为什么减半对比特币生态的影响正在逐步“减弱”？
欧科云链OKLink数据显示，比特币于区块高度840000（北京时间2024年4月20日8:09）成功完成第四次减半，比特币挖矿奖励正式由6.25BTC减少至3.125BTC。此次减半之后，比特币通胀率也将从1.75%降至0.85%，预计只有黄金供应增长率的1/2左右，成为真正意义上比黄金更加稀缺的资产。
比特币矿工群体在减半后的短期收入理论上会受到直接影响，不过由于比特币符文此次与比特币减半同步完成上线，导致过去两天比特币链上交易费用的快速增长，以至于矿工在减半后的前100个区块中都有没有感受到减半带来的负面影响，相反比减半前得到的更多：仅4月20日，因符文活动产生的链上交易费用占比高达57.7%；区块840000所产生的交易费用更是达到37.626BTC，约是减半前区块奖励的6倍左右。此次比特币减半完成至今，交易费用在矿工收入中的占比接近60%（截至2024年4月22日18:00）。
图：比特币矿工收入结构
来源：欧科云链OKLink
但随着时间推移和区块奖励持续减少，激励矿工持续参与和保护区块链网络的问题依旧紧迫。在减半周期内提升矿工积极性的途径有两种，一是保证固定区块奖励的比特币能因稀缺性提升而升值；二是改善矿工收入结构中的变动部分，即交易费用。前者难以预测且无法从根本上解决问题（只有持续增长才能满足需求，显然这并不现实），相较之下后者才是更合理且有效的方案。
中本聪早在比特币白皮书中就曾提到：“一旦既定数量的比特币开始自由流通，交易费用就完全可以产生激励效果。那时，比特币网络将对传统经济世界的顽疾——通货膨胀完全免疫。”由此可以看出，比特币区块奖励的减少和交易费用的增加是比特币协议在设计之初就确定的内在逻辑。
事实上，随着2023年以来比特币生态的持续增长，比特币网络的活跃度情况与上次减半时已大不相同，交易费用在矿工收入中的占比也在稳步增长。据欧科云链OKLink数据，比特币Ordinals交易约占当前比特币网络交易的40%左右，因Ordinals交易带来的交易费用已经占矿工收入的20%以上，迄今已为矿工带来超2亿美元的收入。
图：各类比特币链上交易的占比情况
来源：欧科云链OKLink
即便在大部分时间中，如今矿工收入的主要部分依旧会来源于区块奖励，此次减半后符文所带来的热度也可能难以长时间维持，但它所营造的短暂景象，至少证明了在不考虑区块奖励的情况下，比特币链上活动所带来的交易费用增长理论上足以对矿工群体产生持续的正向激励。
如果想让这一景象持续，必要前提就是链上活动足够活跃，并有用户愿意为这些活动支付可观的手续费。过去单靠以支付转移为目的的比特币交易显然并不足以弥补由于减半而导致矿工出现的收入缺口，因此需要更多的像比特币符文这样能吸引市场关注并创造增量价值的链上应用。只有这些有流量且有价值的创新不断
Ou Ke cloud chain data shows that bitcoin successfully completed the fourth halving of bitcoin mining reward at the block height on June, Beijing time. After this halving, the bitcoin inflation rate will also drop from about the expected growth rate of gold supply to an asset that is truly scarcer than gold. In theory, the short-term income of bitcoin miners after halving will be directly affected. However, bitcoin has been online in the past two days due to the synchronization of bitcoin runes and bitcoin halving. The rapid growth of online transaction costs has caused miners to feel the negative impact of halving in the previous block. On the contrary, they get more than before halving. The online transaction costs caused by rune activities only account for as much as the transaction costs generated by the block, which is about twice as much as the block rewards before halving. Since the completion of this bitcoin halving, the proportion of transaction costs in miners' income is close to that of the Ouke Cloud Chain, the source of bitcoin miners' income structure, but with the year, month and day, The problem of encouraging miners to continue to participate in and protect the blockchain network is still urgent. There are two ways to improve miners' enthusiasm in the half-time period. One is to ensure that bitcoin rewarded by fixed blocks can appreciate due to the increase of scarcity. The other is to improve the changing part of miners' income structure, that is, transaction costs. The former is unpredictable and cannot fundamentally solve the problem. Only by continuous growth can the demand be met. Obviously, this is more reasonable and effective. As early as in the Bitcoin White Paper, Satoshi Nakamoto mentioned that once a given number of bitcoins start to circulate freely, the transaction costs can completely produce incentive effect. At that time, the bitcoin network will be completely immune to the chronic inflation in the traditional economic world. It can be seen that the reduction of bitcoin block incentives and the increase of transaction costs are the inherent logic determined by the Bitcoin agreement at the beginning of its design. In fact, with the continuous growth of bitcoin ecology since, the activity of the bitcoin network has decreased compared with the last time. It has been quite different for a long time, and the proportion of transaction costs in miners' income is also growing steadily. According to Ou Ke cloud chain data, bitcoin transactions account for about the current bitcoin network transactions, and the transaction costs brought by transactions have already accounted for more than the miners' income. So far, it has brought more than 100 million US dollars to miners. The proportion of transactions on various bitcoin chains comes from Ou Ke cloud chain. Even in most of the time, the main part of miners' income will still come from the heat brought by the symbol after the block reward is halved. It may also be difficult to maintain for a long time, but the short-lived scene it creates at least proves that the increase in transaction costs brought by the activities on the bitcoin chain is theoretically enough to generate continuous positive incentives for the miners. If this scene is to last, it is necessary that the activities on the chain are active enough and users are willing to pay considerable fees for these activities. In the past, bitcoin transactions for the purpose of payment transfer alone were obviously not enough to make up for the miners caused by halving. Therefore, the emerging income gap requires more online applications like Bitcoin runes that can attract market attention and create incremental value. Only these innovative and valuable innovations continue. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
1.本站遵循行业规范，任何转载的稿件都会明确标注作者和来源；2.本站的原创文章，请转载时务必注明文章作者和来源，不尊重原创的行为我们将追究责任；3.作者投稿可能会经我们编辑修改或补充。
