比特幣生產成本飆升，產業面臨前所未有的威脅

減半後，比特幣生產成本達到歷史新高，每開採 BTC 的電力成本估計為 77,400 美元。這意味著每生產 BTC 損失約 52,000 美元，MacroMicro 的估計表明成本/價格比為 1.57，這表明礦工的潛在損失為 36,000 美元。哈希價格指數進一步證實了礦工的低迴報，歷史最低點為每天每 TH/s 118 sat。這種情況導致 Marathon Digital Holdings 和 Gryphon Digital Mining 以外的上市比特幣挖礦公司都出現虧損，引發了人們對產業動盪和集中化加劇的擔憂。

Bitcoin's Soaring Production Costs Pose Unprecedented Challenges for Industry

比特幣生產成本飆升為產業帶來前所未有的挑戰

Following the highly anticipated halving event that reduced Bitcoin's block reward by half, the cryptocurrency's production costs have skyrocketed to record levels, casting a shadow over the industry's long-term stability. The implications of this surge in costs have sent shockwaves through the Bitcoin ecosystem, raising concerns about potential industry turmoil and increased centralization.

在備受期待的減半事件導致比特幣的區塊獎勵減少一半之後，加密貨幣的生產成本飆升至創紀錄水平，給該行業的長期穩定性蒙上了陰影。成本飆升的影響為比特幣生態系統帶來了衝擊波，引發了人們對潛在產業動盪和集中化加劇的擔憂。

Exorbitant Electrical Expenses Drain Miners' Profits

過高的電力費用耗盡了礦工的利潤

Data from Capriole Investments, led by renowned industry expert Charles Edwards, paints a grim picture of the current situation. As of April 22, the electrical cost alone to mine a single Bitcoin stood at a staggering $77,400. This means that miners are now spending an additional $11,000 in electricity for each mined BTC, which currently trades at around $66,175.

由著名行業專家 Charles Edwards 領導的 Capriole Investments 的數據描繪了當前情況的嚴峻景象。截至 4 月 22 日，僅開採一個比特幣的電力成本就高達 77,400 美元。這意味著礦工現在為每開採 BTC 額外花費 11,000 美元的電費，目前交易價格約為 66,175 美元。

Capriole's comprehensive production cost estimate, which takes into account a wider range of variables, reaches an even more alarming $128,989. As a result, miners face estimated losses of $52,000 for each Bitcoin they produce.

Capriole 的綜合生產成本估算考慮到了更廣泛的變量，達到了更驚人的 128,989 美元。因此，礦工每生產一個比特幣就會面臨 52,000 美元的損失。

Production Costs Outpace Mining Rewards, Threatening Industry Viability

生產成本超過採礦回報，威脅產業生存

The severity of the production cost crisis is further highlighted by data from MacroMicro, which suggests that the average mining cost for Bitcoin has exceeded $102,000. This historic high implies that miners are theoretically losing around $36,000 for every BTC they issue.

MacroMicro的數據進一步凸顯了生產成本危機的嚴重性，該數據顯示比特幣的平均挖礦成本已超過102,000美元。這一歷史高點意味著，理論上，礦工每發行一個 BTC 就會損失約 36,000 美元。

The situation is further exacerbated by the recent increase in Bitcoin's mining difficulty, which demands more computational power from miners to produce the same amount of Bitcoin. This has a direct impact on the Hashprice Index, a metric developed by Luxor that estimates the expected reward for each unit of hashrate (TH/s) produced by miners.

最近比特幣挖礦難度的增加進一步加劇了這種情況，這需要礦工使用更多的運算能力來生產相同數量的比特幣。這對哈希價格指數有直接影響，哈希價格指數是 Luxor 開發的指標，用於估計礦工產生的每個單位哈希率（TH/s）的預期獎勵。

In the wake of the halving, Luxor's Hashprice Index has plunged to an all-time low of 0.00000118 BTC (118 sats) per TH/s daily. This decline is particularly troubling as it indicates that miners are struggling to generate sufficient revenue to cover their mounting costs.

