比特幣減半事件將礦工獎勵減半

預計下一次比特幣減半發生在 2024 年 4 月 20 日，礦工獎勵將從 6.25 BTC 減少至 3.125 BTC，顯著影響新比特幣的流通。由於稀缺性增加以及可能將舊礦機遷移到海外以降低營運成本，尤其是在電價較低的地區，預計這一事件將影響比特幣的價格。

Bitcoin Halving Event to Cut Miner Rewards in Half

比特幣減半事件將礦工獎勵減半

The next Bitcoin halving event is anticipated to occur on or around April 20, 2024. These halving events typically occur approximately every four years, although the precise date may fluctuate slightly due to minor variations in block creation times on the Bitcoin network. Bitcoin halvings hold significant implications as they directly affect the rate at which new Bitcoins enter circulation.

下一次比特幣減半事件預計將在2024 年4 月20 日左右發生。這些減半事件通常大約每四年發生一次，儘管由於比特幣網路上區塊創建時間的微小變化，確切的日期可能會略有波動。比特幣減半有重大影響，因為它們直接影響新比特幣進入流通的速度。

During the upcoming halving, the reward that miners receive for successfully validating transactions and adding blocks to the Bitcoin blockchain will be reduced by half, from the current 6.25 BTC to 3.125 BTC. This mechanism is inherently programmed into Bitcoin's protocol to enforce its finite supply, with a maximum of 21 million Bitcoins ever to be created.

在即將到來的減半期間，礦工成功驗證交易並向比特幣區塊鏈添加區塊所獲得的獎勵將減少一半，從目前的 6.25 BTC 減少到 3.125 BTC。這種機製本質上被編程到比特幣協議中，以強制其有限供應，最多可創建 2,100 萬個比特幣。

Halvings have the potential to influence Bitcoin's price due to increased scarcity. As the difficulty of acquiring new Bitcoins increases, the existing supply becomes proportionally more scarce. If demand for Bitcoin remains steady or grows, this heightened scarcity could exert upward pressure on its price. Additionally, halvings contribute to the long-term security of the Bitcoin network by maintaining the profitability of the mining process. This sustained incentive encourages miners to dedicate their resources, thereby safeguarding Bitcoin's integrity and security.

由於稀缺性增加，減半有可能影響比特幣的價格。隨著取得新比特幣的難度增加，現有的供應量也相應變得更加稀缺。如果對比特幣的需求保持穩定或成長，這種稀缺性的加劇可能會對其價格產生上行壓力。此外，減半透過維持採礦過程的獲利能力，有助於比特幣網路的長期安全。這種持續的誘因鼓勵礦工奉獻他們的資源，從而維護比特幣的完整性和安全性。

Bloomberg reported on February 27, 2024, that as the next Bitcoin halving approaches, numerous older mining computers in the United States are slated for decommissioning and subsequent resale and relocation overseas. SunnySide Digital, a Colorado-based wholesaler, is preparing its facility to refurbish and export these machines to regions with significantly lower electricity costs. With electricity constituting the primary expense for miners, publicly traded giants such as Marathon Digital Holdings (NASDAQ: MARA) and Riot Platforms (NASDAQ: RIOT) face pressure to maximize efficiency to maintain profitability. Older machines may simply be unable to generate sufficient Bitcoin revenue to justify operating expenses in the United States. Taras Kulyk, CEO of SunnySide Digital, disclosed that they have sold machines to buyers in Ethiopia, Tanzania, Paraguay, and Uruguay. Luxor Technology estimates that approximately 600,000 S19 series machines, a widely utilized model, are being relocated overseas.

彭博社 2024 年 2 月 27 日報道，隨著下一次比特幣減半的臨近，美國許多舊礦機將退役，隨後轉售和搬遷到海外。總部位於科羅拉多州的批發商 SunnySide Digital 正在準備其設施，以翻新這些機器並將其出口到電力成本顯著降低的地區。由於電力是礦工的主要開支，馬拉松數位控股公司（納斯達克股票代碼：MARA）和Riot Platforms（納斯達克股票代碼：RIOT）等上市巨頭面臨著最大限度提高效率以維持盈利能力的壓力。較舊的機器可能根本無法產生足夠的比特幣收入來證明美國營運費用的合理性。 SunnySide Digital執行長Taras Kulyk透露，他們已經向埃塞俄比亞、坦尚尼亞、巴拉圭和烏拉圭的買家出售了機器。 Luxor Technology估計大約有60萬台S19系列機器（廣泛使用的型號）正在轉移到海外。

