支持者認為，比特幣的硬編碼供應上限凸顯了其「數位黃金」品質

根據 timechainindex.com 的數據，目前比特幣總供應量的 94% 以上已被開採。產業觀察家指出，加密貨幣的最終發行預計將在 2140 年左右結束，該日期由其演算法「減半」時間表確定。

Bitcoin's total supply has surpassed 94% mined, highlighting the cryptocurrency's hard-coded supply cap.

比特幣的總供應量已超過已開採量的 94%，凸顯了該加密貨幣的硬編碼供應上限。

Key Takeaways:

要點：

94% of Bitcoin's total supply has been mined.

比特幣總供應量的 94% 已被開採。

The final Bitcoin issuance is expected around 2140.

比特幣的最終發行預計在 2140 年左右。

Mining difficulty has nearly doubled in a year.

一年內挖礦難度幾乎翻了一番。

Seven out of 25 publicly traded miners are in the red year-to-date.

今年迄今為止，25 家公開交易的礦商中有 7 家出現虧損。

Rising mining costs and reduced block rewards impact miner profitability.

採礦成本上升和區塊獎勵減少影響礦工的獲利能力。

This milestone underscores one of Bitcoin’s most distinctive features: a hard-coded supply cap that contrasts starkly with the fiat money printing capabilities of central banks.

這一里程碑強調了比特幣最顯著的特徵之一：硬編碼的供應上限，與央行的法定貨幣印刷能力形成鮮明對比。

Over 94% of Bitcoin's total supply has now been mined, according to data from timechainindex.com. Industry observers note that the cryptocurrency's final issuance is expected to conclude around 2140, a date determined by its algorithmic “halving” schedule. These halvings take place roughly every four years and reduce the block reward by half each time. Following a halving in April 2024 that cut miners’ rewards to 3.125 BTC per block, the next one is set for 2028, when rewards will shrink further to 1.5625 BTC.

根據 timechainindex.com 的數據，目前比特幣總供應量的 94% 以上已被開採。產業觀察家指出，加密貨幣的最終發行預計將於 2140 年左右結束，該日期由其演算法「減半」時間表確定。這些減半大約每四年發生一次，每次都會將區塊獎勵減少一半。繼 2024 年 4 月減半，礦工獎勵降至每個區塊 3.125 BTC 後，下一次減半定於 2028 年，屆時獎勵將進一步縮減至 1.5625 BTC。

The concept of scarcity has fueled comparisons between Bitcoin and gold. Proponents argue that limited supply endows Bitcoin with “digital gold” qualities, while opponents cite its volatility as a barrier to broader acceptance. Despite this ongoing debate, the cryptocurrency has posted remarkable gains this year, surging to above $108,00 at its peak and currently up over 110% in 2024. The rally comes amid growing institutional interest, including approvals for exchange-traded funds (ETFs) and high-profile acquisitions by companies such as MicroStrategy.

稀缺性的概念加劇了比特幣和黃金之間的比較。支持者認為，有限的供應賦予了比特幣「數位黃金」的品質，而反對者則認為其波動性是更廣泛接受的障礙。儘管爭論仍在繼續，但加密貨幣今年仍然取得了顯著的漲幅，在峰值時飆升至108 美元以上，目前在2024 年上漲超過110%。 ，其中包括交易所交易基金(ETF) 的批准以及 MicroStrategy 等公司的高調收購。

Yet the benefits of higher Bitcoin prices have not reached all corners of the industry. Publicly traded mining companies, which secure Bitcoin transactions and earn newly minted coins as a reward, have seen mixed results despite the cryptocurrency's strong performance.

然而，比特幣價格上漲的好處尚未惠及產業的各個角落。儘管加密貨幣表現強勁，但確保比特幣交易並賺取新鑄造的比特幣作為獎勵的上市礦業公司的業績卻好壞參半。

Data from the Hashrate Index shows that out of 25 listed miners, only seven have notched year-to-date gains. For example, Bitdeer (BTDR) has soared 166%, and TeraWulf (WULF) is up 170%. Meanwhile, some miners like Argo Blockchain (ARB) and Sphere 3D (ANY) suffered sharp drops, losing 84% and 69%, respectively.

算力指數數據顯示，在 25 家上市礦商中，只有 7 家實現了年初至今的收益。例如，Bitdeer（BTDR）飆升166％，TeraWulf（WULF）上漲170％。同時，Argo Blockchain (ARB) 和 Sphere 3D (ANY) 等礦商大幅下跌，分別下跌 84% 和 69%。

Rising Mining Difficulty

挖礦難度上升

Analysts attribute these diverging fortunes to a combination of rising operational costs, higher mining difficulty, and the reduced block reward from Bitcoin's most recent halving. The Bitcoin network's mining difficulty has nearly doubled from a year ago, escalating the computational power required to successfully mine new coins. Electricity expenses and equipment upgrades have further strained profit margins for smaller or less efficient miners.

分析師將這些不同的命運歸因於營運成本上升、挖礦難度上升以及比特幣最近減半帶來的區塊獎勵減少等綜合因素。比特幣網路的挖礦難度比一年前幾乎翻了一番，成功開採新硬幣所需的運算能力不斷提高。電力費用和設備升級進一步壓縮了規模較小或效率較低的礦商的利潤率。

In an effort to reduce risks and diversify revenue streams, several mining firms have turned to strategies beyond Bitcoin extraction. Core Scientific, for instance, recently ventured into hosting services for artificial intelligence (AI) applications, a move the company projects could generate billions in additional revenue over the next decade.

為了降低風險並使收入來源多樣化，一些礦業公司已轉向比特幣開採以外的策略。例如，Core Scientific 最近涉足人工智慧 (AI) 應用程式託管服務，該公司預計此舉可能會在未來十年產生數十億美元的額外收入。