比特幣 (BTC) 算力接近每秒 1 Zettahash，給礦工帶來壓力

比特幣礦工的獲利能力是算力的重要組成部分。算力越高，能源成本就越高。

Bitcoin's (BTC) hashrate, a measure of the computational power used to mine a block in a proof-of-work blockchain, is set to reach 1 zettahash per second (ZH/s) before the next halving event in about 3.5 years, highlighting the increasing energy demands and competitive landscape for miners.

比特幣(BTC) 的哈希率是衡量工作量證明區塊鏈中用於挖掘區塊的計算能力的指標，預計在3.5 年後的下一次減半事件之前達到每秒1 zettahash (ZH/s )，這凸顯了不斷增長的能源需求和礦工的競爭格局。

The average hashrate is expected to hit 1 ZH/s, which is equivalent to 1,000 exahash per second (EH/s), by 2027, even if it rises at a conservative rate of 20% per year. Notably, the hashrate has grown an average of 65% per year since 2020 and currently stands at around 787 EH/s on a seven-day moving average, according to Glassnode data.

到 2027 年，平均算力預計將達到 1 ZH/s，相當於每秒 1,000 exahash (EH/s)，即使它以每年 20% 的保守速度增長。值得注意的是，根據 Glassnode 的數據，自 2020 年以來，算力每年平均成長 65%，目前 7 天移動平均值約為 787 EH/s。

The hashrate serves as a crucial factor in determining Bitcoin miners' profitability. As the hashrate increases, so do the energy costs, making it essential for miners to optimize their operations to remain competitive and profitable. Moreover, the hashrate contributes to the network's security, which has appreciated by 56% over the past year.

算力是決定比特幣礦工獲利能力的關鍵因素。隨著算力的增加，能源成本也隨之增加，因此礦工必須優化其營運以保持競爭力和獲利。此外，算力有助於網路安全，在過去一年中成長了 56%。

The pace of hashrate growth accelerated in the second half of 2024 following the April halving, which saw the block rewards drop by 50% to 450 BTC per day, reducing the revenue earned by miners. This intense competition led some miners to pivot a portion of their operations to artificial intelligence (AI) computing, while others opted to purchase Bitcoin on the open market.

4 月減半後，2024 年下半年算力成長速度加快，區塊獎勵下降 50% 至每天 450 BTC，減少了礦工的收入。這種激烈的競爭導致一些礦商將部分業務轉向人工智慧（AI）計算，而另一些礦商則選擇在公開市場上購買比特幣。

At 1 ZH/s, miners will be compelled to adopt more innovative strategies to remain solvent and adapt to a demanding market.

在 1 ZH/s 的速度下，礦商將被迫採用更具創新性的策略，以保持償付能力並適應苛刻的市場。

Interestingly, a single block's hashrate may have already briefly touched 1 ZH/s, according to an X post on Thursday. However, a single block reading is unreliable due to the probabilistic nature of mining, block time variability, and short-term network fluctuations. Hence, the industry typically considers a seven-day moving average for accuracy.

有趣的是，根據週四的 X 帖子，單一區塊的算力可能已經短暫觸及 1 ZH/s。然而，由於挖礦的機率性質、區塊時間變異性和短期網路波動，單一區塊的讀取是不可靠的。因此，業界通常會考慮使用 7 天移動平均線來提高準確性。

In addition to the rising hashrate, the difficulty of mining a block is also increasing. Since October, the blockchain has seen seven consecutive positive difficulty adjustments, currently at 109.78 trillion (T). The difficulty adjusts every 2,016 blocks, recalibrating to have blocks mined on average every 10 minutes. The last time the network saw seven consecutive positive adjustments was after China banned mining in 2021, which caused the hashrate to drop by 50%.

除了算力上升之外，挖掘區塊的難度也在增加。自10月以來，區塊鏈已連續七次難度正向調整，目前為109.78兆（T）。難度每 2,016 個區塊調整一次，重新校準為平均每 10 分鐘開採出一個區塊。上一次網路連續七次正向調整是在2021年中國禁止挖礦之後，導致算力下降了50%。

This time, however, the hashrate and difficulty are moving in tandem.

然而，這一次，算力和難度是同步變化的。