随着市场意识到减半神话是谎言，比特币矿工正在破产

不久前，CoinGeek 报道了俄罗斯总统普京警告 BTC 矿商导致某些地区停电的情况。

Residents of Stokmarknes in Norway are celebrating as a KryptoVault BTC mining facility closes down.

挪威斯托克马克内斯的居民正在庆祝 KryptoVault BTC 采矿设施的关闭。

The tiny outpost in Northern Norway has a population of just under 3,500, but residents have made dozens of noise complaints about the mining facility over the past few years. Some likened the noise to a 24/7 sawmill, complaining that they had to close their windows just to sleep at night.

这个位于挪威北部的小前哨基地人口不到 3,500 人，但在过去几年里，居民对采矿设施提出了数十起噪音投诉。有些人将噪音比作 24/7 锯木厂，抱怨他们晚上必须关上窗户才能睡觉。

While the Norweigan government has proposed regulations to slow the growth of energy-intensive data centers and digital currency mining facilities, this isn’t the reason for the closure; KryptoVault went bankrupt in 2023.

尽管挪威政府已提出法规来减缓能源密集型数据中心和数字货币采矿设施的增长，但这并不是关闭的原因； KryptoVault 于 2023 年破产。

Block reward miners are under severe pressure

区块奖励矿工面临巨大压力

While the residents of Stockmarknes are glad to see the back of KryptoVault, its investors probably don’t feel the same way. Yet, it’s not the only block reward miner under pressure. Just this week, Riot Platforms (NASDAQ: RIOT) and Marathon Digital (NASDAQ: MARA) stocks have dropped 53% and 44%, respectively, since the beginning of 2024.

虽然 Stockmarknes 的居民很高兴看到 KryptoVault 的回归，但其投资者可能并不这么认为。然而，它并不是唯一面临压力的区块奖励矿工。就在本周，Riot Platforms（纳斯达克股票代码：RIOT）和 Marathon Digital（纳斯达克股票代码：MARA）的股价自 2024 年初以来分别下跌了 53% 和 44%。

What’s causing the miner selloff on Wall Street? In short, there is a lack of profitability, and the excess cash is drying up rapidly as miners try to ride out the storm that often follows halvings. As the block reward halves every 210,000 blocks (the halving), inefficient miners go bust, further centralizing the network in the hands of a few powerful players who can absorb the losses until weaker competitors tap out.

是什么导致华尔街矿工抛售？简而言之，缺乏盈利能力，随着矿商试图安然度过减半后的风暴，多余的现金正在迅速枯竭。随着区块奖励每 210,000 个区块减半（减半），效率低下的矿工就会破产，网络进一步集中在少数强大的参与者手中，这些参与者可以吸收损失，直到较弱的竞争对手退出。

Over the years, BTC proponents have attempted to dismiss and laugh off concerns about the economics of the system, but finally, the reality of Bitcoin mining economics is catching up. BTC has not doubled in value after this halving, and the bull run that allegedly always follows it has been a damp squib, leaving miners struggling to make ends meet.

多年来，比特币的支持者一直试图消除和嘲笑对该系统经济性的担忧，但最终，比特币挖矿经济的现实正在迎头赶上。在这次减半之后，比特币的价值并未翻倍，而据称随之而来的牛市却只是一场哑火，让矿工们难以维持收支平衡。

Could this be because Tether is under extreme scrutiny by authorities as market manipulators like Sam Bankman-Fried serve prison sentences? Or is it that interest rates are higher and easier and less risky returns are available elsewhere? Perhaps it’s a combination of both? Each reader can answer for themselves, but the disappointment is palpable on X and other platforms where traders hang out.

这是否是因为 Sam Bankman-Fried 等市场操纵者入狱服刑，导致 Tether 受到当局的严格审查？或者是其他地方的利率更高、更容易、风险更小？也许是两者的结合？每个读者都可以自己回答，但在 X 和交易者常去的其他平台上，失望是显而易见的。

Worst bull market ever.

有史以来最糟糕的牛市。

Crypto is about to lose all its retail interest.

加密货币即将失去所有零售利益。

The era of utility is finally here

实用时代终于来临

While there may or may not be one last (relatively lame) BTC bull run, ever since FTX went bust and one of the industry’s wonderboys was exposed as a giant fraud, large enterprises, governments, and investors have been figuring out that ‘crypto’ was all a ruse.

尽管可能会也可能不会出现最后一次（相对蹩脚的）BTC 牛市，但自从 FTX 破产以及该行业的一位神奇男孩被揭露为一个巨大的欺诈行为以来，大型企业、政府和投资者一直在弄清楚“加密货币”这一切都是一个诡计。

However, they’re also figuring out that blockchain tech has utility outside of speculation; real businesses offering legitimate solutions can harness it to create change. Just look at what CERTIHASH is doing in cybersecurity or how FICO is using blockchain to ensure its AI’s decisions are fair and transparent.

然而，他们也发现区块链技术除了投机之外还有用处；提供合法解决方案的真正企业可以利用它来创造变革。只需看看 CERTIHASH 在网络安全方面所做的事情，或者 FICO 如何使用区块链来确保其人工智能决策的公平和透明即可。

The world has slowly started to realize that the Bitcoin blockchain is a decentralized ledger that can enable peer-to-peer micropayments, leaving a transparent audit trail for all transactions. That means miners like GorillaPool will own the future; while others have been playing the short-term game of mining for digital pixie dust, it has been ramping up capacity to process millions and eventually billions of microtransactions per block.

世界已经慢慢开始意识到比特币区块链是一个去中心化的分类账，可以实现点对点小额支付，为所有交易留下透明的审计跟踪。这意味着像 GorillaPool 这样的矿工将拥有未来；当其他人一直在玩挖掘数字精灵尘埃的短期游戏时，它一直在提高每个区块处理数百万甚至数十亿微交易的能力。

Will miners like Marathon and Riot make it through another cycle or will they follow KryptoVl into the abyss? Who knows, and who cares? The world has moved on, and finally, blockchain technology’s awesome potential is being realized. The miners who figured out Bitcoin’s economics early and prepared accordingly will soon get the market share they deserve.

像 Marathon 和 Riot 这样的矿工会度过另一个周期还是会跟随 KryptoVl 进入深渊？谁知道，谁在乎？世界在不断进步，区块链技术的巨大潜力终于被认识到。尽早了解比特币经济学并做好相应准备的矿工很快就会获得他们应得的市场份额。