比特幣減半迫在眉睫：震撼加密貨幣格局的巨大轉變

在備受期待的比特幣減半之前只剩下 500 個區塊，加密社群正準備迎接重大轉變。即將到來的減半（定於 4 月 19 日）將使挖礦獎勵減少 50%，對產業和投資者都會產生影響。專家預測，規模較小的挖礦業務將難以保持獲利，導致礦商之間的整合，並可能提高交易費用的重要性。

Bitcoin Halving Approaches: A Seismic Shift in the Cryptocurrency Landscape

比特幣減半將近：加密貨幣格局的巨大轉變

As the countdown to the fourth Bitcoin halving intensifies, with a mere 500 blocks remaining until the momentous event, the cryptocurrency community is abuzz with anticipation and speculation. This highly anticipated halving, scheduled to occur on April 19 at 23:57 UTC, has the potential to reshape the Bitcoin ecosystem, particularly in the mining sector and among retail investors.

隨著比特幣第四次減半倒數計時的加劇，距離重大事件只剩下 500 個區塊，加密貨幣社群充滿了期待和猜測。這次備受期待的減半預計將於世界標準時間 4 月 19 日 23:57 發生，有可能重塑比特幣生態系統，特別是在採礦業和散戶投資者中。

A Countdown to the Mining Revolution

礦業革命倒數計時

Bitcoin's halvings, which occur every 210,000 blocks or approximately every four years, are an integral part of its design, serving as a built-in deflationary mechanism. With each halving, the number of new Bitcoins entering circulation is cut in half, thereby maintaining the scarcity of the cryptocurrency over time. This scarcity has been widely perceived as a positive factor, contributing to Bitcoin's long-term price appreciation.

比特幣的減半是其設計的一個組成部分，每 210,000 個區塊或大約每四年發生一次，作為內建的通貨緊縮機制。每減半，進入流通的新比特幣數量就會減少一半，從而隨著時間的推移保持加密貨幣的稀缺性。這種稀缺性被廣泛認為是一個積極因素，有助於比特幣的長期價格升值。

As the halving draws closer, industry experts are predicting significant changes in the mining sector. Andrew O'Neill, Managing Director at S&P Global's Digital Assets Research Lab, anticipates a consolidation of miners. The reduced block rewards, which will fall from 6.25 BTC to 3.125 BTC plus transaction fees, are expected to make it challenging for smaller and less efficient miners to remain profitable.

隨著減半的臨近，行業專家預測採礦業將發生重大變化。標準普爾全球數位資產研究實驗室董事總經理安德魯·奧尼爾預計礦工將進行整合。區塊獎勵的減少將從 6.25 BTC 降至 3.125 BTC（加上交易費用），預計這將使規模較小、效率較低的礦工保持盈利面臨挑戰。

O'Neill also suggests that the dwindling block rewards may incentivize miners to seek alternative revenue sources, such as transaction fees. This could lead to a rise in the prominence of protocols like Inscriptions/Ordinals and BRC20 tokens, which leverage the Bitcoin network for various applications.

歐尼爾也表示，區塊獎勵的減少可能會激勵礦工尋求其他收入來源，例如交易費。這可能會導致 Inscriptions/Ordinals 和 BRC20 代幣等協議的重要性上升，這些協議利用比特幣網路進行各種應用。

A Double-Edged Sword for Miners

礦工的雙面刃

Crypto investor Mike Alfred echoes O'Neill's sentiment, describing the halving as a "double edged sword." While it may result in the consolidation of miners and the emergence of new revenue streams, it could also leave marginal miners struggling. Alfred predicts that the high barrier to entry will hinder new competitors from joining the market, further enhancing the value of existing mining operations as Bitcoin's price trajectory continues its upward trend.

加密貨幣投資者邁克·阿爾弗雷德（Mike Alfred）呼應了奧尼爾的觀點，將減半描述為一把「雙面刃」。雖然這可能會導致礦商的整合和新收入來源的出現，但也可能讓邊緣礦商陷入困境。阿爾弗雷德預測，高進入障礙將阻礙新競爭對手加入市場，隨著比特幣價格軌跡持續呈上升趨勢，進一步提高現有挖礦業務的價值。

Despite the potential challenges facing the mining industry, retail investors are eagerly anticipating the deflationary benefits associated with the halving. Bitcoin's scarcity, created by the halving mechanism, is expected to preserve and potentially increase its purchasing power over time.

儘管採礦業面臨潛在挑戰，散戶仍熱切期待減半帶來的通貨緊縮好處。減半機製造成的比特幣稀缺性預計將隨著時間的推移保持並可能增加其購買力。

The Deflationary Benefits for Retail Investors

通貨緊縮對散戶的好處

A recent ad campaign by Coinbase vividly illustrated the deflationary impact of Bitcoin's halving cycles. The ad showcased the increasing amount of pizza that a single Bitcoin could purchase after each halving. By 2024, the visual transitioned into a towering mountain of pizza boxes, representing the substantial purchasing power that Bitcoin had accrued.

Coinbase 最近的一場廣告活動生動地說明了比特幣減半週期的通貨緊縮影響。該廣告展示了每次減半後單一比特幣可以購買的披薩數量不斷增加。到 2024 年，視覺效果轉變為高聳的披薩盒山，代表比特幣已經累積的巨大購買力。

The message conveyed by the ad is clear: Bitcoin is designed to appreciate in value over time. This inherent deflationary mechanism is especially appealing to retail investors seeking to preserve the purchasing power of their assets during periods of economic uncertainty.

廣告傳達的訊息很明確：比特幣的設計初衷是隨著時間的推移而升值。這種固有的通貨緊縮機制對於尋求在經濟不確定時期保持資產購買力的散戶投資者尤其有吸引力。

A Note of Caution: Unpredictable Short-Term Effects

注意事項：不可預測的短期影響

While historical data suggests that Bitcoin halvings have typically led to price increases in the long term, the short-term effects have been more volatile and unpredictable. Moreover, it is important to note that Bitcoin halvings alone do not guarantee continued growth or price appreciation.

雖然歷史數據表明，比特幣減半通常會導致長期價格上漲，但短期影響更加不穩定和不可預測。此外，值得注意的是，僅比特幣減半並不能保證持續成長或價格升值。

As the Bitcoin halving approaches, the cryptocurrency community is eagerly awaiting its impact, particularly in terms of its role as a store of value during turbulent times. While the full extent of its effects remains uncertain, the halving is undoubtedly a significant event that has the potential to reshape the cryptocurrency landscape.

隨著比特幣減半的臨近，加密貨幣社群正在熱切地等待其影響，特別是在動盪時期其作為價值儲存手段的作用。儘管其影響的全部程度仍不確定，但減半無疑是一個重大事件，有可能重塑加密貨幣格局。

Additional Considerations

其他注意事項

• The concentration of mining power among fewer miners could raise concerns about centralization risks.
• Bitcoin halvings should not be viewed in isolation; they are part of a larger ecosystem that includes factors like macroeconomic conditions, technological advancements, and regulatory developments.
• It is crucial for investors to conduct thorough research and exercise caution when making investment decisions, regardless of whether they are related to Bitcoin or any other asset class.

採礦權集中在少數礦工手中可能會引發人們對中心化風險的擔憂。它們是更大生態系統的一部分，其中包括宏觀經濟狀況、技術進步和監管發展等因素。資產有關班級。