the halving events themselves.

比特幣價格近期的看漲勢頭很大程度上歸因於現貨比特幣交易所交易基金（ETF）的推出。這表明 ETF 市場產生的需求可能比減半事件本身對比特幣價格產生更重大的影響。

Beyond its immediate market implications, this halving holds symbolic significance. It underscores Bitcoin's apolitical and steadfast monetary policy, providing an alternative to conventional currencies that many perceive as vulnerable to inflation, interest rates, and economic uncertainties.

除了直接的市場影響之外，減半還具有像徵意義。它強調了比特幣的非政治性和堅定的貨幣政策，為許多人認為容易受到通貨膨脹、利率和經濟不確定性影響的傳統貨幣提供了替代方案。

Analysts' Perspectives: A Moderate Market Reaction

分析師觀點：市場反應溫和

While the halving event was anticipated to have a bullish impact on Bitcoin's price, some analysts argue that the effects were already priced into the market. Consequently, they predict a limited upward movement in Bitcoin's price following the halving. However, some suggest the start of a bullish movement in the later part of this year.

儘管預計減半事件將對比特幣的價格產生看漲影響，但一些分析師認為，這種影響已經被市場消化。因此，他們預測減半後比特幣價格的上漲幅度有限。然而，有些人建議今年下半年將開始看漲走勢。

Meanwhile, renowned crypto analyst Ali Martinez pointed out that Bitcoin has consistently outperformed all major asset classes in the periods following previous halvings. With the 2024 halving now behind us, Martinez suggests that it could be an opportune time to focus on Bitcoin's potential trajectory.

同時，著名加密貨幣分析師阿里·馬丁內斯指出，在先前減半後的時期，比特幣的表現一直優於所有主要資產類別。馬丁內斯表示，隨著 2024 年減半已經過去，現在可能是關注比特幣潛在軌跡的好時機。

Mining Sector: Consolidation and Adaptation

採礦業：整合與適應

For the time being, the most immediate impact of the halving is likely to be felt within the Bitcoin mining sector. With reduced block rewards, miners may experience decreased profitability, leading to potential consolidation and a decline in the overall hashrate.

目前，減半最直接的影響可能會反映在比特幣採礦業。隨著區塊獎勵的減少，礦工的獲利能力可能會下降，導致潛在的整合和整體算力的下降。

However, despite these challenges, miners might find alternative avenues for revenue generation. Recent developments, such as Ordinals and layer-two networks, could facilitate increased aggregate fees from transactions, compensating for the reduced block rewards.

然而，儘管存在這些挑戰，礦商可能會找到其他創收途徑。最近的發展，例如序號和第二層網絡，可以促進交易總費用的增加，補償區塊獎勵的減少。

Final Thoughts: A Complex Landscape

最後的想法：複雜的景觀

The fourth Bitcoin halving has once again brought the spotlight on the cryptocurrency's unique supply dynamics and its potential impact on price movements. While historical trends suggest a bullish trajectory post-halving, the current market landscape, driven by factors like ETF demand, introduces new variables into the equation.

比特幣第四次減半再次讓人們關注該加密貨幣獨特的供應動態及其對價格走勢的潛在影響。雖然歷史趨勢顯示減半後的看漲軌跡，但目前的市場格局在 ETF 需求等因素的推動下，引入了新的變數。

As Bitcoin continues to evolve, its resilience and unwavering monetary aspect offer a compelling alternative to traditional currencies, particularly in a time of global economic uncertainty. Whether the halving will serve as a catalyst for future price surges or merely reaffirm Bitcoin's enduring value remains to be seen.

隨著比特幣的不斷發展，其彈性和堅定的貨幣方面為傳統貨幣提供了令人信服的替代品，特別是在全球經濟不確定的時期。減半是否會成為未來價格飆升的催化劑，還是只是重申比特幣的持久價值，還有待觀察。