比特幣礦工終於可以呼吸：儘管比特幣在2024年4月減半，但他們的收入仍穩定在36億美元

比特幣礦工終於可以呼吸：儘管比特幣在2024年4月減半，但他們的收入仍在36億美元。

The Bitcoin miners can finally breathe a sigh of relief as their revenues have begun to stabilize at $3.6 billion despite the Bitcoin halving which occurred in April 2024. However, behind this apparent calm, a storm is brewing. Indeed, while the narrative around the Bitcoin price or the BTC/USD pair is interesting in its own right, it's also important to consider the broader ecosystem and the factors that influence it.

比特幣礦工最終可以鬆了一口氣，因為儘管比特幣在2024年4月發生了一半，但他們的收入開始穩定在36億美元。但是，在這種明顯的平靜背後，一場暴風雨正在醞釀中。確實，儘管圍繞比特幣價格或BTC/USD對的敘述本身很有趣，但考慮更廣泛的生態系統及其影響的因素也很重要。

As such, we can observe that the mining sector is facing a crucial turning point with rising costs, dependence on Bitmain, and pressure on fees. The question remains: will this model be able to hold up much longer or is it headed for disaster?

因此，我們可以觀察到，採礦部門正面臨著一個關鍵的轉折點，成本上升，對Bitmain的依賴以及對費用的壓力。問題仍然存在：該模型能夠支撐更長的時間，還是要遭受災難？

Bitcoin miners have absorbed the shock of the last Bitcoin halving in April 2024 and managed to maintain their profitability. In the fourth quarter of 2024, their revenues reached $3.7 billion, and in early 2025, they are still estimated at $3.6 billion.

比特幣礦工在2024年4月減少了最後一次比特幣的震驚，並設法保持了盈利能力。在2024年的第四季度，他們的收入達到37億美元，在2025年初，他們的收入仍為36億美元。

This stability is rather surprising given the decrease in BTC generated per block and the reduction in margins. Moreover, the network is becoming increasingly power-hungry, which could pose a problem in the long term.

鑑於每個塊產生的BTC減少以及邊緣減小，這種穩定性令人驚訝。此外，該網絡正在變得越來越渴望，從長遠來看，這可能會帶來問題。

Furthermore, a large portion—59% to 76%—of the global hashrate is concentrated in the hands of Bitmain, the main manufacturer of ASIC machines and a company that plays a crucial role in the ecosystem. However, this almost complete monopoly raises concerns, especially regarding the supply of ASIC machines, which is heavily dependent on trade relations between China and the United States.

此外，全球橋樑的大部分（59％至76％）集中在Bitmain的手中，Bitmain是ASIC機器的主要製造商，並且在生態系統中起著至關重要的作用。但是，這幾乎完全壟斷引起了人們的關注，尤其是對ASIC機器的供應，這在很大程度上依賴於中國與美國之間的貿易關係。

Recently, customs restrictions have slowed down some deliveries, forcing American Bitcoin miners to juggle with unpredictable delays and increasing uncertainty. This situation could have a significant impact on the miners' ability to operate smoothly and profitably.

最近，海關限制減慢了一些交付，迫使美國比特幣礦工會以不可預測的延誤和不確定性的增加而做法。這種情況可能會對礦工平穩和盈利的能力產生重大影響。

But to stay afloat, miners are innovating. Some are migrating to regions where energy is cheap, such as Africa, Latin America, or the wind farms in Texas. This mobility allows them to optimize their costs and adjust to local regulations.

但是要保持漂浮，礦工正在創新。有些人遷移到能源廉價的地區，例如非洲，拉丁美洲或德克薩斯州的風電場。這種移動性使他們能夠優化成本並適應當地法規。

Others are taking a surprising turn by hosting data centers for artificial intelligence (AI). For instance, Core Scientific is already dedicating 200 MW to this activity. It's a clever bet that enables them to monetize existing infrastructures and hedge against Bitcoin fluctuations.