In February 2024, Forbes reported that the Ethiopian Investment Holdings (EIH), the government's investment arm, had signed a $250 million agreement with West Data Group's Center Service PLC, a Hong Kong-based entity. This partnership aims to establish cutting-edge infrastructure dedicated to Bitcoin mining and artificial intelligence. This landmark deal, as noted by Kal Kassa, CEO for Ethiopia at Hashlabs Mining, aligns with Ethiopia's broader strategy to foster economic development through technology and attract foreign investment. With the African data center market projected to reach $5.4 billion by 2027, according to Aritzon Advisory and Intelligence, Ethiopia is positioning itself for substantial leadership in this sector.

2024 年 2 月，《富比士》報道稱，政府投資部門埃塞俄比亞投資控股公司 (EIH) 與總部位於香港的實體 West Data Group 旗下 Center Service PLC 簽署了一項價值 2.5 億美元的協議。此次合作旨在建立專用於比特幣挖礦和人工智慧的尖端基礎設施。 Hashlabs Mining 衣索比亞執行長 Kal Kassa 指出，這項具有里程碑意義的交易符合衣索比亞透過科技促進經濟發展和吸引外國投資的更廣泛策略。根據 Aritzon Advisory and Intelligence 的數據，到 2027 年，非洲資料中心市場預計將達到 54 億美元，埃塞俄比亞正在將自己定位為該領域的實質領導者。

Bloomberg explains that miners often opt to export their older machines due to the allure of substantially lower energy prices. This potential cost reduction becomes even more critical in light of Bitcoin's halving, which could render less efficient machines unprofitable to operate in the United States. Ethan Vera of Luxor Technology believes that buyers are strategically seeking the most affordable electricity available.

彭博社解釋說，由於能源價格大幅下降的誘惑，礦商經常選擇出口舊機器。鑑於比特幣減半，這種潛在的成本降低變得更加重要，這可能會使效率較低的機器在美國運作時無利可圖。盧克索科技公司 (Luxor Technology) 的伊森維拉 (Ethan Vera) 認為，買家正在策略性地尋求最實惠的電力。

Bloomberg notes that not all US-based miners are selling their older machines. Some, such as Nuo Xu, choose to physically relocate to regions with lower costs. Xu intends to explore options in Ethiopia, Nigeria, and other countries, hoping to reduce operating expenses, including labor and building materials. Jaran Mellerud, CEO of Hashlabs Mining, echoes this sentiment, emphasizing Ethiopia's competitive hosting fees and growing appeal to miners due to relaxed regulations.

彭博社指出，並非所有美國礦商都在出售舊機器。有些人，像徐諾，選擇搬遷到成本較低的地區。徐打算在衣索比亞、奈及利亞和其他國家探索選擇，希望減少包括勞動力和建築材料在內的營運費用。 Hashlabs Mining 執行長 Jaran Mellerud 也表達了同樣的觀點，他強調衣索比亞具有競爭力的託管費用以及由於寬鬆的監管而對礦工越來越大的吸引力。

Bloomberg acknowledges potential risks for US miners operating overseas, including machine damage during transport, security concerns, and the complexities of international logistics. Publicly traded companies also face heightened scrutiny from shareholders, making relocation more complex. Sam Tabar, CEO of Bit Digital Inc., exemplifies this by revealing their practice of keeping older machines in storage in case rising Bitcoin prices make them temporarily profitable again.

彭博社承認美國礦商在海外營運有潛在風險，包括運輸過程中的機器損壞、安全問題以及國際物流的複雜性。上市公司也面臨股東的嚴格審查，使得搬遷變得更加複雜。 Bit Digital Inc. 執行長 Sam Tabar 舉例說明了這一點，他透露了他們將舊機器存放起來的做法，以防比特幣價格上漲使他們暫時再次獲利。

Despite these challenges, the pre-halving upgrade cycle is well underway. Bloomberg highlights that Bitcoin miners have been preparing for years. The 13 largest public mining companies have reportedly invested over $1 billion in new machines since February 2023.

儘管有這些挑戰，減半前的升級週期仍在順利進行中。彭博社強調，比特幣礦商已經準備好多年。據報道，自 2023 年 2 月以來，13 家最大的上市礦業公司已在新機器上投資超過 10 億美元。