比特币（BTC）采矿收入在2024年第四季度达到37亿美元

比特币（BTC）采矿收入在2024年第四季度达到37亿美元，比上一季度增长了42％

Bitcoin (BTC) miners collectively generated an impressive $3.7 billion in revenue during the fourth quarter of 2024, marking a 42% increase from the previous quarter. This figure is also approaching the highs of around $3.6 billion reached in Q1 2025, as per data from Coin Metrics.

比特币（BTC）矿工在2024年第四季度共同产生了37亿美元的收入，比上一季度增长了42％。根据硬币指标的数据，该数字还接近了第1季度2025年第1季度的36亿美元。

The uptick in revenue suggests that miners are stabilizing their incomes after the Bitcoin network's "halving" in April 2024 reduced mining rewards from 6.25 BTC to 3.125 BTC per block. Halvings, which occur every four years, effectively halve the number of BTC mined per block.

收入的上升表明，在比特币网络在2024年4月的“减半”后，矿工正在稳定收入，从而将采矿奖励从6.25 BTC降低到每个街区3.125 BTC。每四年发生一次，有效地将每块开采的BTC数量减半。

"With almost a year elapsed since Bitcoin’s 4th halving, miners have endured a period of stabilization, adapting to reduced block rewards, tighter margins, and shifting operational dynamics," noted Coin Metrics in its Q1 2025 Data Special report.

“自比特币第四次减半以来，矿工已经经过了将近一年的时间，因此经历了一段稳定的时期，适应了降低的块奖励，更紧密的利润和转移的操作动力学，” Q1 2025 Data Data Special Report中的Coin Metrics指出。

However, Ben Yorke, VP of Ecosystem at WOO X, a Web3 startup, cautions that this recovery could be cut short if ongoing trade wars disrupt miners' business models.

但是，WOO X的生态系统副总裁Ben Yorke（一家Web3创业公司）警告说，如果正在进行的贸易战破坏矿工的业务模式，则可以缩短这种恢复。

"Should semiconductor tariffs return, Bitcoin mining could face higher costs, consolidating power among major players and forcing smaller operations to power down," Yorke told Cointelegraph.

约克告诉Cointelegraph：“如果半导体关税返回，比特币采矿可能会面临更高的成本，巩固主要参与者的力量并迫使较小的运营降低电源。”

Bitcoin mining revenues since 2022. Source: Coin Metrics

比特币采矿收入自2022年以来。资料来源：硬币指标

The report highlights that Bitcoin miners faced a challenging year in 2025 as the cryptocurrency's price declines put additional pressure on business models already strained by the network's April halving, according to a March 3 JPMorgan research note.

该报告强调，根据3月3日的JPMorgan研究报告称，由于加密货币的价格下跌，比特币矿工在2025年面临着挑战的一年，这给已经因该网络的4月份减半而施加了额外的压力。

Common adjustments made by miners include upgrading to more energy-efficient ASICs and relocating to regions with cheaper and more abundant renewable energy resources, such as Africa and Latin America. ASICs are specialized computer hardware used in Bitcoin mining.

矿工进行的常见调整包括升级到更节能的ASIC，并搬迁到具有更便宜，更丰富的可再生能源（例如非洲和拉丁美洲）的地区。 ASIC是用于比特币采矿的专门计算机硬件。

Additionally, miners are diversifying into AI data-center hosting to expand revenue and repurpose existing infrastructure for high performance computing. For instance, Bitcoin miner Core Scientific has pledged 200 megaWatts of hardware capacity to support CoreWeave's artificial intelligence workloads.

此外，矿工正在多元化为AI数据中心托管，以扩大收入并重新利用现有的基础架构以进行高性能计算。例如，比特币矿工Core Scientific已承诺200兆瓦的硬件能力，以支持CoreWeave的人工智能工作负载。

Bitcoin supply held long-term has increased over time. Source: Coin Metrics

长期持续的比特币供应随着时间的推移而增加。资料来源：硬币指标

According to Coin Metrics, more transaction activity on the Bitcoin network would help sustain economic incentives for miners post-halving. Over time, increased participation from higher-value or more time-sensitive activity could help drive stronger fee revenue, supporting miner incentives as block rewards decline.

根据硬币指标，比特币网络上的更多交易活动将有助于维持售后矿工的经济激励措施。随着时间的流逝，高价值或更多时间敏感的活动的参与增加可能有助于提高收费收入，从而支持矿工激励措施，因为Block Rewards下降。

However, currently, transactions below $100 constitute about 60% of Bitcoin's total transaction count. This is partly due to holders increasingly holding Bitcoin for the long term rather than using it as a medium of exchange.

但是，目前，低于100美元的交易约占比特币总交易数量的60％。这部分是由于持有人越来越多地持有比特币，而不是将其用作交换媒介。

"Bitcoin’s supply velocity, measuring the ratio of adjusted transfer volume to its current supply (rate of turnover), has declined over time, reinforcing the idea that BTC is increasingly held rather than transacted," the report noted.

报告指出：“比特币的供应速度测量了调整后的转移量与当前供应量的比率（营业额）随着时间的推移而下降，从而加强了BTC越来越多地持有而不是交易的想法。”