減半後，盧克索的哈希價格指數已跌至每日每 TH/s 0.00000118 BTC（118 sat）的歷史低點。這種下降尤其令人不安，因為它表明礦商正在努力創造足夠的收入來支付不斷增加的成本。

Publicly Traded Mining Companies Reel Under Financial Strain

上市礦業公司面臨財務壓力

The financial woes plaguing Bitcoin miners are reflected in the earnings reports of publicly traded mining companies. With the exception of Marathon Digital Holdings (NASDAQ: MARA) and Gryphon Digital Mining (NASDAQ: GRYP), all other publicly traded Bitcoin mining companies reported losses in their recent earnings announcements.

困擾比特幣礦商的財務困境反映在上市礦業公司的收益報告中。除 Marathon Digital Holdings（納斯達克股票代碼：MARA）和 Gryphon Digital Mining（納斯達克股票代碼：GRYP）外，所有其他上市的比特幣礦業公司在最近的財報中都報告了虧損。

Data from CompaniesMarketCap reveals that these 21 registered companies collectively accumulated $1.27 billion in losses. It is important to note that these reports were released prior to the halving, when Bitcoin's production costs were significantly lower. The situation is likely to have worsened since then, with the Hashprice Index also declining substantially.

CompaniesMarketCap 的數據顯示，這 21 家註冊公司總計虧損 12.7 億美元。值得注意的是，這些報告是在減半之前發布的，當時比特幣的生產成本明顯較低。此後情況可能會進一步惡化，哈希物價指數也大幅下跌。

Potential Industry Turmoil and Centralization Concerns

潛在的行業動盪和集中化擔憂

The current high production costs have raised concerns that some Bitcoin mining companies may be forced to close down, leading to industry turmoil. For the industry to remain stable, the Bitcoin price would need to rally above the estimated production costs, which are now at all-time highs.

目前高昂的生產成本引發了人們的擔憂，一些比特幣挖礦公司可能被迫關閉，導致產業動盪。為了使該產業保持穩定，比特幣價格需要上漲至高於預期的生產成本，而目前的生產成本正處於歷史高點。

If production costs continue to outpace mining rewards, it could lead to a situation where the Bitcoin network becomes centralized in the hands of a few large mining pools. Experts have warned about this possibility for years, citing the inherent economies of scale dynamics in Bitcoin mining that threaten the system's security.

如果生產成本繼續超過挖礦獎勵，可能會導致比特幣網路集中在幾個大型礦池手中。多年來，專家一直對這種可能性發出警告，理由是比特幣挖礦固有的規模經濟動態威脅系統的安全。

Conclusion

結論

The recent surge in Bitcoin's production costs has created a perfect storm of challenges for the industry. The exorbitant electrical expenses, coupled with the reduced block reward after the halving, have left miners struggling to make ends meet. Current data suggests that the industry is facing potential turmoil, with the potential for closures and increased centralization.

最近比特幣生產成本的飆升給該行業帶來了完美的挑戰風暴。高昂的電費，加上減半後的區塊獎勵減少，讓礦工們陷入了入不敷出的境地。目前的數據表明，該行業正面臨潛在的動盪，有可能關閉和加劇集中化。

To prevent these worst-case scenarios, the Bitcoin price will need to rise significantly to cover the elevated production costs. However, the falling Hashprice Index indicates that it may be an uphill battle for miners to generate sufficient revenue. The future of Bitcoin mining hangs in the balance as the industry grapples with unprecedented challenges.

為了防止這些最壞的情況發生，比特幣價格需要大幅上漲，以彌補增加的生產成本。然而，不斷下跌的哈希價格指數表明，礦工要獲得足夠的收入可能是一場艱苦的戰鬥。隨著該行業應對前所未有的挑戰，比特幣挖礦的未來懸而未決。