比特幣減半：歷史視角與即將發生的事件

每四年，比特幣供應量就會“減半”，區塊獎勵也會減半。這關鍵事件直接影響新比特幣進入流通的速度。比特幣減半歷史圖表提供了這些減半的直觀表示，顯示日期、獎勵調整和價格波動，以幫助理解可能影響加密貨幣市場的週期性模式。

Bitcoin Halving: A Historical Perspective and Upcoming Event

比特幣減半：歷史視角與即將發生的事件

Every four years, the Bitcoin network undergoes a significant event known as "halving." This event marks a reduction in the block reward granted to miners, which has a direct impact on the issuance rate of new bitcoins. The halving day is a pivotal occurrence in the cryptocurrency landscape, influencing market dynamics and investor sentiment.

每四年，比特幣網路就會經歷一次被稱為「減半」的重大事件。這一事件標誌著給予礦工的區塊獎勵減少，這對新比特幣的發行率產生直接影響。減半日是加密貨幣領域的關鍵事件，影響市場動態和投資者情緒。

Historical Bitcoin Halvings

歷史比特幣減半

The Bitcoin Halving History Chart provides a visual representation of the chronological sequence and impact of halving events. It typically displays the dates of halvings, the accompanying changes in mining rewards, and often incorporates historical Bitcoin price fluctuations. These charts offer valuable insights into the cyclical patterns of Bitcoin's supply and its potential impact on the market.

比特幣減半歷史圖表提供了減半事件的時間順序和影響的直觀表示。它通常顯示減半的日期、隨之而來的挖礦獎勵變化，並且通常包含歷史比特幣價格波動。這些圖表為比特幣供應的週期性模式及其對市場的潛在影響提供了寶貴的見解。

First Halving

第一次減半

The inaugural Bitcoin halving took place on November 28, 2012, after the network verified 210,000 blocks. The block reward for miners was slashed in half from 50 to 25 bitcoins. At the time of the halving, Bitcoin traded at approximately $12.20. Notably, the halving triggered a bull market, with Bitcoin prices surging to $1,000 by the end of 2013.

首次比特幣減半發生在 2012 年 11 月 28 日，當時網路驗證了 21 萬個區塊。礦工的區塊獎勵從 50 比特幣減半至 25 比特幣。減半時，比特幣交易價格約為 12.20 美元。值得注意的是，減半引發了牛市，比特幣價格在 2013 年底飆升至 1,000 美元。

Second Halving

第二次減半

Four years later, on July 9, 2016, the second halving occurred at block 420,000. This event resulted in a further reduction in mining rewards, from 25 to 12.5 bitcoins per block. While there was initial uncertainty surrounding Bitcoin prices ahead of the halving, the asset was trading at $650.3 during the event. In May 2017, BTC gained significant traction, eventually reaching a peak of $19,188 by December of the same year.

四年後，也就是 2016 年 7 月 9 日，第二次減半發生在區塊 42 萬處。這一事件導致挖礦獎勵進一步減少，從每個區塊 25 比特幣減少到 12.5 比特幣。雖然減半之前比特幣價格最初存在不確定性，但減半期間該資產的交易價格為 650.3 美元。 2017 年 5 月，BTC 獲得了巨大的關注，最終在同年 12 月達到了 19,188 美元的高峰。

Third Halving

第三次減半

The third halving took place on May 11, 2020, following the processing of 630,000 blocks. The reward for miners was halved from 12.5 to 6.25 bitcoins per block. This occurrence coincided with Bitcoin's increasing recognition and adoption within the financial industry. BTC began trading at $8,821.42 and quickly rallied to $10,943 within 150 days. In November 2021, the asset reached its all-time high of $69,000.

第三次減半發生在 2020 年 5 月 11 日，處理了 63 萬個區塊。礦工的獎勵從每個區塊 12.5 比特幣減半至 6.25 比特幣。這事件的發生恰逢比特幣在金融業內日益被認可和採用。 BTC 以 8,821.42 美元開始交易，並在 150 天內迅速反彈至 10,943 美元。 2021 年 11 月，該資產達到 69,000 美元的歷史新高。

Upcoming Fourth Halving

即將到來的第四次減半

According to CoinMarketCap, the next Bitcoin halving is anticipated to occur on April 17, 2024, after 840,000 blocks have been processed. Miners can expect their rewards to be reduced further from 6.25 to 3.125 bitcoins per block. This event has garnered significant attention and speculation among enthusiasts and investors, who are eagerly awaiting its potential impact on the market.

據 CoinMarketCap 稱，下一次比特幣減半預計將於 2024 年 4 月 17 日發生，屆時將處理 84 萬個區塊。礦工的獎勵預計將從每塊 6.25 比特幣進一步減少至 3.125 比特幣。這一事件引起了愛好者和投資者的極大關注和猜測，他們熱切地等待著它對市場的潛在影響。

Potential Impact of the Upcoming Halving

即將到來的減半的潛在影響

Experts anticipate that the upcoming halving could diverge from historical trends due to the emergence of spot Bitcoin ETFs. These financial instruments provide greater accessibility and ease of investment for a wider range of participants, including investors, financial advisors, and capital allocators.

專家預計，由於現貨比特幣 ETF 的出現，即將到來的減半可能會偏離歷史趨勢。這些金融工具為更廣泛的參與者（包括投資者、財務顧問和資本配置者）提供了更大的投資機會和便利性。

The approval of US spot Bitcoin ETFs resulted in $1.5 billion in net inflows within the first 15 trading days, representing a three-month equivalent of sell pressure post-halving. This suggests that continued net inflows could potentially offset the sell pressure from mining issuance and positively influence Bitcoin's market structure.

美國現貨比特幣 ETF 的批准導致前 15 個交易日內淨流入 15 億美元，相當於減半後三個月的拋售壓力。這表明持續的淨流入可能會抵消挖礦發行帶來的拋售壓力，並對比特幣的市場結構產生積極影響。

Historical Trend Analysis

歷史趨勢分析

Throughout history, Bitcoin halvings have typically led to price increases, although the magnitude and timing have varied. Halvings effectively reduce the issuance rate of new bitcoins, leading to a decrease in supply and potentially triggering bullish market responses. However, it is important to note that a variety of factors, including market sentiment, investor behavior, and global economic conditions, can influence the precise outcome.

縱觀歷史，比特幣減半通常會導致價格上漲，儘管幅度和時間各不相同。減半有效降低了新比特幣的發行率，導致供應減少，並可能引發看漲的市場反應。然而，值得注意的是，包括市場情緒、投資者行為和全球經濟狀況在內的多種因素都會影響準確的結果。

Conclusion

結論

The Bitcoin halving is a significant event that has played a pivotal role in the asset's history. By reducing the block reward, halvings impact the supply of new bitcoins and have historically led to price fluctuations. The upcoming halving in 2024 is particularly noteworthy due to the potential impact of spot Bitcoin ETFs. While past halvings provide valuable insights, it remains crucial to consider the unique circumstances and market dynamics that may shape the outcome of this upcoming event.

比特幣減半是一個重大事件，在該資產的歷史上發揮了關鍵作用。透過減少區塊獎勵，減半會影響新比特幣的供應，並在歷史上導致價格波動。由於現貨比特幣 ETF 的潛在影響，即將到來的 2024 年減半尤其值得注意。雖然過去的減半提供了寶貴的見解，但考慮可能影響即將發生的事件結果的獨特環境和市場動態仍然至關重要。