減半是否會將舊的比特幣礦機送入廢棄物堆？

Is the Halving Sending Older Mining Equipment to the Scrapheap?

減半是否會將舊挖礦設備送入廢棄物堆？

With electricity expenses towering as the primary cost, mining behemoths like Marathon Digital Holdings and Riot Platforms are facing pressure to reduce consumption costs to maintain profitability. While their legacy computers may still yield a profit, the US market is becoming increasingly unfavorable.

由於電費成為主要成本，Marathon Digital Holdings 和 Riot Platforms 等礦業巨頭面臨著降低消耗成本以維持獲利能力的壓力。儘管他們的舊計算機仍可能產生利潤，但美國市場正變得越來越不利。

The Global Exodus of Mining Rigs

全球礦機外流

"It's an organic migration," explains Taras Kulyk, CEO of SunnySide Digital, a company that has facilitated the sale of used US mining rigs to miners in Ethiopia, Tanzania, Paraguay, and Uruguay. "The halving is accelerating this trend."

「這是一次有機遷移，」SunnySide Digital 執行長Taras Kulyk 解釋道，該公司致力於向埃塞俄比亞、坦尚尼亞、巴拉圭和烏拉圭的礦工出售二手美國採礦設備。 “減半正在加速這一趨勢。”

According to Ethan Vera, COO of Luxor Technology, a Seattle-based crypto-mining services provider, an estimated 600,000 S19 series computers, which constitute the majority of machines currently in operation, are being shipped out of the US, primarily to Africa and South America.

總部位於西雅圖的加密貨幣挖礦服務供應商Luxor Technology 的營運長Ethan Vera 表示，估計有60 萬台S19 系列電腦（構成目前正在運作的機器的大部分）正被運出美國，主要運往非洲和南部非洲。美國。

The Halving's Impact on Mining Economics

減半對礦業經濟的影響

In bitcoin mining, specialized machines validate transactions on the blockchain and earn miners a fixed reward in tokens. The anonymous bitcoin creator, Satoshi Nakamoto, implemented a halving event every four years to limit the total supply to 21 million tokens. The upcoming event marks the fourth halving since 2012, and the reward will be reduced from 6.25 bitcoin to 3.125 bitcoin.

在比特幣挖礦中，專門的機器驗證區塊鏈上的交易並為礦工賺取固定的代幣獎勵。匿名比特幣創造者中本聰每四年實施一次減半活動，將總供應量限制在 2,100 萬枚。即將到來的活動標誌著自 2012 年以來的第四次減半，獎勵將從 6.25 比特幣減少至 3.125 比特幣。

Bitcoin's price has surged by approximately 50% this year, hovering around $63,500, but it remains below its all-time high of $73,798 reached in March 2022.

比特幣的價格今年已飆升約 50%，徘徊在 63,500 美元左右，但仍低於 2022 年 3 月創下的歷史高點 73,798 美元。

With the halving just weeks away, deploying more efficient machines has become a pressing necessity, as continued reliance on older equipment could result in electricity costs that approach or exceed mining revenue.

距離減半只剩下幾週的時間，部署更有效率的機器已成為當務之急，因為繼續依賴舊設備可能會導致電力成本接近或超過挖礦收入。

Profitable Haven for Legacy Rigs

傳統鑽孔機的獲利避風港

While S19 series and comparable models may no longer be profitable to operate in the US post-halving, "they can still generate respectable profits and extend their lifespan if hosted" in certain parts of Africa, says Jaran Mellerud, CEO of Hashlabs Mining, a Dubai-based company that leases data center space in Ethiopia and provides hosting services to bitcoin miners.

Hashlabs Mining 執行長 Jaran Mellerud 表示，雖然S19 系列和類似型號在減半後在美國運營可能不再有利可圖，但「如果託管在非洲某些地區，它們仍然可以產生可觀的利潤並延長其使用壽命」。總部位於杜拜的公司在埃塞俄比亞租賃資料中心空間並向比特幣礦工提供託管服務。

Price Plunge Anticipated

預計價格暴跌

Some buyers are holding off on purchasing older computers until after the halving, anticipating a further price decline, according to Lauren Lin, Luxor's business development director.

盧克索業務發展總監勞倫林 (Lauren Lin) 表示，一些買家推遲購買舊電腦，直到減半之後，預計價格會進一步下跌。

Luxor, which operates a trading desk for used mining equipment, reports that the price of used S19 models stood at $7,030 in March 2022. The price plummeted to $900 a year later as bitcoin prices tumbled, and it has since dropped to $427 this month, with projections of $356 post-halving in May.

經營二手採礦設備交易台的 Luxor 報告稱，2022 年 3 月 二手 S19 型號的價格為 7,030 美元。一年後，隨著比特幣價格暴跌，價格暴跌至 900 美元，本月已跌至 427 美元。5月減半後的預測為356 美元。

US Miners Seek Alternative Locations

美國礦工尋求替代地點

Some US miners are opting to relocate their equipment to regions with lower electricity costs and third-party data centers rather than selling it. Nuo Xu, who operates two mining facilities in Texas, is traveling to Ethiopia, Nigeria, and other countries this month to scout potential sites for approximately 6,000 older computers.

