比特幣哈希拉特正在激增，揭示了其本地令牌比特幣（BTC）的網絡活動與價格之間的脫位。

比特幣區塊鏈的哈希拉特正在飆升，揭示了其本地令牌比特幣（BTC）的網絡活動與價格之間的脫位。

The burgeoning hash rate of the Bitcoin blockchain is revealing a widening divergence between the network activity and the price of its native token bitcoin (BTC).

比特幣區塊鏈的新興哈希速率正在揭示網絡活動與其本地令牌比特幣（BTC）的價格之間的差異。

On a 14-day moving average, the hashrate, which measures the computational power required to mine a block on the proof-of-work Bitcoin blockchain, recently reached an all-time high of 838 exahashes per second (EH/s). On a 24-hour time frame, it spiked to 974 EH/s, the second highest level ever, according to Glassnode data.

在14天的移動平均線上，哈希酸鹽衡量了在工作證明比特幣區塊鏈上挖掘一個塊所需的計算能力，最近達到了每秒838個exahashes的歷史最高點（EH/s）。根據玻璃節數據，在24小時的時間範圍內，它飆升至974 EH/s，是有史以來第二高的級別。

Measuring over a 24-hour window can be problematic due to the variability in block time. Longer time frames, such as 30 days, provide more reliable insights. In two days, Bitcoin’s difficulty adjustment, which recalibrates every 2016 blocks to maintain a 10-minute block interval, is expected to increase by over 3%, reaching a new peak.

由於塊時間的變化，在24小時窗口上測量可能是有問題的。較長的時間範圍（例如30天）提供了更可靠的見解。在兩天內，比特幣的難度調整（重新校準了2016年的每個塊以保持10分鐘的間隔，預計將增加3％以上，達到新的峰值。

This divergence between hash rate and price is significant. While bitcoin remains about 25% below its all-time high, mining costs are continuing to rise. For miners to remain profitable and cover operational expenses and capital expenditures, a strong bitcoin price, full blocks and high transaction fees are crucial.

哈希率和價格之間的這種差異很大。儘管比特幣仍然比歷史最高高的25％，但採礦成本仍在繼續上升。為了使礦工保持盈利並支付運營支出和資本支出，比特幣價格，全額蓋帽和高交易費用至關重要。

Currently, miners generate revenue from two sources: block rewards (3.125 BTC per block in the current epoch) and transaction fees. However, transaction fees are remarkably low — averaging around 4 BTC per day, or roughly $377,634. As bitcoin’s block subsidy continues to halve every four years, sustained or increasing transaction activity will be critical to maintain mining incentives.

目前，礦工從兩個來源產生收入：塊獎勵（當前時期3.125 BTC）和交易費用。但是，交易費用非常低 - 平均每天約4 BTC，約為377,634美元。隨著比特幣的塊補貼每四年繼續減半，持續或增加的交易活動對於維持採礦激勵措施至關重要。

Near empty blocks

靠近空塊

Developer Mononaut, from Mempool, recently pointed out that Foundry USA Pool mined the emptiest "non-empty" block in over two years, containing just seven transactions — a rarity only surpassed by a block with four transactions back in January 2023.

來自Mempool的開發商Mononaut最近指出，美國Foundry USA Pool在兩年內開采了最空虛的“非空”區塊，僅包含7次交易 - 稀有性僅在2023年1月的四個交易中超過了一個街區。

In other words, while the surging hashrate portrays a lively network, the nearly-empty blocks highlight a powerful train speeding down the tracks but with few passengers.

換句話說，雖然飆升的哈希拉特描繪了一個活潑的網絡，但幾乎空的障礙物突出了一條強大的火車，沿著軌道行駛，但很少有乘客。

That's a cause for concern for Nicolas Gregory, creator of the Mercury Layer and a former Nasdaq Board Director.

這是水星層的創建者兼前納斯達克董事會主任尼古拉斯·格雷戈里（Nicolas Gregory）關注的原因。

“Half-empty bitcoin blocks tell a tale — hawking the store-of-value line could scupper its future," Gregory said on X.

格雷戈里在X上說：“半空的比特幣塊講述了一個故事 - 霍克斯（Hawk）的價值商店可能會破壞其未來。”

"I hope bitcoiners realize this space is more than just podcasts, spaces, and the ‘number go up’ digital gold narrative. If we don’t get people using bitcoin for real commerce, it’s game over," Gregory added.

Gregory補充說：“我希望比特幣的人意識到，這個空間不僅僅是播客，空間和'數字上升'數字黃金敘事。如果我們不讓人們使用比特幣進行真正的商業，那就是遊戲。”