盈利跌至六个月低点，比特币矿工陷入困境

自减半以来，比特币（BTC）进入下跌趋势，在连续七个月上涨后，4月份迎来了第一个“红色月份”。此次下跌对比特币矿商的打击尤其严重，他们的收入在 4 月 30 日跌至 6 个月低点 3017 万美元。这次下跌与比特币第四次减半密切相关，这严重影响了盈利能力，再加上比特币价格的大幅下跌，更是雪上加霜。

Bitcoin Miners Face Dire Straits as Earnings Plummet to Six-Month Low

比特币矿工面临严峻困境，盈利跌至六个月低点

The cryptocurrency industry has witnessed a significant downturn in recent months, with Bitcoin (BTC) experiencing its first "red month" in April since its last halving event seven months ago. This decline has hit BTC miners particularly hard, with their earnings falling to a six-month low.

近几个月来，加密货币行业经历了严重的低迷，比特币（BTC）在 4 月份经历了自七个月前的上次减半事件以来的第一个“红色月份”。这种下跌对比特币矿商的打击尤其严重，他们的收入跌至六个月低点。

Data obtained by Blockchain.com indicates that Bitcoin miners' revenue stood at $30.17 million on April 30, marking the lowest point in the past half year. This drastic drop in revenue is directly tied to the impact of the fourth Bitcoin halving, which slashed the block reward from 6.25 BTC to 3.125 BTC, significantly impacting miners' profitability.

Blockchain.com获得的数据显示，4月30日，比特币矿商收入为3017万美元，为近半年来的最低点。收入的大幅下降与第四次比特币减半的影响直接相关，第四次减半将区块奖励从 6.25 BTC 大幅削减至 3.125 BTC，严重影响了矿工的盈利能力。

Compounding the decline in mining profitability is the substantial drop in Bitcoin's price, which plummeted from approximately $70,000 to $57,000 during the month of April. A Finbold report published on April 23 highlighted that the cost of mining Bitcoin had escalated to the point where miners were operating at a loss. Earlier data estimated these losses to range between $36,000 and $52,000 per Bitcoin mined when BTC was trading at $66,000. Given the recent market downturn, these losses have potentially escalated, with miners now facing losses ranging from $43,000 to $72,000 per token mined.

比特币价格大幅下跌加剧了挖矿盈利能力的下降，4 月份比特币价格从约 70,000 美元暴跌至 57,000 美元。 Finbold 4 月 23 日发布的一份报告强调，比特币的开采成本已经上升到矿工亏损的地步。早些时候的数据估计，当 BTC 交易价格为 66,000 美元时，每开采一个比特币损失将在 36,000 美元到 52,000 美元之间。鉴于最近的市场低迷，这些损失可能会加剧，矿商现在每开采一个代币就面临 43,000 美元到 72,000 美元的损失。

Capriole Investments paints an even grimmer picture, estimating the production cost of a single Bitcoin at a staggering $128,989, with $77,400 of that amount attributed to electricity costs based on current hashrate averages. Conversely, MacroMicro's data, sourced from estimates by the University of Cambridge, suggests a cost-to-price ratio of 1.66, indicating average mining costs of $100,500 as of April 30 – close to the highest historical production costs. Consequently, the estimated loss per Bitcoin stands at approximately $43,000.

Capriole Investments 描绘了一幅更加严峻的景象，估计单个比特币的生产成本为惊人的 128,989 美元，其中 77,400 美元归因于基于当前算力平均值的电力成本。相反，MacroMicro 的数据来自剑桥大学的估计，表明成本价格比为 1.66，表明截至 4 月 30 日的平均采矿成本为 100,500 美元，接近历史最高生产成本。因此，每个比特币的估计损失约为 43,000 美元。

These challenging conditions point to a potential crisis within the Bitcoin mining industry, potentially leading to the capitulation of some cryptomining companies. To stabilize the industry and avert such outcomes, the price of BTC must rise sufficiently to offset these elevated production costs.

这些具有挑战性的条件表明比特币挖矿行业存在潜在危机，可能导致一些加密货币挖矿公司投降。为了稳定行业并避免这种结果，比特币的价格必须充分上涨以抵消这些上涨的生产成本。

Furthermore, if the disparity between production costs and mining rewards persists, the Bitcoin network faces the risk of further centralization. This could lead to a consolidation of operations among a few large miners, raising long-standing concerns about the dynamics of economies of scale, which could undermine the security and decentralized nature of the leading cryptocurrency.

此外，如果生产成本和挖矿奖励之间的差距持续存在，比特币网络将面临进一步中心化的风险。这可能会导致一些大型矿商之间的业务整合，引发人们对规模经济动态的长期担忧，这可能会破坏领先加密货币的安全性和去中心化性质。

The current situation underscores the cyclical nature of the cryptocurrency industry, highlighting the inherent volatility and risks associated with mining operations. As Bitcoin's price fluctuates and competition intensifies, miners must continuously adapt their strategies and seek innovative ways to maintain profitability while ensuring the security and stability of the network they support.

目前的情况凸显了加密货币行业的周期性，凸显了与挖矿业务相关的固有波动性和风险。随着比特币价格波动和竞争加剧，矿工必须不断调整策略并寻求创新方式来保持盈利能力，同时确保其支持的网络的安全性和稳定性。