比特幣現金減半後的困境：算力暴跌，價格飆漲

4 月 4 日比特幣現金減半後，哈希率和價格之間出現了不尋常的動態，引發了關於它們相關性的爭論。儘管哈希率大幅下降了 83％，但比特幣現金仍保持了其價格勢頭，超出了預期，並凸顯了加密貨幣市場中這些因素之間的複雜關係。

Bitcoin Cash: A Post-Halving Conundrum of Plunging Hash Rate and Soaring Prices

比特幣現金：減半後哈希率暴跌和價格飆升的難題

The recent halving of Bitcoin Cash (BCH) on April 4 has sparked an unprecedented dynamic between the network's computational power and market valuation, raising fundamental questions about the relationship between these two metrics.

最近 4 月 4 日比特幣現金 (BCH) 減半引發了網路運算能力和市場估值之間前所未有的動態，引發了關於這兩個指標之間關係的基本問題。

Antecedents of a Hash Rate Collapse

算力崩潰的前因

In the lead-up to the halving, Bitcoin Cash experienced a surge in both hash rate and price, reflecting the increased anticipation and optimism among participants. However, following the halving event, the hash rate has plummeted to record lows, hitting a staggering 83% decline in just five days.

在減半之前，比特幣現金的算力和價格都出現了飆升，反映出參與者的預期和樂觀情緒增加。然而，減半事件發生後，算力暴跌至歷史新低，短短五天內跌幅達到驚人的 83%。

Unexpected Resilience of BCH Price

BCH 價格出乎意料的堅挺

Despite the exodus of miners, the price of BCH has exhibited remarkable resilience, defying expectations and confounding analysts. The token has enjoyed a 9% surge over the last 24 hours, reaching a 28-month high of $720. This price momentum has occurred against the backdrop of a relatively stagnant broader market.

儘管礦工紛紛出走，但 BCH 的價格表現出了驚人的彈性，超出了預期，令分析師感到困惑。該代幣在過去 24 小時內飆升 9%，達到 720 美元的 28 個月高點。這種價格勢頭是在大盤相對停滯的背景下出現的。

The Hash Rate Conundrum

哈希率難題

The dramatic decline in hash rate suggests that miners may have lost confidence in Bitcoin Cash's prospects following the halving, which reduced block rewards to 3.125 BCH. However, this exodus of miners seemingly contradicts the rising trend in mining revenue, which reached a local peak of $960,000 on March 2.

哈希率的急劇下降表明，減半後礦工可能對比特幣現金的前景失去了信心，減半將區塊獎勵減少至 3.125 BCH。然而，礦工的外流似乎與挖礦收入的上升趨勢相矛盾，挖礦收入在 3 月 2 日達到了 96 萬美元的局部高峰。

Challenging the Hash Rate-Price Correlation

挑戰哈希率與價格的相關性

The relationship between hash rate and price is not straightforward in the realm of cryptocurrencies. Conventional wisdom suggests that a high hash rate boosts market confidence in the network's security, potentially attracting more buyers and exerting upward pressure on price. However, the post-halving dynamic in Bitcoin Cash challenges this traditional correlation.

在加密貨幣領域，哈希率和價格之間的關係並不簡單。傳統觀點認為，高算力會增強市場對網路安全的信心，可能吸引更多買家並對價格施加上行壓力。然而，比特幣現金減半後的動態卻挑戰了這種傳統的相關性。

Nuances of Cryptocurrency Valuations

加密貨幣估值的細微差別

The cryptocurrency market operates on a complex interplay of macroeconomic factors, electricity costs, and ever-shifting break-even points for miners. These factors contribute to the fluid nature of hash rate-price relationships.

加密貨幣市場的運作是在宏觀經濟因素、電力成本和礦工不斷變化的收支平衡點之間的複雜相互作用下進行的。這些因素導致了哈希率與價格關係的流動性。

Fundamental Developments and Speculation

基本面發展與猜測

Despite its low hash rate, Bitcoin Cash is riding a wave of positive fundamental developments. The recent rollout of BCH futures trading on Coinbase has garnered significant attention. Moreover, rumors of an upcoming BCH ETF have further fueled bullish sentiment.

儘管哈希率較低，但比特幣現金正在經歷積極的基本面發展浪潮。 Coinbase 最近推出的 BCH 期貨交易引起了廣泛關注。此外，有關 BCH ETF 即將推出的傳言進一步加劇了看漲情緒。

Implications of the Post-Halving Dynamic

減半後動態的影響

The unusual dynamic between hash rate and price in Bitcoin Cash underscores the unique and often unpredictable nature of cryptocurrency markets. While the plummeting hash rate raises concerns about network security, surging prices indicate that speculative activity and sentiment may outweigh technical fundamentals in the short term.

比特幣現金的哈希率和價格之間不尋常的動態凸顯了加密貨幣市場的獨特且往往不可預測的性質。雖然哈希率暴跌引發了人們對網路安全的擔憂，但價格飆升表明投機活動和情緒在短期內可能超過技術基本面。

Conclusion

結論

The post-halving dynamics in Bitcoin Cash have presented a puzzling conundrum, challenging conventional wisdom and sparking debate among analysts. As the cryptocurrency market continues to evolve, it remains to be seen whether BCH's price momentum can be sustained or if the low hash rate will eventually take its toll. The ongoing developments in the ecosystem, including regulatory updates and technological advancements, will undoubtedly shape the future trajectory of Bitcoin Cash.

比特幣現金減半後的動態提出了一個令人費解的難題，挑戰了傳統觀點並引發了分析師的爭論。隨著加密貨幣市場的不斷發展，BCH 的價格動能能否持續，或者低算力是否最終會造成損失，還有待觀察。生態系統的持續發展，包括監管更新和技術進步，無疑將塑造比特幣現金的未來軌跡。