減半後交易費用暴跌，比特幣礦工收入暴跌

最近比特幣減半後，礦工從交易費中獲得的收入大幅下降。減半當天，交易費用佔礦工總收入的 75%，但此後這一比例已降至 35%。減半日交易費用激增的部分原因是 Runes 協議的推出，該協議允許在比特幣網路上發行和轉移代幣。

Bitcoin Miner Revenues: Transaction Fees Plummet Post-Halving Surge

比特幣礦工收入：減半後交易費用暴跌

Amidst the momentous Bitcoin halving event that slashed block rewards by half, the portion of miner revenue derived from transaction fees has taken a significant downturn. According to a recent CryptoQuant report, transaction fees now account for a mere 35% of total miner income, a stark contrast to the 75% peak recorded on April 19, the day of the halving.

在比特幣減半事件將區塊獎勵削減一半的重大事件中，來自交易費用的礦工收入比例大幅下降。根據 CryptoQuant 最近的一份報告，交易費用目前僅佔礦工總收入的 35%，與 4 月 19 日減半當天記錄的 75% 高峰形成鮮明對比。

Transaction Fees Surge During Halving

減半期間交易費用飆漲

The fourth Bitcoin halving, which occurred on April 18, 2022, halved miner block rewards to 3.125 bitcoins (BTC), resulting in a daily issuance decline from an average of 900 BTC to 450 BTC. On the halving day, daily miner revenue soared to an impressive $100 million, largely driven by a substantial surge in transaction fees. Daily fees on the Bitcoin network reached an unprecedented high of 1,258 BTC ($80 million), representing a remarkable 75% of total revenue for that day.

第四次比特幣減半發生在 2022 年 4 月 18 日，礦工區塊獎勵減半至 3.125 比特幣 (BTC)，導致每日發行量從平均 900 BTC 下降至 450 BTC。減半當天，礦工每日收入飆升至令人印象深刻的 1 億美元，主要是因為交易費用大幅上漲。比特幣網路的每日費用達到前所未有的高位，達到 1,258 BTC（8,000 萬美元），佔當天總收入的 75%。

A key factor contributing to the elevated transaction fees was the Runes protocol, which ignited network activity upon its launch on the Bitcoin halving block. Runes enables the issuance and transfer of fungible tokens through the storage of data in OP RETURN codes. The utilization of these codes hit a record high of 512,000 on the halving day as users flocked to the Runes Protocol.

導致交易費用上漲的一個關鍵因素是符文協議，該協議在比特幣減半區塊上推出後引發了網路活動。 Runes 透過在 OP RETURN 代碼中儲存資料來實現可互換代幣的發行和轉移。隨著用戶湧向 Runes Protocol，這些程式碼的使用量在減半當天創下了 512,000 的歷史新高。

A Significant Fall in Fees

費用大幅下降

However, less than 24 hours after the halving, transaction fees reverted to lower levels and have remained there since. Fees currently constitute only 35% of total miner revenue, while the latter has stabilized around $50 million, a 35% decline from the pre-halving record-high levels of approximately $78 million.

然而，減半後不到 24 小時，交易費用恢復到較低水平，並一直維持在該水平。目前，費用僅佔礦工總收入的 35%，而後者穩定在 5,000 萬美元左右，比減半前約 7,800 萬美元的歷史最高水準下降了 35%。

Data from YCharts reveals that Bitcoin transaction fees have plummeted from $80 million on April 20 to a mere $6 million. Over the past week, they have averaged around $16 million, with the lowest figure observed on April 26.

YCharts 的數據顯示，比特幣交易費用已從 4 月 20 日的 8,000 萬美元暴跌至僅 600 萬美元。過去一周，平均收入約 1,600 萬美元，最低數字出現在 4 月 26 日。

Implications for Miners

對礦工的影響

The halving event, coupled with the subsequent decline in transaction fees, has placed increased pressure on Bitcoin miners. With block rewards halved, higher transaction fees and rising BTC prices were expected to sustain their profitability. However, with fees dwindling and BTC struggling to surpass $64,000, the viability of some mining operations is now in question.

減半事件，加上隨後交易費用的下降，給比特幣礦工帶來了越來越大的壓力。隨著區塊獎勵減半，交易費用上漲和比特幣價格上漲預計將維持其獲利能力。然而，隨著費用的減少和 BTC 努力突破 64,000 美元，一些挖礦業務的生存能力現在受到質疑。

Despite the challenges, CryptoQuant notes that it is premature to assess the long-term impact of the halving on the network hashrate. Miners appear to be continuing operations at the same rate as before the halving. The Bitcoin network hashrate stands at 617 EH/s, while its hashprice has reached $0.07 per TH/s, the lowest since October.

儘管面臨挑戰，CryptoQuant 指出，現在評估減半對網路算力的長期影響還為時過早。礦工們似乎仍在以與減半前相同的速度繼續運作。比特幣網路算力為 617 EH/s，而其算力價格已達到 0.07 美元/TH/s，為 10 月以來的最低水準。

These developments highlight the evolving dynamics of the Bitcoin mining industry. While the halving event initially provided a boost to miner revenue, the subsequent decline in transaction fees has created new challenges. As Bitcoin continues to mature, the role of transaction fees in sustaining miner profitability will be closely watched by industry observers.

這些發展凸顯了比特幣挖礦業的不斷發展動態。雖然減半事件最初提振了礦工收入，但隨後交易費用的下降帶來了新的挑戰。隨著比特幣的不斷成熟，交易費用在維持礦商獲利能力方面的作用將受到產業觀察家的密切關注。