支持者认为，比特币的硬编码供应上限凸显了其“数字黄金”品质

根据 timechainindex.com 的数据，目前比特币总供应量的 94% 以上已被开采。行业观察人士指出，加密货币的最终发行预计将在 2140 年左右结束，该日期由其算法“减半”时间表确定。

Bitcoin's total supply has surpassed 94% mined, highlighting the cryptocurrency's hard-coded supply cap.

比特币的总供应量已超过已开采量的 94%，凸显了该加密货币的硬编码供应上限。

Key Takeaways:

要点：

94% of Bitcoin's total supply has been mined.

比特币总供应量的 94% 已被开采。

The final Bitcoin issuance is expected around 2140.

比特币的最终发行预计在 2140 年左右。

Mining difficulty has nearly doubled in a year.

一年内挖矿难度几乎翻了一番。

Seven out of 25 publicly traded miners are in the red year-to-date.

今年迄今为止，25 家公开交易的矿商中有 7 家出现亏损。

Rising mining costs and reduced block rewards impact miner profitability.

采矿成本上升和区块奖励减少影响矿工的盈利能力。

This milestone underscores one of Bitcoin’s most distinctive features: a hard-coded supply cap that contrasts starkly with the fiat money printing capabilities of central banks.

这一里程碑强调了比特币最显着的特征之一：硬编码的供应上限，与央行的法定货币印刷能力形成鲜明对比。

Over 94% of Bitcoin's total supply has now been mined, according to data from timechainindex.com. Industry observers note that the cryptocurrency's final issuance is expected to conclude around 2140, a date determined by its algorithmic “halving” schedule. These halvings take place roughly every four years and reduce the block reward by half each time. Following a halving in April 2024 that cut miners’ rewards to 3.125 BTC per block, the next one is set for 2028, when rewards will shrink further to 1.5625 BTC.

根据 timechainindex.com 的数据，目前比特币总供应量的 94% 以上已被开采。行业观察人士指出，加密货币的最终发行预计将于 2140 年左右结束，该日期由其算法“减半”时间表确定。这些减半大约每四年发生一次，每次都会将区块奖励减少一半。继 2024 年 4 月减半，矿工奖励降至每个区块 3.125 BTC 后，下一次减半定于 2028 年，届时奖励将进一步缩减至 1.5625 BTC。

The concept of scarcity has fueled comparisons between Bitcoin and gold. Proponents argue that limited supply endows Bitcoin with “digital gold” qualities, while opponents cite its volatility as a barrier to broader acceptance. Despite this ongoing debate, the cryptocurrency has posted remarkable gains this year, surging to above $108,00 at its peak and currently up over 110% in 2024. The rally comes amid growing institutional interest, including approvals for exchange-traded funds (ETFs) and high-profile acquisitions by companies such as MicroStrategy.

稀缺性的概念加剧了比特币和黄金之间的比较。支持者认为，有限的供应赋予了比特币“数字黄金”的品质，而反对者则认为其波动性是更广泛接受的障碍。尽管争论仍在继续，但加密货币今年仍然取得了显着的涨幅，在峰值时飙升至 108 美元以上，目前在 2024 年上涨超过 110%。此次反弹是在机构兴趣不断增长的背景下进行的，其中包括交易所交易基金 (ETF) 的批准以及 MicroStrategy 等公司的高调收购。

Yet the benefits of higher Bitcoin prices have not reached all corners of the industry. Publicly traded mining companies, which secure Bitcoin transactions and earn newly minted coins as a reward, have seen mixed results despite the cryptocurrency's strong performance.

然而，比特币价格上涨的好处尚未惠及行业的各个角落。尽管加密货币表现强劲，但确保比特币交易并赚取新铸造的比特币作为奖励的上市矿业公司的业绩却好坏参半。

Data from the Hashrate Index shows that out of 25 listed miners, only seven have notched year-to-date gains. For example, Bitdeer (BTDR) has soared 166%, and TeraWulf (WULF) is up 170%. Meanwhile, some miners like Argo Blockchain (ARB) and Sphere 3D (ANY) suffered sharp drops, losing 84% and 69%, respectively.

算力指数数据显示，在 25 家上市矿商中，只有 7 家实现了年初至今的收益。例如，Bitdeer（BTDR）飙升166％，TeraWulf（WULF）上涨170％。与此同时，Argo Blockchain (ARB) 和 Sphere 3D (ANY) 等矿商大幅下跌，分别下跌 84% 和 69%。

Rising Mining Difficulty

挖矿难度上升

Analysts attribute these diverging fortunes to a combination of rising operational costs, higher mining difficulty, and the reduced block reward from Bitcoin's most recent halving. The Bitcoin network's mining difficulty has nearly doubled from a year ago, escalating the computational power required to successfully mine new coins. Electricity expenses and equipment upgrades have further strained profit margins for smaller or less efficient miners.

分析师将这些不同的命运归因于运营成本上升、挖矿难度上升以及比特币最近减半带来的区块奖励减少等综合因素。比特币网络的挖矿难度比一年前几乎翻了一番，成功开采新硬币所需的计算能力不断提高。电力费用和设备升级进一步压缩了规模较小或效率较低的矿商的利润率。

In an effort to reduce risks and diversify revenue streams, several mining firms have turned to strategies beyond Bitcoin extraction. Core Scientific, for instance, recently ventured into hosting services for artificial intelligence (AI) applications, a move the company projects could generate billions in additional revenue over the next decade.

为了降低风险并使收入来源多样化，一些矿业公司已转向比特币开采以外的战略。例如，Core Scientific 最近涉足人工智能 (AI) 应用程序托管服务，该公司预计此举可能会在未来十年产生数十亿美元的额外收入。