尽管减半，比特币挖矿难度仍跃升至历史新高

周三，比特币挖矿难度飙升 2%，创上周减半事件后的历史新高。这标志着减半后第一次调整的难度首次增加，这可能表明比特币采矿业发生了变化，因为交易费奖励现在占矿工收入的较大部分。

Bitcoin Mining Difficulty Soars to Record High Despite Halving Event

尽管发生减半事件，比特币挖矿难度仍飙升至历史新高

In an unprecedented turn of events, Bitcoin's mining difficulty has escalated by 2% to an all-time high, defying the historical trend following halving events. This remarkable increase, achieved at block height 840,672, has propelled difficulty to a staggering 88.1 trillion, as reported by Bitbo data. This marks a significant departure from previous halvings, where the first difficulty adjustment generally entailed a decline.

在史无前例的事件中，比特币的挖矿难度已上升 2% 至历史新高，违背了减半事件后的历史趋势。据 Bitbo 数据显示，这一显着增长是在区块高度 840,672 处实现的，已将难度推至惊人的 88.1 万亿。这与之前的减半有很大不同，之前的第一次难度调整通常会导致难度下降。

In contrast to the substantial reductions observed in earlier halvings, Bitcoin's hashrate has exhibited exceptional resilience, hovering near record levels. The seven-day moving average has climbed from 630 EH/s pre-halving to 640 EH/s post-halving, indicating unwavering miner participation. This surge in hashrate can be attributed to a substantial increase in transaction fee rewards, which have outpaced the reduction in block subsidy rewards.

与之前减半时观察到的大幅下降相比，比特币的算力表现出了非凡的弹性，徘徊在历史最高水平附近。 7日移动均线已从减半前的630 EH/s攀升至减半后的640 EH/s，表明矿工参与坚定不移。算力的激增可归因于交易费用奖励的大幅增加，其幅度超过了区块补贴奖励的减少幅度。

Following the halving, block 840,000 generated an impressive $2.4 million in transaction fees, far exceeding the $200,000 block subsidy reward. This unprecedented event marked the beginning of a remarkable 104-block streak where transaction fee rewards surpassed the block subsidy, as documented by Bitcoin explorer Mempool.

减半后，区块 840,000 产生了令人印象深刻的 240 万美元交易费用，远远超过了 200,000 美元的区块补贴奖励。根据比特币浏览器 Mempool 的记录，这一史无前例的事件标志着惊人的 104 个区块连续增长的开始，其中交易费用奖励超过了区块补贴。

Transaction fee rewards have emerged as a significant source of revenue for miners, accounting for approximately 40% of total block rewards on average over the past week, compared to 10% prior to the halving. This surge has compensated for the halving's reduction in block subsidy, preserving miners' profitability.

交易费奖励已成为矿工的重要收入来源，过去一周平均占区块奖励总额的 40% 左右，而减半前为 10%。这种激增补偿了减半带来的区块补贴减少，从而保持了矿商的盈利能力。

The current surge in transaction fee activity can be largely attributed to the hype surrounding Runes, a newly introduced fungible token standard for Bitcoin. This speculative activity, driven primarily by retail traders, has resulted in a surge in token minting.

当前交易费用活动的激增很大程度上归因于围绕符文的炒作，符文是一种新推出的比特币可替代代币标准。这种投机活动主要由零售交易者推动，导致代币铸造量激增。

While transaction fees have since moderated from their initial peak, Runes transactions continue to represent a significant portion of Bitcoin transactions, accounting for approximately 42%. Over 3 million Runes transactions have been processed since launch, generating more than 2098 bitcoin ($130 million) in fees.

虽然交易费用已从最初的峰值有所放缓，但符文交易仍然占比特币交易的很大一部分，约占 42%。自推出以来，已处理超过 300 万笔符文交易，产生超过 2098 比特币（1.3 亿美元）的费用。

Despite the potential impact of declining transaction fee rewards as the hype subsides, analysts anticipate a sustainable 15% of miner revenues to stem from this source.

尽管随着炒作的消退，交易费用奖励下降可能会产生影响，但分析师预计，矿工收入的 15% 可持续来自这一来源。

The increase in total hashrate and difficulty following the halving also highlights the maturing Bitcoin mining industry. The consolidation of mining operations toward large-scale facilities has enhanced efficiency and scalability, while reducing the prevalence of small-scale or home mining operations.

减半后总算力和难度的增加也凸显了比特币挖矿业的成熟。采矿作业向大型设施的整合提高了效率和可扩展性，同时减少了小规模或家庭采矿作业的流行。

Public miners, such as CleanSpark, Marathon, Riot Platforms, and Cipher Mining, have significantly expanded their operations in recent years. Despite recent market volatility, some miners remain at all-time highs in terms of revenue, demonstrating the resilience of the industry post-halving.

CleanSpark、Marathon、Riot Platforms 和 Cipher Mining 等公共矿工近年来显着扩大了业务。尽管近期市场波动较大，但一些矿商的收入仍处于历史高位，显示了减半后行业的韧性。

As Bitcoin's fourth halving event concludes, attention shifts to the future developments leading up to the next halving, estimated to occur in April 2028. Industry experts speculate on potential outcomes, including a projected price target of $250,000.

随着比特币第四次减半事件的结束，人们的注意力转向了预计将于 2028 年 4 月发生的下一次减半的未来发展。行业专家推测了潜在的结果，包括预计 25 万美元的价格目标。