隨著市場意識到減半神話是謊言，比特幣礦工正在破產

不久前，CoinGeek 報告了俄羅斯總統普丁警告 BTC 礦商導致某些地區停電的情況。

Residents of Stokmarknes in Norway are celebrating as a KryptoVault BTC mining facility closes down.

挪威斯托克馬克內斯的居民正在慶祝 KryptoVault BTC 採礦設施的關閉。

The tiny outpost in Northern Norway has a population of just under 3,500, but residents have made dozens of noise complaints about the mining facility over the past few years. Some likened the noise to a 24/7 sawmill, complaining that they had to close their windows just to sleep at night.

這個位於挪威北部的小前哨基地人口不到 3,500 人，但在過去幾年裡，居民對採礦設施提出了數十起噪音投訴。有些人將噪音比作 24/7 鋸木廠，抱怨他們晚上必須關上窗戶才能睡覺。

While the Norweigan government has proposed regulations to slow the growth of energy-intensive data centers and digital currency mining facilities, this isn’t the reason for the closure; KryptoVault went bankrupt in 2023.

儘管挪威政府已提出法規來減緩能源密集型資料中心和數位貨幣採礦設施的成長，但這並不是關閉的原因； KryptoVault 於 2023 年破產。

Block reward miners are under severe pressure

區塊獎勵礦工面臨巨大壓力

While the residents of Stockmarknes are glad to see the back of KryptoVault, its investors probably don’t feel the same way. Yet, it’s not the only block reward miner under pressure. Just this week, Riot Platforms (NASDAQ: RIOT) and Marathon Digital (NASDAQ: MARA) stocks have dropped 53% and 44%, respectively, since the beginning of 2024.

雖然 Stockmarknes 的居民很高興看到 KryptoVault 的回歸，但其投資者可能不這麼認為。然而，它並不是唯一面臨壓力的區塊獎勵礦工。就在本週，Riot Platforms（NASDAQ：RIOT）和 Marathon Digital（NASDAQ：MARA）的股價自 2024 年初以來分別下跌了 53% 和 44%。

What’s causing the miner selloff on Wall Street? In short, there is a lack of profitability, and the excess cash is drying up rapidly as miners try to ride out the storm that often follows halvings. As the block reward halves every 210,000 blocks (the halving), inefficient miners go bust, further centralizing the network in the hands of a few powerful players who can absorb the losses until weaker competitors tap out.

是什麼導致華爾街礦工拋售？簡而言之，缺乏獲利能力，隨著礦商試圖安然度過減半後的風暴，多餘的現金正在迅速枯竭。隨著區塊獎勵每210,000 個區塊減半（減半），效率低下的礦工就會破產，網路進一步集中在少數強大的參與者手中，這些參與者可以吸收損失，直到較弱的競爭對手退出。

Over the years, BTC proponents have attempted to dismiss and laugh off concerns about the economics of the system, but finally, the reality of Bitcoin mining economics is catching up. BTC has not doubled in value after this halving, and the bull run that allegedly always follows it has been a damp squib, leaving miners struggling to make ends meet.

多年來，比特幣的支持者一直試圖消除和嘲笑對該系統經濟性的擔憂，但最終，比特幣挖礦經濟的現實正在迎頭趕上。在這次減半之後，比特幣的價值並未翻倍，而據稱隨之而來的牛市卻只是一場啞火，讓礦工們難以維持收支平衡。

Could this be because Tether is under extreme scrutiny by authorities as market manipulators like Sam Bankman-Fried serve prison sentences? Or is it that interest rates are higher and easier and less risky returns are available elsewhere? Perhaps it’s a combination of both? Each reader can answer for themselves, but the disappointment is palpable on X and other platforms where traders hang out.

這是否是因為 Sam Bankman-Fried 等市場操縱者入獄服刑，導致 Tether 受到當局的嚴格審查？還是其他地方的利率更高、更容易、風險更小？也許是兩者的結合？每個讀者都可以自己回答，但在 X 和交易者常去的其他平台上，失望是顯而易見的。

Worst bull market ever.

有史以來最糟糕的牛市。

Crypto is about to lose all its retail interest.

加密貨幣即將失去所有零售利益。

The era of utility is finally here

實用時代終於來臨

While there may or may not be one last (relatively lame) BTC bull run, ever since FTX went bust and one of the industry’s wonderboys was exposed as a giant fraud, large enterprises, governments, and investors have been figuring out that ‘crypto’ was all a ruse.

儘管可能會也可能不會出現最後一次（相對蹩腳的）BTC 牛市，但自從FTX 破產以及該行業的一位神奇男孩被揭露為一個巨大的欺詐行為以來，大型企業、政府和投資者一直在弄清楚「加密貨幣」這一切都是一個詭計。

However, they’re also figuring out that blockchain tech has utility outside of speculation; real businesses offering legitimate solutions can harness it to create change. Just look at what CERTIHASH is doing in cybersecurity or how FICO is using blockchain to ensure its AI’s decisions are fair and transparent.

然而，他們也發現區塊鏈技術除了投機之外還有用處；提供合法解決方案的真正企業可以利用它來創造變革。只要看看 CERTIHASH 在網路安全方面所做的事情，或者 FICO 如何使用區塊鏈來確保其人工智慧決策的公平和透明。

The world has slowly started to realize that the Bitcoin blockchain is a decentralized ledger that can enable peer-to-peer micropayments, leaving a transparent audit trail for all transactions. That means miners like GorillaPool will own the future; while others have been playing the short-term game of mining for digital pixie dust, it has been ramping up capacity to process millions and eventually billions of microtransactions per block.

世界已經慢慢開始意識到比特幣區塊鏈是一個去中心化的分類賬，可以實現點對點小額支付，為所有交易留下透明的審計追蹤。這意味著像 GorillaPool 這樣的礦工將擁有未來；當其他人一直在玩挖掘數位精靈塵埃的短期遊戲時，它一直在提高每個區塊處理數百萬甚至數十億微交易的能力。

Will miners like Marathon and Riot make it through another cycle or will they follow KryptoVl into the abyss? Who knows, and who cares? The world has moved on, and finally, blockchain technology’s awesome potential is being realized. The miners who figured out Bitcoin’s economics early and prepared accordingly will soon get the market share they deserve.

像 Marathon 和 Riot 這樣的礦工會度過另一個週期還是會跟著 KryptoVl 進入深淵？誰知道，誰在乎？世界不斷進步，區塊鏈技術的巨大潛力終於被認識到。儘早了解比特幣經濟學並做好相應準備的礦工很快就會獲得他們應得的市場份額。