比特币减半事件：网络动态和行业影响

比特币第四次减半已经发生，矿工区块补贴奖励从 6.25 BTC 减少至 3.125 BTC。该事件计划每 210,000 个区块发生一次，减少了区块补贴的通货膨胀，并对网络及其参与者产生影响。比特币的长期供应上限为2100万枚，减半事件将持续到2140年左右开采出最后一枚比特币。

Bitcoin's Halving Event: A Pivotal Moment for Network Dynamics

比特币减半事件：网络动态的关键时刻

The highly anticipated fourth halving of Bitcoin has transpired at block height 840,000, marking a watershed moment in the cryptocurrency's history. This halving event has halved the block subsidy reward for miners, from 6.25 BTC to 3.125 BTC.

备受期待的比特币第四次减半在区块高度 840,000 发生，标志着加密货币历史上的一个分水岭时刻。本次减半事件将矿工的区块补贴奖励减半，从 6.25 BTC 降至 3.125 BTC。

The halving event was originally anticipated to coincide with the meme-worthy date of 4/20, but this did not materialize as miners ramped up their hash rate in anticipation of the subsidy reduction.

减半事件最初预计与 4 月 20 日这一具有模范意义的日期同时发生，但由于矿工预期补贴减少而提高了算力，因此减半事件并未实现。

Bitcoin's halving events are meticulously scheduled to occur every 210,000 blocks, approximately every four years. During a halving event, the subsidy reward for miners is reduced by 50%, incentivizing them to maintain operations and secure the network. However, miners continue to receive transaction fee rewards for each block mined.

比特币的减半事件经过精心安排，每 210,000 个区块（大约每四年）发生一次。在减半事件期间，矿工的补贴奖励减少 50%，以激励他们维持运营并保护网络。然而，矿工继续获得每个开采区块的交易费奖励。

Prior to this halving, Bitcoin has experienced three such events in its history, with the block subsidy inflation decreasing from 50 BTC to 25 BTC in 2012, 12.5 BTC in 2016, and 6.25 BTC at the last halving in 2020.

在本次减半之前，比特币历史上已经经历过3次这样的事件，区块补贴通胀从2012年的50 BTC下降到25 BTC，2016年下降到12.5 BTC，最后一次减半是在2020年，下降到6.25 BTC。

This recent halving event has profound implications for the Bitcoin ecosystem. On average, miners will now produce approximately 450 BTC daily, compared to the previous 900 BTC. Ultimately, there will never be more than 21 million bitcoins in circulation.

最近的减半事件对比特币生态系统产生了深远的影响。平均而言，矿工现在每天将生产约 450 BTC，而之前为 900 BTC。最终，流通中的比特币数量永远不会超过 2100 万个。

The halving events will continue until all bitcoins have been mined, which is estimated to occur around the year 2140. After this point, miners will solely rely on transaction fees as a source of revenue.

减半事件将持续到所有比特币都被开采完为止，预计发生在 2140 年左右。在此之后，矿工将仅依靠交易费作为收入来源。

Industry Perspectives on the Halving's Impact

行业对减半影响的看法

Experts in the industry have varying perspectives on the potential impact of the halving event.

对于减半事件的潜在影响，业内专家有着不同的看法。

Thomas Perfumo, Head of Strategy at Kraken, believes this halving is particularly significant because, after April 2024, nearly 95% of all bitcoins will have been mined. Additionally, the annualized growth of Bitcoin's supply will fall below 1% for the first time.

Kraken 策略主管 Thomas Perfumo 认为，这次减半意义重大，因为 2024 年 4 月之后，近 95% 的比特币将被开采。此外，比特币供应量的年化增长率将首次降至1%以下。

"The Bitcoin network has shown resilience in the face of such challenges in the past. Advancements in mining technology and strategies, as well as potential adjustments in mining difficulty, could mitigate the impact of reduced miner participation," said Richard Teng, CEO of Binance.

币安首席执行官 Richard Teng 表示：“过去面对此类挑战，比特币网络表现出了韧性。挖矿技术和策略的进步，以及挖矿难度的潜在调整，可以减轻矿工参与度减少的影响。” 。

Jag Kooner, Head of Derivatives at Bitfinex, anticipates that some miners may exit the market due to the reduced subsidy, potentially leading to a centralization of mining power. However, this shift may also foster innovation and efficiency improvements within the sector.

Bitfinex 衍生品主管 Jag Kooner 预计，一些矿商可能会因补贴减少而退出市场，从而可能导致矿权集中化。然而，这种转变也可能促进该行业内的创新和效率提高。

Co-founder of Framework Ventures, Michael Anderson, suggests that the impact of the halving may not be fully evident for over a year or 18 months, but recognizes that this is the first cycle in which an all-time high has been reached before a halving.

