Who is “the blaspheming foe” of Maoz Tzur?

Question

In the song Maoz Tzur it says

לְעֵת תָּכִין מַטְבֵּחַ מִצָּר הַמְנַבֵּחַ -

which the OU translates as -

When You will have prepared the slaughter for the blaspheming foe.

Who is this blaspheming foe of which we sing?

Answer 1

It probably refers to Edom, who is described in the last verse. In that verse, our salvation from Edom is written in future tense, as a prayer.

It may instead refer collectively to all 5 exiles described in the song, of which Edom is the last. After our final redemption, we will dedicate the 3rd beit hamikdash.

I don't think it refers to each exile individually, since it would take a little bit of gymnastics to explain how we dedicated the mizbeach after both Bavel and Persia.