减半后交易费用大幅下降，影响矿工收入

比特币第四次减半后，交易费用大幅飙升，占事件当天矿工收入的 75%。然而，此后费用已降至矿工总收入的 35%，也下降了约 35%。这一下降可能是由于围绕减半的炒作导致网络活动减少，以及 Runes 协议等主要驱动因素的缺失，而 Runes 协议正是导致最初费用激增的原因。

Transaction Fees Dip Significantly Post-Halving: CryptoQuant Analysis

减半后交易费用显着下降：CryptoQuant 分析

The recent halving event, which occurred on Friday, has had a profound impact on the revenue structure of Bitcoin miners. A report by CryptoQuant reveals that transaction fees, which spiked significantly on the day of the halving, have now declined substantially.

最近发生在周五的减半事件对比特币矿商的收入结构产生了深远的影响。 CryptoQuant 的一份报告显示，在减半当天大幅飙升的交易费用现在已大幅下降。

Surging Fees During Halving

减半期间费用飙升

The fourth Bitcoin halving saw the block reward for miners slashed by 50%, reducing it from 6.25 bitcoins (BTC) to 3.125 BTC. This halved the daily issuance of new bitcoins from an average of 900 BTC to 450 BTC.

第四次比特币减半导致矿工的区块奖励大幅削减 50%，从 6.25 比特币 (BTC) 减少到 3.125 BTC。这使得新比特币的每日发行量从平均 900 BTC 减少到 450 BTC。

On the halving day, total daily miner revenue surged to $100 million, driven by a spike in transaction fees. Daily fees on the Bitcoin network reached a record high of 1,258 BTC ($80 million), constituting 75% of the total revenue for the day.

减半当天，由于交易费用飙升，矿工每日总收入飙升至 1 亿美元。比特币网络每日费用达到创纪录的 1,258 BTC（8000 万美元），占当天总收入的 75%。

Runes Protocol Fuels Fee Surge

符文协议助推费用激增

A major factor behind the high transaction fees was the launch of the Runes protocol on the halving block. Runes facilitates the issuance and transfer of fungible tokens by storing data in OP RETURN codes. The usage of these codes hit a record high of 512,000 on the halving day, contributing to the surge in fees.

高额交易费用背后的一个主要因素是减半区块上符文协议的推出。 Runes 通过将数据存储在 OP RETURN 代码中来促进可替代代币的发行和转移。这些代码的使用量在减半当天创下了 512,000 次的历史新高，导致费用激增。

Post-Halving Decline

减半后下跌

However, within 24 hours of the halving, transaction fees returned to lower levels and have remained there. Fees currently represent only 35% of total miner revenue, which now hovers around $50 million. This marks a 35% decline from the pre-halving peak of roughly $78 million.

然而，在减半后的 24 小时内，交易费用恢复到较低水平并保持不变。目前，费用仅占矿工总收入的 35%，目前徘徊在 5000 万美元左右。这比减半前约 7800 万美元的峰值下降了 35%。

According to YCharts data, Bitcoin transaction fees have plunged from $80 million on April 20 to $6 million. Over the past week, they have averaged around $16 million, with the lowest figure recorded on April 26.

根据 YCharts 数据，比特币交易费用已从 4 月 20 日的 8000 万美元暴跌至 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 combination of higher transaction fees and rising BTC prices has helped miners sustain their operations despite the halving's impact on block rewards. However, as fees continue to decline and BTC struggles to break past $64,000, some miners may face the prospect of shutting down their operations.

尽管减半对区块奖励产生了影响，但较高的交易费用和不断上涨的比特币价格帮助矿工维持了运营。然而，随着费用持续下降，BTC 难以突破 64,000 美元，一些矿商可能面临关闭运营的前景。

Hashrate Stability

算力稳定性

Despite the concerns, CryptoQuant notes that it is still too early to assess the long-term effects of the halving on the network hashrate. Miners appear to be continuing their operations at a similar pace as before the halving. The Bitcoin network hashrate currently stands at 617 EH/s, while its hashprice has dropped to $0.07 per TH/s, the lowest level since October.

尽管存在这些担忧，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似的速度继续运营。比特币网络算力目前为 617 EH/s，而其算力价格已降至 0.07 美元/TH/s，为 10 月份以来的最低水平。

Conclusion

结论

The post-halving period has witnessed a significant decline in transaction fees, raising concerns about the profitability of Bitcoin miners. With fees continuing to fall and BTC price facing challenges, it remains to be seen how the industry will adapt to this new reality.

减半后交易费用大幅下降，引发了人们对比特币矿商盈利能力的担忧。随着费用持续下降，比特币价格面临挑战，行业将如何适应这一新现实还有待观察。