隨著獎勵減少，比特幣減半將考驗礦工的勇氣

隨著 4 月 20 日備受期待的比特幣減半臨近，圍繞其對礦工影響的討論愈演愈烈。礦工在比特幣生態系統中發揮關鍵作用，透過驗證交易獲得區塊獎勵。然而，不斷上漲的電力成本和波動的比特幣價格挑戰了他們的獲利能力。礦工必須仔細考慮是持有開採的比特幣還是出售它以彌補成本。減半事件導致區塊獎勵減半至 3.125 BTC，這增加了決策的複雜性，因為礦工需要權衡 BTC 價值增加和挖礦收入減少的潛力。

Bitcoin Halving: Miners' Fate Hangs in the Balance as Block Rewards Plummet

比特幣減半：區塊獎勵暴跌，礦工命運懸而未決

With the much-anticipated fourth Bitcoin halving event projected to occur on April 20, the cryptocurrency community's attention has been captivated by its potential impact on Bitcoin miners. As the block reward diminishes from 6.25 BTC to 3.125 BTC, miners face a pivotal juncture that will inevitably shape their profitability and operational strategies.

備受期待的第四次比特幣減半事件預計將於 4 月 20 日發生，加密貨幣社群的注意力已被其對比特幣礦工的潛在影響所吸引。隨著區塊獎勵從 6.25 BTC 減少到 3.125 BTC，礦工面臨一個關鍵時刻，這將不可避免地影響他們的獲利能力和營運策略。

Miners: The Backbone of the Bitcoin Ecosystem

礦工：比特幣生態系統的支柱

Miners play an indispensable role in the Bitcoin ecosystem. By employing specialized hardware to solve complex mathematical equations, they verify and add transactions to the Bitcoin blockchain, earning newly minted BTC as a reward for their efforts. This process, known as mining, constitutes the sole mechanism for generating new Bitcoin, serving as a fundamental control over the cryptocurrency's inflation rate and finite supply.

礦工在比特幣生態系統中扮演著不可或缺的角色。透過使用專門的硬體來解決複雜的數學方程，他們驗證交易並將其添加到比特幣區塊鏈中，從而賺取新鑄造的比特幣作為他們努力的獎勵。這個過程被稱為挖礦，構成了產生新比特幣的唯一機制，是對加密貨幣通貨膨脹率和有限供應的基本控制。

Mining Costs: A Delicate Balancing Act

採礦成本：微妙的平衡行為

The mining process entails significant upfront investment in mining rigs and ongoing electricity expenses, which together comprise the primary operating costs for miners. In order to sustain their operations, miners often sell a portion of their mined BTC to cover these expenses. The decision to hold or sell BTC is heavily influenced by miners' mining costs.

採礦過程需要對採礦設備進行大量前期投資和持續的電力支出，這些共同構成了礦工的主要營運成本。為了維持運營，礦工經常出售部分開採的比特幣來支付這些費用。持有或出售比特幣的決定很大程度上受到礦工挖礦成本的影響。

Quantifying Mining Costs: A Complex Equation

量化採礦成本：一個複雜的方程

Calculating the exact cost of Bitcoin mining is challenging, as it involves numerous variables. The purchase price of mining rigs, electricity costs, mining difficulty, and the constantly fluctuating Bitcoin price all factor into the final equation.

計算比特幣挖礦的確切成本具有挑戰性，因為它涉及許多變數。礦機的購買價格、電力成本、挖礦難度以及不斷波動的比特幣價格都會影響最終的方程式。

To illustrate, consider the widely used ANTMINER S21, with a rated hashrate of 200 T and power consumption of 3500 W. Assuming constant mining difficulty, this rig can mine approximately 0.00031199 BTC per day. At an official website price of $5,400 for the ANTMINER S21 and an electricity cost of $0.05/kWh, miners can expect to mine 0.00530383 BTC before the halving, incurring electricity expenses of $71.4 during this period.

以廣泛使用的ANTMINER S21為例，其額定算力為200T，功耗為3500W。假設挖礦難度恆定，該礦機每天可開採約0.00031199 BTC。以 ANTMINER S21 官網價格 5,400 美元、電費 0.05 美元/kWh 計算，礦工預計在減半前可開採 0.00530383 BTC，在此期間產生的電費為 71.4 美元。

Post-halving, assuming unchanged mining difficulty, the daily mining output of the ANTMINER S21 will decline to 0.00015595 BTC. Projecting mining operations until April 20, 2025, miners can anticipate mining a total of 0.05692175 BTC, with electricity expenses reaching $1533 during this period. Combining these projections, miners operating the ANTMINER S21 from now until April 20, 2025, can expect to mine a total of 0.06222558 BTC, incurring cumulative electricity costs of $1604.4. To break even by this date, the price of Bitcoin would need to reach $112,564 (based on the current price of $65,890).

