比特币 (BTC) 是加密货币市场的主要驱动力，其次是市值排名前 100 的其他硬币。比特币减半是影响硬币价值的基本因素之一。最近的 BTC 减半计划在 2024 年春季进行。今天，您将了解什么是比特币减半以及它如何影响 BTC 的汇率。让我们开始吧！
Bitcoin (BTC) is the main driving force of the crypto-currency market, followed by other coins in the top 100 rankings. The halving of bitcoins is one of the fundamental factors affecting the value of coins. The recent BTC halving is scheduled to take place in spring 2024. Today, you will see what is called the halving of bitcoins and how it affects the BTC exchange rate. Let's go!
减半是使用工作量证明 (PoW) 共识算法降低生成新加密货币单位速度的过程，该算法以固定频率发生，并且是区块链本质中固有的。从矿工的角度来看，减半是一个减少挖出每个区块的奖励的过程。特别是，比特币减半在每开采 210,000 个区块后自动发生，平均每 4 年发生一次。
Halve is the process of using the workload proof (PoW) consensus algorithm to reduce the speed of generating new encrypted monetary units, which occurs at a fixed frequency and is inherent in the essence of the block chain. From the point of view of miners, halving is a process of incentives to reduce the number of pieces. In particular, the halving of bitcoins occurs automatically after 210,000 blocks are mined, on average once every four years.
据信，比特币的创造者中本聪 (Satoshi Nakamoto) 设定了有限的排放量和减半以维持对比特币的兴趣——如果每次减半后开采 BTC 变得更加困难，那么它的价值就会增长。基于股权证明（PoS）共识算法和其他算法的硬币在网络启动时全额发行这一事实证实了这一想法的争议。而这反过来又不会影响硬币的价值。
It is believed that Bitcoin’s creator, Satoshi Nakamoto, has set a limit on emissions and reduced its interest by half to maintain it – the value of which will grow if it becomes more difficult to extract BTC every time it is halved. The fact that coins based on the PoS consensus algorithm and other algorithms are issued in full at the start of the network confirms the controversy about the idea.
减半的好处之一是挖矿盈利能力的下降过滤掉了过时、低效的矿场，促使矿工使用更强大、更高效的设备。
One of the benefits of halving the reduction in the profitability of mining is the filtering of obsolete and inefficient mines and the use of stronger and more efficient equipment by miners.
下一次比特币减半大约发生在 2024 年 4 月至 5 月（确切日期未知）。执行后，出币速度会下降——即供给速度下降，挖矿奖励减半或减半。总共计划将比特币减半 32 次，之后将开采所有 2100 万枚硬币。
The next half of the bitcoin will take place between April 2024 and May (exact date unknown). After implementation, the rate of exit will decline -- that is, the speed of supply will decline, the incentives for mining will be halved or halved. A total of 32 times is planned to halve the bitcoins, after which all 21 million coins will be mined.
截至 2023 年初，自比特币主网启动以来已经减半 3 次。下表列出了他们的持有日期和开采的每个区块的奖励金额。
By the beginning of 2023, the Bitcoin main network had been halved three times since its launch. The following table shows the date of their possession and the amount of incentive per block that they had mined.
| 减半 | 日期 | 挖矿难度 | 块号 | 区块奖励 (BTC) | 减半价格（美元） |
| 比特币发射 | 01/03/2009 | 1 | 0 | 50 | – |
| 1 | 11/28/2012 | 3,438,909 | 210,000 | 25 | 12 |
| 2 | 07/09/2016 | 213,398,925,331 | 420,000 | 12.5 | 651 |
| 3 | 05/11/2020 | 16,104,807,485,529 | 630,000 | 6.25 | 8,601 |
| 4 | 2024 年 5 月 | – | 840,000 | 3.125 | – |
| 5 | 2028 年 5 月 | – | 950,000 | 1.5625 | – |
根据比特币减半时间安排，最后一次减半奖励时间为2136年，2140年比特币全部开采完毕。
According to the halved Bitcoin schedule, the last half-time incentive was 2136, and in 2140, all bitcoin was mined.
减半日期取决于下一个 210,000 个区块的开采时间，即按区块速度。块速度是 PoW 矿工通过哈希难题发现新块的速率。PoW 矿工找到一个区块所花费的时间会随着时间的推移根据难度级别自动调整。因此，减半时间表相对可预测，但可能会发生数周的变化。
The date of halving depends on the time of the next 210,000 blocks, by block speed. The rate of the Pow miners discovering new blocks through the Hash puzzle. The time it takes for the PoW miners to find a block is automatically adjusted over time to the level of difficulty. Thus, the schedule of halving is relatively predictable, but it may change over weeks.
2012 年 11 月比特币首次减半后，6 个月内价格上涨了 200 多倍。下一次减半对价格的影响较小。在 2016 年矿工奖励减少后，BTC 价格在接下来的 6 个月内几乎翻了一番。2020 年 5 月至 11 月的第三次减半后，价格上涨了 1.56 倍。
In November 2012, after the first halving of Bitcoin in November, prices rose more than 200 times in six months. The next halving will have less impact on prices. After the fall in mining incentives in 2016, BTC prices almost doubled in the next six months. After the third halving in May-November 2020, prices rose 1.56 times.
