比特幣的Mempool倒空：這對網絡的未來意味著什麼？

Bitcoin’s network activity has experienced a notable shift in recent weeks, with both transaction volume and the size of the mempool decreasing significantly. This reduction in activity is not a temporary blip but rather a part of a broader trend that has seen transaction counts plummet to an 11-month low, clearing the mempool and leaving Bitcoin miners with fewer transactions to process.

比特幣的網絡活動在最近幾週發生了顯著轉變，交易量和Mempool的大小都大大減少。活動的減少不是暫時的碎片，而是更廣泛的趨勢的一部分，這種趨勢已經使交易局度跌至11個月的低點，清除了備忘錄，並使比特幣礦工的交易較少。

The mempool, a crucial part of Bitcoin’s infrastructure, is where transactions await confirmation by miners. When the mempool empties, it signals a slowdown in the pace of Bitcoin’s overall transaction throughput. This decline in Bitcoin’s mempool size and transaction volume has raised several important questions. What is driving this downturn? How does it affect the Bitcoin ecosystem, especially in terms of mining profitability? And most importantly, what implications does this have for the future of Bitcoin’s utility and adoption?

Mempool是比特幣基礎設施的關鍵部分，是交易等待礦工確認的地方。當Mempool倒空時，它標誌著比特幣整體交易吞吐量的速度的放緩。比特幣的MEMPOOL規模和交易量的下降提出了幾個重要問題。是什麼驅動了這一低迷？它如何影響比特幣生態系統，尤其是在採礦盈利方面？最重要的是，這對比特幣效用和採用的未來有什麼影響？

This article will explore these questions in depth, offering a comprehensive analysis of the factors at play and the potential long-term effects on Bitcoin and its surrounding ecosystem.

本文將深入探討這些問題，對遊戲中的因素以及對比特幣及其周圍生態系統的長期影響進行全面分析。

Bitcoin’s Mempool and Its Role in the Network

比特幣的Mempool及其在網絡中的作用

Before diving into the recent developments, it is important to understand what the mempool is and why it matters. The mempool is a temporary holding area for transactions that have been broadcast to the Bitcoin network but have not yet been included in a block. Each Bitcoin transaction requires miners to verify and confirm it before it is added to the blockchain. When the mempool is full, it means that many transactions are waiting to be processed, which can lead to higher transaction fees as users compete for space in the next block.

在進行最近的發展之前，重要的是要了解孟買是什麼以及為什麼它很重要。 MEMPOOL是已廣播到比特幣網絡的交易的臨時保留區，但尚未包含在一個街區中。每個比特幣交易都要求礦工在將其添加到區塊鏈之前對其進行驗證和確認。當MEMPOOL已滿時，這意味著許多交易正在等待處理，這可能會導致交易費用更高，因為用戶在下一個塊中爭奪空間。

The size of the mempool and the number of transactions within it are important indicators of the network’s health and activity levels. A congested mempool typically means that the Bitcoin network is experiencing a high volume of transactions, while an empty or nearly empty mempool suggests lower network activity. Over the past few months, the Bitcoin mempool has been emptying out as transaction volume has decreased significantly, reaching a low point not seen in almost a year.

MEMPOOL的規模及其內部交易的數量是網絡健康和活動水平的重要指標。擁擠的Mempool通常意味著比特幣網絡正在經歷大量交易，而空的或幾乎空的Mempool則表明網絡活動較低。在過去的幾個月中，隨著交易量大幅下降，比特幣備忘錄已經排出，達到了將近一年的低點。

The Decline in Bitcoin’s Transaction Volume

比特幣交易量的下降

Several factors have contributed to the recent slowdown in Bitcoin’s transaction volume. One of the most notable drivers has been a decrease in the overall demand for Bitcoin transactions. This drop in demand can be attributed to a variety of factors, including:

幾個因素導致了比特幣交易量的最近放緩。最著名的驅動因素之一是對比特幣交易的總體需求減少。這種需求下降可以歸因於多種因素，包括：

- Bearish market sentiment: The broader cryptocurrency market has experienced a downturn in recent months, leading to lower levels of activity and interest in Bitcoin. As institutional investors and retail traders shift their focus away from cryptocurrencies, the demand for Bitcoin transactions has also decreased.

