减半后交易费用暴跌，比特币矿工收入暴跌

最近比特币减半后，矿工从交易费中获得的收入大幅下降。减半当天，交易费用占矿工总收入的 75%，但此后这一比例已降至 35%。减半日交易费用激增的部分原因是 Runes 协议的推出，该协议允许在比特币网络上发行和转移代币。

Bitcoin Miner Revenues: Transaction Fees Plummet Post-Halving Surge

比特币矿工收入：减半后交易费用暴跌

Amidst the momentous Bitcoin halving event that slashed block rewards by half, the portion of miner revenue derived from transaction fees has taken a significant downturn. According to a recent CryptoQuant report, transaction fees now account for a mere 35% of total miner income, a stark contrast to the 75% peak recorded on April 19, the day of the halving.

在比特币减半事件将区块奖励削减一半的重大事件中，来自交易费用的矿工收入比例大幅下降。根据 CryptoQuant 最近的一份报告，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 75% 峰值形成鲜明对比。

Transaction Fees Surge During Halving

减半期间交易费用飙升

The fourth Bitcoin halving, which occurred on April 18, 2022, halved miner block rewards to 3.125 bitcoins (BTC), resulting in a daily issuance decline from an average of 900 BTC to 450 BTC. On the halving day, daily miner revenue soared to an impressive $100 million, largely driven by a substantial surge in transaction fees. Daily fees on the Bitcoin network reached an unprecedented high of 1,258 BTC ($80 million), representing a remarkable 75% of total revenue for that day.

第四次比特币减半发生在 2022 年 4 月 18 日，矿工区块奖励减半至 3.125 比特币 (BTC)，导致每日发行量从平均 900 BTC 下降至 450 BTC。减半当天，矿工每日收入飙升至令人印象深刻的 1 亿美元，这主要是由于交易费用大幅上涨。比特币网络的每日费用达到前所未有的高位，达到 1,258 BTC（8000 万美元），占当天总收入的 75%。

A key factor contributing to the elevated transaction fees was the Runes protocol, which ignited network activity upon its launch on the Bitcoin halving block. Runes enables the issuance and transfer of fungible tokens through the storage of data in OP RETURN codes. The utilization of these codes hit a record high of 512,000 on the halving day as users flocked to the Runes Protocol.

导致交易费用上涨的一个关键因素是符文协议，该协议在比特币减半区块上推出后引发了网络活动。 Runes 通过在 OP RETURN 代码中存储数据来实现可互换代币的发行和转移。随着用户涌向 Runes Protocol，这些代码的使用量在减半当天创下了 512,000 的历史新高。

A Significant Fall in Fees

费用大幅下降

However, less than 24 hours after the halving, transaction fees reverted to lower levels and have remained there since. Fees currently constitute only 35% of total miner revenue, while the latter has stabilized around $50 million, a 35% decline from the pre-halving record-high levels of approximately $78 million.

然而，减半后不到 24 小时，交易费用恢复到较低水平，并一直维持在该水平。目前，费用仅占矿工总收入的 35%，而后者稳定在 5000 万美元左右，比减半前约 7800 万美元的历史最高水平下降了 35%。

Data from YCharts reveals that Bitcoin transaction fees have plummeted from $80 million on April 20 to a mere $6 million. Over the past week, they have averaged around $16 million, with the lowest figure observed on April 26.

YCharts 的数据显示，比特币交易费用已从 4 月 20 日的 8000 万美元暴跌至仅 600 万美元。过去一周，平均收入约为 1600 万美元，最低数字出现在 4 月 26 日。

Implications for Miners

对矿工的影响

The halving event, coupled with the subsequent decline in transaction fees, has placed increased pressure on Bitcoin miners. With block rewards halved, higher transaction fees and rising BTC prices were expected to sustain their profitability. However, with fees dwindling and BTC struggling to surpass $64,000, the viability of some mining operations is now in question.

减半事件，加上随后交易费用的下降，给比特币矿工带来了越来越大的压力。随着区块奖励减半，交易费用上涨和比特币价格上涨预计将维持其盈利能力。然而，随着费用的减少和 BTC 努力突破 64,000 美元，一些挖矿业务的生存能力现在受到质疑。

Despite the challenges, CryptoQuant notes that it is premature to assess the long-term impact of the halving on the network hashrate. Miners appear to be continuing operations at the same rate as before the halving. The Bitcoin network hashrate stands at 617 EH/s, while its hashprice has reached $0.07 per TH/s, the lowest since October.

尽管面临挑战，CryptoQuant 指出，现在评估减半对网络算力的长期影响还为时过早。矿工们似乎仍在以与减半前相同的速度继续运营。比特币网络算力为 617 EH/s，而其算力价格已达到 0.07 美元/TH/s，为 10 月份以来的最低水平。

These developments highlight the evolving dynamics of the Bitcoin mining industry. While the halving event initially provided a boost to miner revenue, the subsequent decline in transaction fees has created new challenges. As Bitcoin continues to mature, the role of transaction fees in sustaining miner profitability will be closely watched by industry observers.

这些发展凸显了比特币挖矿业的不断发展动态。虽然减半事件最初提振了矿工收入，但随后交易费用的下降带来了新的挑战。随着比特币的不断成熟，交易费用在维持矿商盈利能力方面的作用将受到行业观察人士的密切关注。