以下原因解释了之前减半对比特币汇率的影响：
The impact of the previously halved exchange rate in the amount of bitcoin is explained by the following reasons:
- 矿工在市场供应中的重要作用。2012 年和 2016 年，BTC 的汇率明显低于随后几年。加密货币市场是一匹黑马；因此，在加密货币市场上观察到的玩家数量相对较少。因此，采矿难度相对较低，设备成本也较低。因此，不需要大量知识或分析技能的挖矿是比活跃交易更有吸引力的赚钱选择。
- 由于连锁反应，人们对加密货币的兴趣越来越大。减半使供应减少，而 BTC 价格上涨——新投资者进入市场，看到了从价格上涨中获利的机会。新投资者的涌入引发了下一个定价阶段，使采矿业的利润更高。
- 价格相对较低的显卡适合挖矿。这是近年来使挖矿成本保持在较低水平的另一个因素，使其对新的市场参与者具有吸引力。
为什么减半的影响越来越小？正在进行的减半将奖励减少了一半，从而间接影响了代币供应的减少。但是，如果在 2012 年奖励减少 25 BTC，那么在 2020 年 — 仅减少 6.25 BTC。此外，随着市场上每一次新的减半和价格上涨，活跃交易者和投资者的数量都会增加——矿工的份额逐渐下降。这解释了减半对BTC费率形成的作用逐渐减弱的主要原因。
If, however, in 2012, the incentives were reduced by 25 BTC, then by 2020 – only 6.25 BTC. Moreover, with every new halving of the market and rising prices, the number of active traders and investors would increase – the share of miners would gradually decline.
2024 年预计下一次减半，因此 1 个区块的奖励将从现有的 6.25 BTC 减少到 3.125 BTC。这意味着使用相同设备算力的挖矿奖励将减半。反过来，这将增加矿场的投资回收期，由于 BTC 利率下降，该投资回收期已经变得更长。
The next half is expected in 2024, so the incentive for one block will be reduced from the current 6.25 BTC to 3.125 BTC. This means that the incentive for mining using the same equipment numeracy will be halved. This, in turn, will increase the recovery period for mining sites, which has become longer due to lower BTC interest rates.
有远见的矿工预见到了这一时刻，他们购买了设备，以便在减半时将其资源完全耗尽。下一次减半后，他们会购买更多算力的设备继续挖矿。尽管如此，大多数矿工还是会转而使用其他代币或完全放弃挖矿。
The visionary miners had foreseen this moment, when they bought the equipment in order to cut by half their resources completely. Next time, they would buy more computing equipment to continue digging.
从理论上讲，这可能会导致以下情况：
In theory, this may lead to the following:
- 矿工数量的减少意味着开采新币及其市场供应量的减少。
- 在保持相同需求水平的同时减少供应会自动推高价格。
Arcane Research 分析师认为，2020 年减半后，矿工在总销售额中的作用急剧下降，他们不再对 BTC 价格产生如此重大的影响。据他们称，平均每天开采的硬币数量为 900 BTC；这个数字在减半之前是 1,800 BTC。这意味着供应量的减少可以很容易地通过市场停滞期间需求的减少或能够将大量 BTC 投放市场以操纵价格的加密货币鲸鱼来补偿。
Arcane Research analysts argue that the role of miners in total sales declined sharply after halving by 2020, and that they no longer had such a significant impact on BTC prices. According to them, the average daily amount of coins mined was 900 BTC; the figure was 1,800 BTC before halving.
换句话说，开采的硬币数量不足以显着改变价格。因此，即将到来的减半很有可能不会对价格产生重大影响。
In other words, the amount of coins mined is not sufficient to significantly change prices. Therefore, it is likely that the forthcoming reduction in the number of coins will not have a significant impact on prices.
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If you want to know where to buy bitcoin, you should definitely consider buying in Euro easy.
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欧易是购买加密货币最可靠的在线交易所之一。该公司是获得许可的金融服务提供商，具有合法合规性和安全的基础设施系统，能够以合理的价格提供快速的加密货币交易服务。
Euro is one of the most reliable online exchanges for the purchase of encrypted money. The company is a licensed financial service provider with a legitimate compliance and secure infrastructure system capable of providing rapid encrypted currency trading services at a reasonable price.
BTC 减半是指区块链中嵌入的挖矿奖励减少 2 倍，发生在每开采 210,000 个区块之后。对于矿工来说，这意味着每减半一次，他们的同期收益下降2倍，回报相应增加。
The BTC is a two-fold reduction in the incentives for mining embedded in the chain of blocks, which occurs after 210,000 blocks are mined. For miners, this means that for each half, their earnings fall twice over the same period, with a corresponding increase in returns. & nbsp;
分析师指出，矿工在 BTC 定价中的作用有所减弱。2024年减半时，可能会出现短时间小幅上涨。尽管如此，价格仍将受到其他更重要的基本面因素的影响。
Analysts point out that the role of miners in BTC pricing has diminished. By 2024, there may be a small increase in time.
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