比特幣哈希拉特現在正在短暫下降後恢復

根據Hashrate指數的估計，上週為期7天的移動平均線低於800 EH/s，但截至週六，它越過了該閾值。

After a brief period of decline, the hashrate of Bitcoin is now recovering as well. According to the estimates of Hashrate Index, the seven-day moving average had fallen below 800 Eh/s last week, but as of Saturday, it rose back above this threshold.

經過短暫的衰落，比特幣的哈希拉特現在也正在恢復。根據Hashrate指數的估計，上週為期7天的移動平均線低於800 EH/s，但截至週六，它越過了該閾值。

The all-time high was reached at the beginning of February, at almost 850 Eh/s, and by the end of February, it had dropped to 750. Then in mid-March, it had risen to 840, but afterwards, it had fallen again below 800.

2月初達到了歷史最高水平，近850 eh/s，到2月底，它已降至750。

Essentially, it hasn’t risen significantly since mid-December, that is, since it surpassed 800 Eh/s for the first time in history.

從本質上講，自12月中旬以來，它並沒有大幅度上升，也就是說，因為它在歷史上首次超過了800 EH/s。

The relationship between hashrate and the price of Bitcoin

哈希拉特與比特幣價格之間的關係

As can be inferred from the previous data, there is a direct relationship between the hashrate of Bitcoin and the price of BTC.

從以前的數據可以推斷出，比特幣的哈希酸鹽與BTC的價格之間存在直接關係。

However, unlike what is commonly believed, it is not the hashrate that influences the price, but the exact opposite.

但是，與普遍認為的不同，不是影響價格的哈希酸鹽，而是恰恰相反。

After the electoral victory of Trump at the beginning of November, the price of Bitcoin started to rise from $70,000 to $100,000. This sudden rise increased the profitability of BTC mining, and thus the miners increased their computing power.

在11月初特朗普的選舉勝利之後，比特幣的價格從70,000美元上漲到100,000美元。這種突然的上升提高了BTC採礦的盈利能力，因此礦工增加了計算能力。

It is necessary to remember that mining is a competition in which those with greater computing power are favored, and the hashrate is precisely the parameter that measures the computing power engaged in mining.

有必要記住，採礦是一項競爭，其中具有更大計算能力的人受到偏愛，而哈希酸鹽恰恰是測量挖掘中計算能力的參數。

And so from the beginning of November to mid-December, the seven-day moving average of the hashrate of Bitcoin mining rose from about 700 Eh/s to 800, only to stop there when the rise in the price of BTC also halted.

因此，從11月初到12月中旬，比特幣開采的七天移動平均線從約700 EH/s增加到800，直到BTC價格上漲也停止了。

The holding of the hashrate level

佔用載岩級

What might surprise is the fact that the hashrate is still well above 800 Eh/s even after the price crash, although from this point of view in recent days there has been a rebound that has brought it well above $86,000.

可能令人驚訝的是，即使在價格崩潰之後，哈希拉特仍遠高於800 EH/s，儘管從最近幾天開始，有一個反彈使其遠高於86,000美元。

It should be specified, however, that the reaction of the hashrate tends to be slow, also because the more it is reduced, the more there is a risk of earning less from this activity.

但是，應該指出，哈希酸鹽的反應往往會很慢，這也是因為它越減少，從這種活動中獲得的收入就越少。

In other terms, miners are still always incentivized to keep the hashrate as high as possible, even when the price of BTC drops, and this is why price declines tend to have a very slow impact on the hashrate.

換句話說，即使BTC的價格下跌，礦工仍然總是被激勵以保持哈希酸鹽盡可能高，這就是為什麼價格下降的原因往往會對哈希拉特產生非常緩慢的影響。

The earnings of the miners always occur in BTC, and the amount of BTC distributed overall to the miners remains the same for each cycle marked by the halving. Therefore, when the market value of BTC increases, the profits for the miners also effectively increase, and vice versa.

礦工的收入始終出現在BTC中，並且在每一個以減半標記的周期中分配給礦工的BTC總數保持不變。因此，當BTC的市場價值增加時，礦工的利潤也有效增加，反之亦然。

For example, while the price of BTC increased from $70,000 to $100,000, marking a +43%, the hashrate increased only from 700 to 800 Eh/s, with an increase of only 14%. This explains why the hashrate is holding even after the price drop, since it practically had not yet increased sufficiently before the price rise stopped.

例如，雖然BTC的價格從70,000美元上漲到100,000美元，標準為A +43％，但哈希拉特僅從700 eh/s增加到800 EH/s，僅增加了14％。這就解釋了為什麼在價格下跌之後即使是橋樑也要持有的原因，因為在價格上漲之前，它實際上尚未充分增加。

The reduction of costs

降低成本

When the hashrate increases, the overall costs of mining also tend to increase.

當哈希酸鹽增加時，採礦的總體成本也傾向於增加。

But the cost of the hashrate can sometimes also decrease thanks to an increase in efficiency.

但是，由於效率提高，哈希拉底鹽的成本有時也會降低。

The Hashprice Index measures the cost of hashrate, understood as the operating cost of 1 Ph/s.

Hashprice指數衡量了哈希底型的成本，被理解為1 ph/s的工作成本。

One Petahash per second (Ph/s) is one thousandth of an Exahash per second (Eh/s), which is the unit of measurement used to express the estimated value of the overall hashrate.

每秒一個petahash（pH/s）是每秒exahash的千分之一（eh/s），這是用於表達整體橋樑估計值的測量單位。

A year ago, the average cost of a Ph/s was even higher than 100$, but in May of last year, it dropped to 44$.

一年前，pH/s的平均成本甚至高於100美元，但去年5月，下降到44美元。

Besides efficiency, two other key factors affect this cost: the cost of electricity, and the difficulty.

除效率外，其他兩個關鍵因素會影響這一成本：電力成本和困難。

Electricity costs vary greatly around the world, and it is not strictly related to Bitcoin.

全球電力成本差異很大，並且與比特幣無關。

Instead, the difficulty is precisely the level of difficulty required to successfully extract the hash that confirms the blocks of Bitcoin.

相反，難度完全是成功提取確認比特幣塊的哈希所需的難度水平。

From May 2024 to today, the difficulty has risen from just over 80T to over 110T, but despite this, the Hashprice Index has remained relatively stable around $50, with fluctuations from $40 to $60.

從2024年5月到今天，困難已從80噸以上增加到110噸，但是儘管如此，Hashprice指數仍然相對穩定，左右左右左右，波動從40美元上升到60美元。

This means that efficiency has increased to the point of keeping the hashprice stable despite the increase in difficulty.

這意味著儘管難度增加，效率已經提高到保持哈希股的穩定點。

Among other things, at the end of January the hashprice was just over $60, while just before mid-March

除其他外，1月底，Hashprice剛剛超過60美元，而在3月中旬之前