其他人則通過託管人工智能（AI）的數據中心進行了令人驚訝的轉折。例如，核心科學已經將200兆瓦專用於這項活動。這是一個聰明的賭注，使他們能夠將現有基礎設施貨幣化並防樹籬，以抵禦比特幣的波動。

In addition, we can note that only 1.33% of mining revenues come from transaction fees, a figure too low to offset the decline in block rewards. For the model to hold, there will need to be more on-chain activity.

此外，我們可以注意到，只有1.33％的採礦收入來自交易費用，這一數字太低，無法抵消塊獎勵的下降。為了使模型保持，將需要更多的鏈活動。

The question of whether the Lightning Network and layer 2 solutions will be the key to increasing transaction fees and usage of the Bitcoin network remains open.

閃電網絡和第2層解決方案的問題將是增加交易費用和使用比特幣網絡的關鍵。

One thing is for sure: between store of value and medium of exchange, Bitcoin is evolving. And with it, the whole mining ecosystem is transforming to adapt to these changes and ensure its survival in an industry that is becoming increasingly competitive and regulated.

可以肯定的是：在價值存儲和交換媒介之間，比特幣正在發展。隨之而來的是，整個採礦生態系統正在轉變以適應這些變化，並確保其在越來越有競爭力和監管的行業中生存。

The last halving was a turning point for the Bitcoin miners, who had to adjust to the decrease in the block reward. They absorbed the shock and managed to maintain their profitability despite the rising costs and pressure on fees.

最後一半是比特幣礦工的轉折點，比特幣礦工必須適應塊獎勵的減少。儘管成本上升和費用壓力，他們仍吸收了震驚，並設法保持了盈利能力。

However, this stability is fragile and could be threatened by the increase in network difficulty, which could rise by 16% in April 2025 due to the arrival of new, more efficient machines.

但是，這種穩定性是脆弱的，可能會因網絡難度的增加而威脅到，由於新型，更高效的機器的到來，2025年4月可能會上升16％。

Indeed, as the price of Bitcoin (BTC) hovers around $30,000, the profitability of Bitcoin mining is becoming increasingly critical for the ecosystem's survival.

確實，隨著比特幣（BTC）的價格徘徊在30,000美元左右，比特幣採礦的盈利能力越來越對生態系統的生存至關重要。

With the Bitcoin halving in April 2024, the block reward was reduced from 6.25 BTC to 3.125 BTC, putting pressure on miners to process more transactions to generate income from transaction fees.

隨著比特幣在2024年4月減半，塊獎勵從6.25 BTC降低到3.125 BTC，給礦工施加壓力，以處理更多的交易，以從交易費用中產生收入。

According to blockchain data, the average transaction fee in March 2025 is around $1.33, which is minimal compared to the $30,000 value of each Bitcoin.

根據區塊鏈數據，2025年3月的平均交易費用約為1.33美元，這是最少的，而每個比特幣的價值為30,000美元。

This means that even with high transaction volumes, miners will derive minimal revenue from this source, especially with the increase in the hashrate and the arrival of new, more efficient machines, which will lead to more blocks being mined and an influx of new coins.

這意味著，即使有較高的交易量，礦工也會從該來源獲得最低收入，尤其是隨著哈希酸鹽的增加和新的，更高效的機器的到來，這將導致開採更多的塊和新硬幣的湧入。

According to the data, the network difficulty could increase by 16% in April 2025, which could further reduce the transaction fee revenue for miners as the competition to mine blocks intensifies.

根據數據，2025年4月，網絡難度可能會增加16％，這可以進一步減少礦工的交易收入，因為礦井的競爭加劇了。

In this context, the weakest miners may be forced to shut down if they are unable to keep up with the rising costs and decreasing revenues, which could have a cascading effect on the Bitcoin network.

在這種情況下，如果最弱的礦工無法跟上成本上升並減少收入，可能會被迫關閉，這可能會對比特幣網絡產生級聯影響。

The fate of the Bitcoin ecosystem will depend on the miners' ability to adapt and optimize their operations to survive in this increasingly competitive and regulated industry.

比特幣生態系統的命運將取決於礦工適應和優化其業務以在競爭日益激烈和受監管的行業中生存的能力。