減半後，假設挖礦難度不變，ANTMINER S21 每日挖礦產出將降至 0.00015595 BTC。預計到 2025 年 4 月 20 日為止，礦工預計將開採總計 0.05692175 BTC，在此期間電費將達到 1533 美元。綜合這些預測，從現在到 2025 年 4 月 20 日，運行 ANTMINER S21 的礦工預計將開採總計 0.06222558 BTC，累計電費為 1604.4 美元。要到此日期實現收支平衡，比特幣的價格需要達到 112,564 美元（基於當前價格 65,890 美元）。

Balancing Cash Flow and Bitcoin Holding

平衡現金流和比特幣持有

While mining with the ANTMINER S21 for a year may result in electricity costs of $1533, this expense may be manageable for small-scale miners operating only a few rigs, even if they retain all mined BTC. However, large-scale miners operating hundreds to thousands of rigs face substantial electricity expenses, potentially accompanied by other operational costs. Considering the need for cash flow, these miners may opt to sell a portion of their mined BTC to support ongoing operations.

雖然使用 ANTMINER S21 挖礦一年可能會產生 1533 美元的電費，但對於僅運營幾台礦機的小規模礦工來說，這筆費用可能是可以負擔的，即使他們保留了所有開採的 BTC。然而，營運數百至數千台鑽孔機的大型礦商面臨巨額電力支出，也可能伴隨著其他營運成本。考慮到現金流的需要，這些礦工可能會選擇出售部分開採的 BTC 以支援持續營運。

Financial Instruments: Adapting to Miners' Needs

金融工具：適應礦工的需求

Advancements in the mining sector have introduced a range of financial instruments that provide miners with flexible financial management solutions. For miners seeking liquidity to cover operational costs like electricity, but hesitant to sell their BTC, platforms such as ViaBTC offer "Crypto Loans." This service allows miners to pledge their BTC assets as collateral to borrow USDT from the ViaBTC platform, providing capital turnover and enabling miners to redeem their pledged BTC upon loan repayment when their financial situation improves.

採礦業的進步引入了一系列金融工具，為礦工提供靈活的財務管理解決方案。對於尋求流動性來支付電費等營運成本，但又猶豫是否出售 BTC 的礦工來說，ViaBTC 等平台可以提供「加密貨幣貸款」。該服務允許礦工質押自己的 BTC 資產作為抵押，從 ViaBTC 平台借入 USDT，提供資金周轉，並讓礦工在財務狀況好轉後還清貸款後可以贖回質押的 BTC。

Data Suggests Miners Offloading BTC

數據顯示礦工正在拋售比特幣

According to recent data from CryptoQuant, Bitcoin reserves held by miners have declined from 1,821,163 BTC to 1,817,678 BTC over the past month, indicating that miners are selling a portion of their holdings. Industry analysts speculate that this move may be aimed at reallocating resources towards acquiring more energy-efficient mining rigs, ultimately reducing their operating costs.

根據 CryptoQuant 最新數據，礦工持有的比特幣儲備在過去一個月從 1,821,163 BTC 下降至 1,817,678 BTC，這表明礦工正在出售部分持有的比特幣。產業分析師推測，此舉可能旨在重新分配資源，以購買更節能的採礦設備，最終降低營運成本。

Energy Efficiency: A Key to Profitability

能源效率：獲利的關鍵

With less than 20 days remaining until the upcoming Bitcoin halving, improving the energy efficiency of mining rigs and optimizing operational costs are crucial to maintaining mining profitability. Miners who can successfully lower their electricity consumption and overall operating expenses will have a greater chance of weathering the halving's impact and continuing their operations.

距離即將到來的比特幣減半還有不到 20 天的時間，提高礦機能源效率和優化營運成本對於維持挖礦獲利能力至關重要。能夠成功降低電力消耗和整體營運費用的礦工將有更大的機會承受減半的影響並繼續運作。

Hold or Sell: A Strategic Dilemma

持有或出售：戰略困境

The decision of whether to hold or sell Bitcoin is a complex one for miners. Long-term holding represents the core belief of many Bitcoin miners, while selling mined BTC provides flexibility and ensures future funding, particularly in the face of unforeseen circumstances. These varying strategies reflect the individual risk tolerance of miners. For those with lower risk tolerance, prioritizing the sale of mined BTC to recoup investment costs and considering long-term holding later may be a wiser choice.

對於礦工來說，持有或出售比特幣的決定是一個複雜的決定。長期持有代表了許多比特幣礦工的核心信念，而出售開採的比特幣則提供了靈活性並確保未來的資金來源，尤其是在面對不可預見的情況時。這些不同的策略反映了礦工的個人風險承受能力。對於風險承受能力較低的人來說，優先出售已開採的比特幣以收回投資成本，稍後再考慮長期持有可能是更明智的選擇。

Disclaimer: The article is for reference only and offers no financial advice.

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Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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