減半後交易費用大幅下降，影響礦工收入

比特幣第四次減半後，交易費用大幅飆升，佔事件當天礦工收入的 75%。然而，此後費用已降至礦工總收入的 35%，也下降了約 35%。這一下降可能是由於圍繞減半的炒作導致網路活動減少，以及 Runes 協議等主要驅動因素的缺失，而 Runes 協議正是導致最初費用激增的原因。

Transaction Fees Dip Significantly Post-Halving: CryptoQuant Analysis

減半後交易費用顯著下降：CryptoQuant 分析

The recent halving event, which occurred on Friday, has had a profound impact on the revenue structure of Bitcoin miners. A report by CryptoQuant reveals that transaction fees, which spiked significantly on the day of the halving, have now declined substantially.

最近發生在周五的減半事件對比特幣礦商的收入結構產生了深遠的影響。 CryptoQuant 的一份報告顯示，在減半當天大幅飆升的交易費用現在已大幅下降。

Surging Fees During Halving

減半期間費用飆漲

The fourth Bitcoin halving saw the block reward for miners slashed by 50%, reducing it from 6.25 bitcoins (BTC) to 3.125 BTC. This halved the daily issuance of new bitcoins from an average of 900 BTC to 450 BTC.

第四次比特幣減半導致礦工的區塊獎勵大幅削減 50%，從 6.25 比特幣 (BTC) 減少到 3.125 BTC。這使得新比特幣的每日發行量從平均 900 BTC 減少到 450 BTC。

On the halving day, total daily miner revenue surged to $100 million, driven by a spike in transaction fees. Daily fees on the Bitcoin network reached a record high of 1,258 BTC ($80 million), constituting 75% of the total revenue for the day.

減半當天，由於交易費用飆升，礦工每日總收入飆升至 1 億美元。比特幣網路每日費用達到創紀錄的 1,258 BTC（8,000 萬美元），佔當天總收入的 75%。

Runes Protocol Fuels Fee Surge

符文協議助推費用激增

A major factor behind the high transaction fees was the launch of the Runes protocol on the halving block. Runes facilitates the issuance and transfer of fungible tokens by storing data in OP RETURN codes. The usage of these codes hit a record high of 512,000 on the halving day, contributing to the surge in fees.

高額交易費用背後的一個主要因素是減半區塊上符文協議的推出。 Runes 透過將資料儲存在 OP RETURN 代碼中來促進可替代代幣的發行和轉移。這些代碼的使用量在減半當天創下了 512,000 次的歷史新高，導致費用激增。

Post-Halving Decline

減半後下跌

However, within 24 hours of the halving, transaction fees returned to lower levels and have remained there. Fees currently represent only 35% of total miner revenue, which now hovers around $50 million. This marks a 35% decline from the pre-halving peak of roughly $78 million.

然而，在減半後的 24 小時內，交易費用恢復到較低水準並保持不變。目前，費用僅佔礦工總收入的 35%，目前徘徊在 5,000 萬美元左右。這比減半前約 7800 萬美元的峰值下降了 35%。

According to YCharts data, Bitcoin transaction fees have plunged from $80 million on April 20 to $6 million. Over the past week, they have averaged around $16 million, with the lowest figure recorded on April 26.

根據 YCharts 數據，比特幣交易費用已從 4 月 20 日的 8,000 萬美元暴跌至 600 萬美元。過去一周，平均收入約 1,600 萬美元，最低數字出現在 4 月 26 日。

Implications for Miners

對礦工的影響

The combination of higher transaction fees and rising BTC prices has helped miners sustain their operations despite the halving's impact on block rewards. However, as fees continue to decline and BTC struggles to break past $64,000, some miners may face the prospect of shutting down their operations.

儘管減半對區塊獎勵產生了影響，但較高的交易費用和不斷上漲的比特幣價格幫助礦工維持了營運。然而，隨著費用持續下降，BTC 難以突破 64,000 美元，一些礦商可能面臨關閉營運的前景。

Hashrate Stability

算力穩定性

Despite the concerns, CryptoQuant notes that it is still too early to assess the long-term effects of the halving on the network hashrate. Miners appear to be continuing their operations at a similar pace as before the halving. The Bitcoin network hashrate currently stands at 617 EH/s, while its hashprice has dropped to $0.07 per TH/s, the lowest level since October.

儘管有這些擔憂，CryptoQuant 指出，現在評估減半對網路算力的長期影響還為時過早。礦工們似乎仍在以與減半前相似的速度繼續運作。比特幣網路算力目前為 617 EH/s，而其算力價格已降至 0.07 美元/TH/s，為 10 月以來的最低水準。

Conclusion

結論

The post-halving period has witnessed a significant decline in transaction fees, raising concerns about the profitability of Bitcoin miners. With fees continuing to fall and BTC price facing challenges, it remains to be seen how the industry will adapt to this new reality.

減半後交易費用大幅下降，引發了人們對比特幣礦商獲利能力的擔憂。隨著費用持續下降，比特幣價格面臨挑戰，產業將如何適應這個新現實還有待觀察。