比特幣減半：重大事件重塑加密貨幣格局

比特幣是最重要的數位資產，自 2009 年誕生以來經歷了巨大的波動。了解比特幣的去中心化性質、其對區塊鏈技術的使用以及礦工的獎勵系統對於理解這一事件的影響至關重要。減半的目的是透過限制流通中的比特幣總數來對抗通貨膨脹。歷史數據表明，雖然減半最初可能會導致價格下跌，但從歷史上看，它們會導致長期價格升值。減半對礦商獲利能力的影響，加上比特幣的稀缺性和金融體系的日益一體化，可能有助於其持續上升。

Bitcoin Halving: A Profound Event Reshaping the Cryptocurrency Landscape

比特幣減半：重塑加密貨幣格局的深刻事件

Introduction

介紹

Bitcoin, the enigmatic digital asset that has captivated global attention, has embarked on a transformative journey marked by constant fluctuations and unprecedented highs. Its market capitalization soared to an astounding US$1.4 trillion in February 2023, only to witness subsequent volatility that has fueled speculation and anticipation. Now, the cryptocurrency community eagerly awaits a pivotal event that occurs approximately every four years: the bitcoin halving. This highly anticipated phenomenon promises to exert a significant impact on the value of this enigmatic asset.

比特幣作為一種吸引全球關注的神秘數位資產，已經踏上了一段持續波動、空前高點的變革之旅。 2023 年 2 月，其市值飆升至驚人的 1.4 兆美元，但隨後的波動加劇了投機和預期。現在，加密貨幣社群熱切地等待著大約每四年發生一次的關鍵事件：比特幣減半。這種備受期待的現像有望對這項神秘資產的價值產生重大影響。

Understanding the Bitcoin Halving

了解比特幣減半

Unveiling the essence of the bitcoin halving requires an exploration of the underlying mechanisms that govern bitcoin's existence. Bitcoin is a digital currency that harnesses the power of blockchain technology to securely store, record, and publicly disseminate transactions. Unlike fiat currencies such as the US dollar or the British pound, bitcoin operates without a central authority, empowering network participants with equal influence. User anonymity is preserved through the utilization of public addresses, unique codes that facilitate transactions without revealing personal identities.

揭示比特幣減半的本質需要探索控制比特幣存在的底層機制。比特幣是一種數位貨幣，利用區塊鏈技術的力量來安全地儲存、記錄和公開傳播交易。與美元或英鎊等法定貨幣不同，比特幣的運作沒有中央機構，賦予網路參與者同等的影響力。透過使用公共地址和獨特的代碼來保護用戶的匿名性，這些代碼可以在不洩露個人身份的情況下促進交易。

The creation of new bitcoins is entrusted to individuals known as miners, who dedicate their computational resources to securing the network and solving complex mathematical puzzles to process transaction data. As compensation for their arduous efforts, miners are rewarded with newly minted bitcoins.

新比特幣的創建被委託給稱為礦工的個人，他們將自己的計算資源用於保護網路並解決複雜的數學難題以處理交易數據。作為他們辛勤努力的補償，礦工們將獲得新鑄造的比特幣作為獎勵。

The concept of bitcoin was first introduced to the world in 2008, when an enigmatic individual or group known as Satoshi Nakamoto published a groundbreaking white paper. To mitigate inflation and maintain scarcity, Nakamoto ingeniously incorporated a fundamental principle into bitcoin's code: the total number of bitcoins that will ever exist is capped at 21 million. As of this writing, over 19.6 million bitcoins have been mined, leaving a finite supply that is gradually diminishing.

比特幣的概念於 2008 年首次被引入世界，當時一位名叫中本聰 (Satoshi Nakamoto) 的神秘個人或團體發表了一份開創性的白皮書。為了緩解通貨膨脹並保持稀缺性，中本聰巧妙地將一項基本原則納入比特幣代碼中：比特幣的總數量上限為 2,100 萬枚。截至撰寫本文時，已有超過 1,960 萬枚比特幣被開採，供應量有限且逐漸減少。

Initially, in 2009, miners received a substantial reward of 50 bitcoins for each block of transaction data they processed. However, every 210,000 blocks mined, approximately every four years, the reward undergoes a halving. Consequently, in 2012, the reward diminished to 25 bitcoins, followed by further reductions to 12.5 bitcoins in 2016 and 6.25 bitcoins in 2020. The most recent halving, which occurred in May 2024, has brought the reward down to 3.125 bitcoins.

