比特币减半导致交易费用暴跌，矿工收入大幅下降

比特币减半事件发生后，交易费用大幅下降，导致矿工收入发生变化。减半后交易手续费收入占比从75%下降至35%，在网络稳定的情况下影响了矿工的收益。符文协议在减半当天产生了高额费用，但此后费用已降至较低水平。由于矿工继续以减半前的水平运营，减半对网络算力的长期影响仍不确定。

Bitcoin Halving Diminishes Miner Revenue as Transaction Fees Plummet

由于交易费用暴跌，比特币减半导致矿工收入减少

Following the recent Bitcoin halving event, the proportion of miner revenue derived from transaction fees has witnessed a significant drop, impacting earnings amid stable network conditions.

近期比特币减半事件发生后，矿商交易手续费收入占比大幅下降，影响了网络稳定情况下的收益。

According to a CryptoQuant report, transaction fees now constitute a mere 35% of overall miner income, a stark decrease from the lofty 75% recorded on April 19, the day of the halving.

根据 CryptoQuant 的一份报告，交易费用目前仅占矿工总收入的 35%，与 4 月 19 日减半当天记录的高达 75% 相比明显下降。

The halving, a pre-programmed event that occurs approximately every four years, reduces the block reward for miners by half. In this case, the daily issuance of new Bitcoin fell from 900 BTC to 450 BTC, effectively halving miner earnings.

减半是一项预先编程的事件，大约每四年发生一次，它将矿工的区块奖励减少一半。在这种情况下，新比特币的每日发行量从 900 BTC 下降到 450 BTC，实际上使矿工收入减半。

On the day of the halving, a surge in transaction fees temporarily boosted daily miner revenue to an impressive $100 million. Bitcoin network fees reached an all-time high of 1,258 BTC (approximately $80 million), accounting for a substantial 75% of total miner earnings on that day.

减半当天，交易费用的飙升暂时将矿工每日收入提升至令人印象深刻的 1 亿美元。比特币网络费用达到历史新高，达到 1,258 BTC（约 8000 万美元），占当天矿工总收入的 75%。

The surge in transaction fees was attributed to the implementation of the Runes protocol on the Bitcoin halving block. Runes facilitates the issuance and transfer of fungible tokens by encoding data in OP RETURN codes. The utilization of these codes reached a record high of 512,000 on the halving day as users flocked to the Runes Protocol.

交易费用的飙升归因于比特币减半区块上的符文协议的实施。 Runes 通过在 OP RETURN 代码中编码数据来促进可替代代币的发行和转移。随着用户涌向符文协议，这些代码的使用量在减半当天达到了 512,000 的历史新高。

However, the elevated transaction fees proved to be ephemeral, plummeting to lower levels within 24 hours and remaining there. Currently, transaction fees account for only 35% of miner revenue, approximately $50 million. This represents a substantial 35% decline from the pre-halving peak of $78 million.

然而，事实证明，交易费用的上涨是短暂的，在 24 小时内暴跌至较低水平并保持不变。目前，交易费用仅占矿工收入的 35%，约为 5000 万美元。这比减半前的峰值 7800 万美元大幅下降了 35%。

According to data from YCharts, Bitcoin transaction fees have dwindled from $80 million on April 20 to a mere $6 million. During the past week, fees have averaged around $16 million, with the lowest level recorded on April 26.

YCharts 的数据显示，比特币交易费用已从 4 月 20 日的 8000 万美元降至仅 600 万美元。过去一周，平均费用约为 1600 万美元，最低水平出现在 4 月 26 日。

The decline in transaction fees coincides with Bitcoin's inability to sustain gains above $64,000. The combination of falling fees and a lack of significant price appreciation has raised concerns about the future profitability of Bitcoin mining.

交易费用的下降与比特币无法维持在 64,000 美元以上的涨幅同时发生。费用下降和价格缺乏大幅上涨的结合引发了人们对比特币挖矿未来盈利能力的担忧。

Some analysts believe that the long-term impact of the halving on the network hashrate remains uncertain, as miners continue to operate at similar levels as before the event. The Bitcoin network hashrate currently stands at 617 EH/s, while the hash price has fallen to $0.07 per TH/s, its lowest level since October.

一些分析师认为，减半对网络算力的长期影响仍不确定，因为矿工继续以与减半之前类似的水平运行。比特币网络算力目前为 617 EH/s，而算力价格已跌至 0.07 美元/TH/s，为 10 月份以来的最低水平。

Should transaction fees continue to decline and Bitcoin's price remain relatively stable, some miners may be forced to reconsider their operations. However, it is too early to definitively assess the long-term consequences of the halving on the network's hashrate.

如果交易费用继续下降并且比特币价格保持相对稳定，一些矿商可能会被迫重新考虑他们的运营。然而，现在明确评估减半对网络算力的长期影响还为时过早。