獲利跌至六個月低點，比特幣礦工陷入困境

自減半以來，比特幣（BTC）進入下跌趨勢，在連續七個月上漲後，4月份迎來了第一個「紅色月份」。這次下跌對比特幣礦商的打擊尤其嚴重，他們的收入在4 月30 日跌至6 個月低點3017 萬美元。獲利能力，再加上比特幣價格的大幅下跌，更是雪上加霜。

Bitcoin Miners Face Dire Straits as Earnings Plummet to Six-Month Low

比特幣礦工面臨嚴峻困境，獲利跌至六個月低點

The cryptocurrency industry has witnessed a significant downturn in recent months, with Bitcoin (BTC) experiencing its first "red month" in April since its last halving event seven months ago. This decline has hit BTC miners particularly hard, with their earnings falling to a six-month low.

近幾個月來，加密貨幣行業經歷了嚴重的低迷，比特幣（BTC）在 4 月經歷了自七個月前的上次減半事件以來的第一個「紅色月份」。這種下跌對比特幣礦商的打擊尤其嚴重，他們的收入跌至六個月低點。

Data obtained by Blockchain.com indicates that Bitcoin miners' revenue stood at $30.17 million on April 30, marking the lowest point in the past half year. This drastic drop in revenue is directly tied to the impact of the fourth Bitcoin halving, which slashed the block reward from 6.25 BTC to 3.125 BTC, significantly impacting miners' profitability.

Blockchain.com取得的數據顯示，4月30日，比特幣礦商收入為3,017萬美元，為近半年來的最低點。收入的大幅下降與第四次比特幣減半的影響直接相關，第四次減半將區塊獎勵從 6.25 BTC 大幅削減至 3.125 BTC，嚴重影響了礦工的獲利能力。

Compounding the decline in mining profitability is the substantial drop in Bitcoin's price, which plummeted from approximately $70,000 to $57,000 during the month of April. A Finbold report published on April 23 highlighted that the cost of mining Bitcoin had escalated to the point where miners were operating at a loss. Earlier data estimated these losses to range between $36,000 and $52,000 per Bitcoin mined when BTC was trading at $66,000. Given the recent market downturn, these losses have potentially escalated, with miners now facing losses ranging from $43,000 to $72,000 per token mined.

比特幣價格大幅下跌加劇了挖礦獲利能力的下降，4 月比特幣價格從約 7 萬美元暴跌至 5.7 萬美元。 Finbold 4 月 23 日發布的一份報告強調，比特幣的開採成本已經上升到礦工虧損的地步。早期的數據估計，當 BTC 交易價格為 66,000 美元時，每開採一個比特幣損失將在 36,000 美元到 52,000 美元之間。鑑於最近的市場低迷，這些損失可能會加劇，礦商現在每開採一個代幣就面臨 43,000 美元到 72,000 美元的損失。

Capriole Investments paints an even grimmer picture, estimating the production cost of a single Bitcoin at a staggering $128,989, with $77,400 of that amount attributed to electricity costs based on current hashrate averages. Conversely, MacroMicro's data, sourced from estimates by the University of Cambridge, suggests a cost-to-price ratio of 1.66, indicating average mining costs of $100,500 as of April 30 – close to the highest historical production costs. Consequently, the estimated loss per Bitcoin stands at approximately $43,000.

Capriole Investments 描繪了一幅更嚴峻的景象，估計單個比特幣的生產成本為驚人的 128,989 美元，其中 77,400 美元歸因於基於當前算力平均值的電力成本。相反，MacroMicro 的數據來自劍橋大學的估計，顯示成本價格比為 1.66，顯示截至 4 月 30 日的平均採礦成本為 100,500 美元，接近歷史最高生產成本。因此，每個比特幣的估計損失約為 43,000 美元。

These challenging conditions point to a potential crisis within the Bitcoin mining industry, potentially leading to the capitulation of some cryptomining companies. To stabilize the industry and avert such outcomes, the price of BTC must rise sufficiently to offset these elevated production costs.

這些具有挑戰性的條件表明比特幣挖礦業存在潛在危機，可能導致一些加密貨幣挖礦公司投降。為了穩定產業並避免這種結果，比特幣的價格必須充分上漲以抵消這些上漲的生產成本。

Furthermore, if the disparity between production costs and mining rewards persists, the Bitcoin network faces the risk of further centralization. This could lead to a consolidation of operations among a few large miners, raising long-standing concerns about the dynamics of economies of scale, which could undermine the security and decentralized nature of the leading cryptocurrency.

此外，如果生產成本和挖礦獎勵之間的差距持續存在，比特幣網路將面臨進一步中心化的風險。這可能會導致一些大型礦商之間的業務整合，引發人們對規模經濟動態的長期擔憂，這可能會破壞領先加密貨幣的安全性和去中心化性質。

The current situation underscores the cyclical nature of the cryptocurrency industry, highlighting the inherent volatility and risks associated with mining operations. As Bitcoin's price fluctuates and competition intensifies, miners must continuously adapt their strategies and seek innovative ways to maintain profitability while ensuring the security and stability of the network they support.

目前的情況凸顯了加密貨幣產業的週期性，凸顯了與挖礦業務相關的固有波動性和風險。隨著比特幣價格波動和競爭加劇，礦工必須不斷調整策略並尋求創新方式來保持獲利能力，同時確保其支援的網路的安全性和穩定性。