最初，在 2009 年，礦工每處理一個交易資料區塊就獲得了 50 比特幣的豐厚獎勵。然而，每開採 21 萬個區塊（大約每四年），獎勵就會減半。因此，2012 年，獎勵減少到25 個比特幣，隨後在2016 年進一步減少到12.5 個比特幣，2020 年進一步減少到6.25 個比特幣。個比特幣。

Rationale for the Halving

減半的理由

Satoshi Nakamoto's motivations for incorporating the halving mechanism into bitcoin's DNA remain shrouded in mystery. However, some speculate that it was designed to expedite the distribution of coins during the early stages, incentivizing participation in the network and the mining of new blocks. Additionally, the halving is believed to have been implemented to prevent inflation by gradually reducing the influx of new bitcoins into circulation. This scarcity, coupled with the finite supply cap, is anticipated to increase the value of each individual bitcoin over time.

中本聰將減半機制融入比特幣 DNA 的動機仍然籠罩在神秘之中。然而，有些人猜測它的目的是在早期階段加快硬幣的分配，激勵參與網路和挖掘新區塊。此外，減半被認為是為了透過逐漸減少新比特幣流入流通來防止通貨膨脹。這種稀缺性加上有限的供應上限，預計隨著時間的推移，每個比特幣的價值都會增加。

Historical Impact on Price

對價格的歷史影響

The halving has historically influenced bitcoin's price trajectory. Following each halving event, the supply of new bitcoins entering circulation contracts, while demand theoretically remains unaffected. This dynamic has the potential to drive up prices.

從歷史上看，減半影響了比特幣的價格軌跡。每次減半事件之後，新比特幣的供應都會進入流通合約，而理論上的需求不會受到影響。這種動態有可能推高價格。

"The theory is that if miners have less to sell, there will be less bitcoin available for purchase," explained Michael Dubrovsky, co-founder of PoWx, a non-profit organization dedicated to cryptocurrency research.

致力於加密貨幣研究的非營利組織PoWx 聯合創始人 Michael Dubrovsky 解釋：「理論上，如果礦工出售的比特幣減少，可供購買的比特幣就會減少。 」

Although the first halving in 2012 occurred when bitcoin was relatively obscure and difficult to acquire or exchange, subsequent halvings provide valuable insights into its impact on price.

儘管 2012 年第一次減半發生在比特幣相對模糊且難以取得或交易的時候，但隨後的減半為了解其對價格的影響提供了寶貴的見解。

The second halving on July 16, 2016, was met with considerable anticipation. While an initial price dip of 10% occurred, bitcoin swiftly rebounded to its pre-halving levels. Despite the muted immediate effect, some argue that the subsequent bull run in 2017, which witnessed a surge in market value, was a delayed consequence of the halving.

2016年7月16日，第二次減半備受期待。雖然最初價格下跌了 10%，但比特幣迅速反彈至減半前的水平。儘管直接影響不大，但有些人認為，隨後 2017 年市值飆升的多頭市場是減半的延遲後果。

Bitcoin began 2017 trading around US$900 and concluded the year at over US$19,000. The third halving in 2020 coincided with a period of bullish momentum for bitcoin, which continued its ascent to over US$56,000 in 2021.

比特幣 2017 年開始交易價格約為 900 美元，年底價格超過 19,000 美元。 2020 年第三次減半恰逢比特幣的看漲勢頭時期，比特幣在 2021 年繼續上漲至 56,000 美元以上。

Scarcity and Value

稀缺性和價值

The halving reinforces bitcoin's scarcity, a defining characteristic that has attracted attention, particularly amidst concerns about inflation and interest rate fluctuations. As the real value of fiat currencies depreciates, bitcoin's finite supply becomes an appealing attribute for investors seeking a haven.

減半加劇了比特幣的稀缺性，這一決定性特徵引起了人們的關注，特別是在人們對通貨膨脹和利率波動的擔憂背景下。隨著法定貨幣的實際價值貶值，比特幣的有限供應成為尋求避風港的投資者的一個有吸引力的屬性。

The approval of bitcoin exchange-traded funds in February 2023, which facilitated investments by retail investors and major financial institutions, contributed to bitcoin's record-breaking highs. Combined with a more favorable regulatory landscape and increasing integration into the financial system, bitcoin appears poised to maintain its upward trajectory.

2023年2月比特幣交易所交易基金的批准，促進了散戶投資者和主要金融機構的投資，推動了比特幣創紀錄的高點。結合更有利的監管環境和日益融入金融體系，比特幣似乎有望保持其上升軌跡。

Conclusion

結論

The bitcoin halving is a pivotal event with the potential to significantly impact the cryptocurrency's value. While its precise impact remains uncertain, historical data suggests that it can trigger price increases due to reduced supply and sustained demand. As the halving approach, the cryptocurrency community eagerly awaits the unfolding of this transformative event, recognizing its potential to further shape the future of bitcoin and the wider digital asset landscape.

比特幣減半是一個關鍵事件，有可能對加密貨幣的價值產生重大影響。雖然其確切影響仍不確定，但歷史數據表明，由於供應減少和需求持續增長，它可能會引發價格上漲。隨著減半的臨近，加密貨幣社群熱切地等待這一變革性事件的展開，認識到它有潛力進一步塑造比特幣的未來和更廣泛的數位資產格局。