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由於 Runes(促進比特幣 memecoin 交易的協議)的推出,比特幣交易費用在網路減半事件期間達到歷史最高水準。雖然減半通常會降低挖礦收入,但交易費用的飆升使礦工的收入增加了兩倍,抵消了比特幣獎勵減少 50% 的影響。符文升級增強了比特幣的實用性,吸引了開發商,並有可能帶來持續的交易活動,從而支持礦工收入並減輕未來減半事件的影響。
Bitcoin Halving Triggers Surge in Trading Fees and Miner Revenues
比特幣減半引發交易費用和礦工收入激增
London, May 16, 2023 - The highly anticipated Bitcoin halving event, which occurred in the early hours of Saturday (London time), has sparked an unexpected surge in trading fees and a paradoxical increase in miner revenues.
倫敦,2023 年 5 月 16 日 - 週六凌晨(倫敦時間)發生的備受期待的比特幣減半事件引發了交易費用的意外飆升和礦工收入的反常增長。
Runes Protocol Fuels Fee Spike
符文協議燃料費用飆升
Contrary to expectations, the halving – a pre-programmed event that reduces the block reward awarded to Bitcoin miners by half – has not led to a significant decline in mining revenue. This unexpected outcome is attributed to the launch of a new Bitcoin token protocol called Runes, which coincided precisely with the halving.
與預期相反,減半——一項預先計劃好的事件,將授予比特幣礦工的區塊獎勵減少一半——並沒有導致挖礦收入大幅下降。這一意想不到的結果歸因於一種名為 Runes 的新比特幣代幣協議的推出,該協議恰好與減半同時發生。
Runes enables traders to purchase memecoins on the Bitcoin blockchain, a feature that has generated substantial trading activity. This heightened trading volume has resulted in a sharp increase in transaction fees, which have soared to all-time highs.
符文使交易者能夠在比特幣區塊鏈上購買迷因幣,這項功能已經產生了大量的交易活動。交易量的增加導致交易費用急劇增加,並飆升至歷史新高。
Miners Reap Unexpected Windfall
礦工收穫意外之財
Analysts from Bernstein, a leading research firm, reported that miner revenue has actually tripled in the wake of the halving, defying expectations of a severe decrease. This surge is largely due to the influx of trading fees, which now account for a significant portion of miner income.
領先研究公司伯恩斯坦的分析師報告稱,減半後礦工收入實際上增加了兩倍,超出了大幅下降的預期。這種激增主要是由於交易費用的湧入,目前交易費用佔礦工收入的很大一部分。
According to Bernstein, transaction fees on the day Runes launched amounted to approximately $78 million, driven by speculative activity centered on the creation of new meme tokens by retail traders. This surge more than offset the 50% reduction in Bitcoin rewards, resulting in a 200% increase in overall miner revenue.
根據 Bernstein 的說法,Runes 推出當天的交易費用約為 7800 萬美元,這是由以散戶交易者創建新 meme 代幣為中心的投機活動推動的。這一激增抵消了比特幣獎勵減少 50% 的影響,導致礦工整體收入增加了 200%。
Sustained Network Activity Bodes Well for Miners
持續的網路活動對礦工來說是個好兆頭
Bernstein analysts believe that the spike in network activity and the interest it has attracted from traders and developers could provide long-term support for miner revenue. While the current fee levels may not be sustainable in the long run, they anticipate that a portion of these fees will continue to supplement miner income.
伯恩斯坦分析師認為,網路活動的激增及其吸引的交易者和開發商的興趣可能會為礦商收入提供長期支持。雖然從長遠來看,目前的費用水平可能無法持續,但他們預計這些費用的一部分將繼續補充礦工的收入。
High Fees Burden Bitcoin Users
高額費用給比特幣用戶帶來負擔
The surge in transaction fees, while beneficial for miners, has made it more costly for users to buy and sell Bitcoin. At the peak of the fee spike on Saturday, the average fee per transaction reached an all-time high of $128, more than double the previous peak recorded in April 2021. Even though fees have since declined, they remain significantly higher than pre-halving levels.
交易費用的飆漲雖然對礦工有利,但也使得用戶買賣比特幣的成本更高。在周六費用高峰時,每筆交易的平均費用達到128 美元的歷史新高,是2021 年4 月記錄的上一個峰值的兩倍多。前水平。
Implications for Bitcoin DeFi Ecosystem
對比特幣 DeFi 生態系統的影響
Crypto hedge fund Pantera Capital has predicted that a nascent Bitcoin decentralized finance (DeFi) ecosystem could potentially represent a substantial portion of Bitcoin's overall value. While Runes does not provide smart contract functionality and cannot support DeFi applications directly, its functionality enhances Bitcoin's utility and makes it more attractive for development.
加密貨幣對沖基金 Pantera Capital 預測,新興的比特幣去中心化金融(DeFi)生態系統可能佔比特幣整體價值的很大一部分。雖然 Runes 不提供智慧合約功能,無法直接支援 DeFi 應用,但其功能增強了比特幣的實用性,使其更具開發吸引力。
Bernstein anticipates that over time, Runes could facilitate the issuance of more utility-based fungible tokens on the Bitcoin blockchain. Sustained transaction activity could also have a positive impact on the Bitcoin mining industry.
伯恩斯坦預計,隨著時間的推移,符文可以促進在比特幣區塊鏈上發行更多基於實用程式的可替代代幣。持續的交易活動也可能對比特幣挖礦業產生正面影響。
Mining Consolidation Concerns
礦業整合問題
Analysts from crypto exchange Coinbase had previously warned that the halving could trigger consolidation in the mining industry, with larger players acquiring smaller, less efficient operations. This could potentially increase the risk of network vulnerability to hostile takeovers.
加密貨幣交易所 Coinbase 的分析師先前曾警告稱,減半可能會引發採礦業的整合,規模較大的參與者會收購規模較小、效率較低的業務。這可能會增加網路脆弱性遭受惡意收購的風險。
However, the high (or potentially increasing) transaction fees may delay or even prevent the consolidation process, as miners are able to supplement their income from Bitcoin rewards with these fees.
然而,高額(或可能增加)的交易費用可能會延遲甚至阻止整合過程,因為礦工可以用這些費用來補充比特幣獎勵的收入。
Sustained Fees Critical for Miner Viability
持續的費用對於礦工的生存至關重要
The long-term impact of the halving on the Bitcoin mining industry remains uncertain. While the surge in trading fees has provided a temporary lifeline, it is unclear whether these fees will persist at current levels or continue to grow.
減半對比特幣挖礦業的長期影響仍不確定。雖然交易費用的飆升提供了暫時的生命線,但尚不清楚這些費用是否會持續在目前的水平或繼續增長。
If transaction fees decline significantly, miner revenues could be adversely affected, potentially leading to consolidation and the aforementioned risks to network security. Conversely, if fees remain high or increase further, miners may be able to sustain their profitability and avoid the need for industry consolidation.
如果交易費用大幅下降,礦工收入可能會受到不利影響,可能導致整合和上述網路安全風險。相反,如果費用居高不下或進一步增加,礦商可能能夠維持獲利能力並避免產業整合。
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