Framework Ventures 联合创始人迈克尔·安德森 (Michael Anderson) 表示，减半的影响可能在一年或 18 个月内不会完全显现出来，但他承认，这是在减半之前达到历史新高的第一个周期。减半。

Adrian Fritz, Head of Research at 21Shares, highlights that miners have been selling less bitcoin on exchanges during this cycle, indicating a more bullish stance amid price surges and increased accessibility driven by ETF inflows.

21Shares 研究主管阿德里安·弗里茨 (Adrian Fritz) 强调，在此周期内，矿商在交易所出售的比特币数量减少，这表明在价格飙升和 ETF 流入推动的可及性增加的情况下，矿商的立场更加看涨。

Transaction Fees Gain Significance for Miners

交易费用对矿工来说意义重大

Historically, transaction fees have been a relatively minor component of miners' revenue compared to the block subsidy. However, with renewed activity on the Bitcoin blockchain, particularly related to Ordinals, and the halving of the subsidy value, transaction fees will become increasingly important for Bitcoin miners.

从历史上看，与区块补贴相比，交易费在矿工收入中所占的比例相对较小。然而，随着比特币区块链上的活动重新兴起，特别是与序号相关的活动，以及补贴价值减半，交易费用对于比特币矿工来说将变得越来越重要。

"The upcoming halving will have a multifaceted impact on the Bitcoin miners by reducing block rewards and shifting profitability and operational costs," said Fritz. "Miners may seek refinancing options to navigate this shift and maintain operations."

弗里茨表示：“即将到来的减半将通过减少区块奖励以及转移盈利能力和运营成本，对比特币矿工产生多方面的影响。” “矿商可能会寻求再融资方案来应对这一转变并维持运营。”

Bob Bodily, CEO and co-founder of Ordinals marketplace and launchpad Bioniq, believes the halving will lead to more inflows and a more consistent fee market, mitigating the typical hash rate drop observed during halvings.

Ordinals 市场和启动板 Bioniq 的首席执行官兼联合创始人 Bob Bodily 认为，减半将带来更多资金流入和更加一致的费用市场，从而缓解减半期间观察到的典型算力下降。

The recent launch of the Runes Protocol, a fungible token standard for Bitcoin, also offers a more efficient solution than the UTXO bloat caused by the existing BRC-20 minting process, potentially increasing transaction fees for miners.

最近推出的符文协议（一种比特币的可替代代币标准）也提供了比现有 BRC-20 铸造过程造成的 UTXO 膨胀更有效的解决方案，这可能会增加矿工的交易费用。

Co-founder of Bitcoin Ordinals explorer Ord.io, Leonidas, emphasizes the impact of Ordinals and ETFs in boosting on-chain activity and increasing Bitcoin's network fees, offsetting the decrease in miner reward from the halving.

比特币 Ordinals 浏览器 Ord.io 的联合创始人 Leonidas 强调了 Ordinals 和 ETF 在促进链上活动和增加比特币网络费用方面的影响，抵消了减半带来的矿工奖励减少。

"The Runes Protocol will stir up a significant amount of on-chain activity that will increase Bitcoin's network fees which will help offset the decrease of the miner reward from the halving," said Leonidas.

列奥尼达斯表示：“符文协议将引发大量链上活动，这将增加比特币的网络费用，这将有助于抵消减半带来的矿工奖励减少。”

Alexei Zamyatin, co-founder of hybrid Bitcoin Layer 2 solution BOB, foresees increased collaboration between miners and Bitcoin Layer 2 projects, with miners seeking additional revenue and Layer 2s seeking to harness Bitcoin's security.

混合比特币 Layer 2 解决方案 BOB 的联合创始人 Alexei Zamyatin 预计，矿工和比特币 Layer 2 项目之间的合作将会加强，矿工寻求额外收入，而 Layer 2 项目则寻求利用比特币的安全性。

Innovation and Collaboration on the Horizon

即将到来的创新与合作

The Bitcoin community has exhibited an increased openness to new ideas during this cycle, with a growing appetite for Bitcoin-adjacent technologies in the venture capital space.

在此周期中，比特币社区对新想法表现出越来越开放的态度，风险投资领域对比特币相关技术的兴趣也越来越大。

"The Bitcoin community has become much more open-minded to new ideas during this cycle, and we're seeing a bigger appetite for Bitcoin-adjacent tech in the VC space as more and more qualified teams start to build Layer 2 infrastructure," said Anderson of Framework Ventures.

“在这个周期中，比特币社区对新想法变得更加开放，随着越来越多的合格团队开始构建第 2 层基础设施，我们看到风险投资领域对比特币相关技术的兴趣更大。” Framework Ventures 的安德森。

This halving event presents an opportunity for the Bitcoin ecosystem to evolve and adapt, fostering innovation, collaboration, and the development of new use cases that leverage Bitcoin's unique properties.

这次减半事件为比特币生态系统提供了一个发展和适应的机会，促进创新、协作以及利用比特币独特属性开发新用例。