比特币矿工费用接近于零，挖矿成本接近 80,000 美元，难度将下降 5%

Bitcoin mining is still running on the subsidy, not demand. That is the more useful place to start as we head into the next Bitcoin difficulty adjustment window, which CoinWarz now estimates for April 18, 2026, with difficulty projected to fall from 138.97 trillion to 132.14 trillion, a decline of 4.91%. The schedule matters less than the structure underneath it. YCharts , using Blockchain.com data, showed daily Bitcoin transaction fees at 2.443 BTC on April 8, down 69% from a year earlier. With the block subsidy fixed at 3.125 BTC and the network producing roughly 144 blocks a day, fees are still contributing only a sliver of miner revenue in BTC terms. That leaves the next few weeks framed by a narrower and more useful question. If fees stay pinned near the floor, what actually determines miner survivability? The answer starts with the revenue stack, then moves to the cost stack, then to the adaptation stack. Revenue still depends overwhelmingly on the subsidy and Bitcoin price. Infographic showing a three-tier Bitcoin miner survival hierarchy, with low-cost leaders at the top and at-risk operators at the bottom, alongside key metrics for production cost, treasury policy, fleet efficiency, energy access, and treasury flexibility. Costs still depend on power, fleet efficiency, debt, and treasury policy. Adaptation depends on how much flexibility an operator has when mining alone no longer offers an attractive enough return on power and infrastructure. The role of the coming difficulty is secondary. A lower difficulty target can ease pressure on operators by improving output per unit of hash when price and fees hold steady. In the current environment, that distinction shapes the entire operating map for miners. Subsidy carries the revenue stack while fees stay close to the floor Infographic showing Bitcoin mining revenue dominated by block subsidies while transaction fees contribute less than 1%, with a seesaw comparing 450 BTC/day in subsidies to 2.44 BTC/day in fe