长文：HALVE 以 PT/YT 拆分矿机权益并探跨链Long-read: HALVE splits miner rights into PT/YT, explores cross-chain

2026-09-30 14:25·@benson_doge·协议Protocol·68分pts

社区成员 wenzherunze 发文推演 TapeOut 矿机金融化路径：早期以晶体管组矿机持续产出 BEM，但晶体管有限使新矿机供给逐渐减少，市场重心将从造新矿机转向存量矿机的使用与流通。HALVE 提出 PT/YT 拆分，一台 10H 矿机可铸造对应数量的 PT 与 YT：PT 代表矿机本金、所有权与到期赎回权，YT 代表到期前收益权，两者可分开交易，不同到期日形成独立市场。真实矿机留在源链运行，目标链生成可交易权益。ywweb3 补充称 HALVE 创始人 @0xLuki 推动 PT/YT 拆分，@benson_doge 则探索矿机跨链。Community member wenzherunze published an analysis of TapeOut miner financialization: early miners are assembled from transistors to yield BEM, but limited transistor supply means fewer new miners, shifting the market toward use and circulation of existing miners. HALVE proposes splitting a miner into PT/YT: a 10H miner can mint corresponding PT and YT, where PT represents principal, ownership and redemption at maturity, while YT represents yield rights before maturity; the two trade separately and different maturities form independent markets. The physical miner keeps running on the source chain while tradable rights are generated on the target chain. ywweb3 added that HALVE founder @0xLuki is behind the PT/YT split and @benson_doge is exploring miner cross-chain.