- 看跌市場情緒：近幾個月來，更廣泛的加密貨幣市場經歷了低迷，導致對比特幣的活動水平較低。隨著機構投資者和零售交易者將重點從加密貨幣轉移而來，對比特幣交易的需求也減少了。

- High transaction fees during periods of congestion: Throughout 2021, Bitcoin’s mempool was frequently congested, leading to high transaction fees, especially during peak hours of network activity. These high fees may have discouraged some users from making smaller transactions or caused them to seek alternative methods of transferring funds.

- 充血期間的高交易費用：在整個2021年，比特幣的備忘錄經常被擁擠，導致高交易費用，尤其是在網絡活動的高峰時段。這些高費用可能使某些用戶無法進行較小的交易或導致他們尋求替代資金的替代方法。

- The rise of layer 2 solutions: Layer 2 scaling solutions, such as the Lightning Network, offer a way to conduct fast, low-cost transactions off-chain, reducing the need for on-chain transactions. As layer 2 solutions become more widely adopted, they can contribute to a decrease in overall on-chain transaction volume.

- 第2層解決方案的上升：第2層縮放解決方案（例如閃電網絡）提供了一種進行快速，低成本交易偏離鏈的方法，從而減少了對鏈交易的需求。隨著第2層解決方案的採用更加廣泛，它們可以促進總體鏈交易量的減少。

- Global economic conditions: The state of the global economy can also impact the demand for Bitcoin transactions. During periods of economic downturn or uncertainty, there may be a decreased demand for cryptocurrency transactions, including Bitcoin, as individuals and businesses prioritize other financial concerns.

- 全球經濟狀況：全球經濟狀況也會影響對比特幣交易的需求。在經濟低迷或不確定性的時期，由於個人和企業將其他財務問題確定，包括比特幣在內的加密貨幣交易的需求可能會減少。

Together, these factors have played a role in reducing the demand for Bitcoin transactions, leading to a decline in transaction volume and a clearing of the mempool.

總之，這些因素在減少對比特幣交易的需求方面發揮了作用，導致交易量的下降和清除備件的清算。

Implications for the Bitcoin Ecosystem

對比特幣生態系統的影響

The decrease in Bitcoin’s transaction volume and the clearing of the mempool have several implications for the broader Bitcoin ecosystem. These effects are felt most acutely by miners, who rely on transaction fees to maintain profitability. Bitcoin mining is an energy-intensive process that requires substantial computational power, and transaction fees are a key revenue stream for miners, particularly during periods when the block reward (currently 6.25 BTC per block) is not enough to cover operational costs.

比特幣交易量的減少和Mempool的清除對更廣泛的比特幣生態系統有幾種影響。礦工最敏銳地感受到了這些影響，他們依靠交易費用來維持盈利能力。比特幣採礦是一個能源密集型的過程，需要大量的計算能力，交易費是礦工的關鍵收入來源，尤其是在塊獎勵（當前每塊6.25 BTC）的期間，不足以支付運營成本。

1. Impact on Mining ProfitabilityMining profitability is directly tied to the number of transactions being processed on the network. When the mempool is congested, miners can prioritize transactions with higher fees, which helps to boost their earnings. However, when the mempool empties and transaction fees drop to near-record lows, miners are left with fewer incentives to continue mining, especially as Bitcoin’s block rewards continue to halve every four years.

1。對採礦盈利能力盈利能力的影響直接與網絡上處理的交易數量有關。當孟買貨運期間，礦工可以優先考慮較高費用的交易，這有助於提高其收入。但是，當Mempool的倒空和交易費用降至近記錄低點時，礦工將繼續採礦的動力更少，尤其是隨著比特幣的塊獎勵每四年繼續減少一半。

This reduction in profitability is forcing some mining companies to reconsider their business models. Many large mining firms are diversifying into other areas of computing, such as artificial intelligence (AI) and cloud computing, in an attempt to offset the declining profitability of Bitcoin mining. By tapping into these other markets, mining companies can reduce their reliance on Bitcoin transaction fees and ensure the long-term sustainability of their operations.

盈利能力的下降迫使一些礦業公司重新考慮其業務模式。許多大型採礦公司都將多元化到其他計算領域，例如人工智能（AI）和雲計算，以抵消比特幣採礦的盈利能力下降。通過利用這些其他市場，採礦公司可以減少對比特幣交易費用的依賴，並確保其運營的長期可持續性。

2. Impact on Transaction Fees

2。對交易費用的影響