一些美國礦商選擇將設備轉移到電力成本較低的地區和第三方資料中心，而不是出售。徐諾 (Nuo Xu) 在德克薩斯州經營兩家採礦設施，本月他將前往埃塞俄比亞、尼日利亞和其他國家，為大約 6,000 台舊電腦尋找潛在地點。

"There are more risks associated with operating in Africa, but I have to move them there," he says. "Cheaper electricity outside the US means I can recoup my overhead costs much faster," he adds, citing lower labor and construction costs as additional incentives.

「在非洲運營存在更多風險，但我必須將它們轉移到那裡，」他說。 「美國以外更便宜的電力意味著我可以更快地收回間接費用，」他補充道，並指出勞動力和建築成本的降低是額外的激勵措施。

Hosting Fee Variations

託管費用變化

Miners worldwide who lack their own facilities incur hosting fees that typically cover electricity, labor, and third-party operators.

世界各地缺乏自己的設施的礦工需要支付託管費，這些費用通常包括電力、勞動力和第三方營運商。

Xu has observed that hosting fees in the US range around 7 cents per kilowatt-hour. In Ethiopia, which has relaxed regulations on crypto mining and increased its power generation, the rate is approximately 5 cents, according to Hashlab's Mellerud. This two-cent differential is significant for miners.

Xu 觀察到，美國的託管費約為每千瓦時 7 美分。根據 Hashlab 的 Mellerud 的說法，在衣索比亞，該國放鬆了對加密貨幣挖礦的監管並增加了發電量，其費率約為 5 美分。這兩美分的差異對礦工來說意義重大。

Electricity itself costs about 3 cents per kWh in Ethiopia, according to Hiwot Eshetu, marketing and business development director at Ethiopian Electric Power. In the US, the range is between 3 and 6 cents, based on estimates from Luxor.

衣索比亞電力公司行銷和業務開發總監 Hiwot Eshetu 表示，衣索比亞的電力本身成本約為每千瓦時 3 美分。根據 Luxor 的估計，在美國，這一價格範圍在 3 至 6 美分之間。

"Ethiopia is rapidly emerging as a major player in the digital mining ecosystem," says SunnySide's Kulyk, who reveals that his company is negotiating a deal to facilitate the transfer of between 20,000 and 40,000 mining rigs to the East African nation.

SunnySide 的Kulyk 表示：「衣索比亞正在迅速崛起，成為數位採礦生態系統的主要參與者。」他透露，他的公司正在就一項協議進行談判，以促進將20,000 至40,000 台採礦設備轉移到這個東非國家。

US-Based Miners Face Challenges

美國礦工面臨挑戰

Not all US-based equipment is destined to leave the country. The process can be more challenging for publicly traded companies, which must consider risk-averse shareholders. Concerns about transportation costs, potential damage, and security also contribute to the reluctance to relocate equipment abroad.

並非所有美國設備都注定要離開該國。對於上市公司來說，這個過程可能更具挑戰性，因為它們必須考慮規避風險的股東。對運輸成本、潛在損害和安全的擔憂也導致人們不願意將設備轉移到國外。

Publicly traded Bit Digital, one of the largest bitcoin miners, has older-generation computers sitting idle in a Houston warehouse. "These machines essentially gather dust," says CEO Sam Tabar. However, the New York-based company retains them because when bitcoin prices rise, the computers can be brought back online and still generate profits.

上市公司 Bit Digital 是最大的比特幣礦商之一，其老一代電腦閒置在休士頓的倉庫裡。 「這些機器基本上會積灰塵，」執行長 Sam Tabar 說。然而，這家總部位於紐約的公司保留了它們，因為當比特幣價格上漲時，電腦可以重新上線並仍然產生利潤。

Massive Investment in New Hardware

大量投資新硬體

Miners have been preparing for the halving for years and are investing heavily to replace their aging hardware.

多年來，礦工們一直在為減半做準備，並投入大量資金更換老化的硬體。

According to crypto-mining researcher TheMinerMag, the 13 largest publicly traded bitcoin mining companies, including Riot Platforms and CleanSpark, have placed orders for more than $1 billion worth of new machines since February 2023.

據加密貨幣挖礦研究機構 TheMinerMag 稱，自 2023 年 2 月以來，包括 Riot Platforms 和 CleanSpark 在內的 13 家最大的公開交易的比特幣挖礦公司已下了價值超過 10 億美元的新機器訂單。

Five of the largest miners raised over $2.7 billion by selling shares in the two years ending December. Since the start of 2023, those same miners have secured an additional $840 million, according to the researcher.

截至 12 月的兩年裡，五家最大的礦商透過出售股票籌集了超過 27 億美元的資金。研究人員稱，自 2023 年初以來，這些礦商已額外獲得 8.4 億美元的資金。