中國的比特幣閃電戰：一場慘痛的勝利

中國最近對比特幣挖礦和交易的打擊對加密貨幣市場產生了重大影響。全國大部分地區禁止挖礦，導致網路算力下降50%，並出現有史以來最大的單次挖礦難度調整。政府也從網路搜尋結果封鎖了加密貨幣交易，限制槓桿交易，並指示銀行關閉場外交易銀行帳戶。這些措施導致比特幣價格下跌，並引發了人們對可能發生 51% 算力攻擊的擔憂。然而，儘管中國發動攻勢，比特幣網路和價格的恢復情況卻比許多人預期的要好。算力已反彈至1億TH/s，點對點交易仍在進行中。亞洲交易所仍然主導著現貨交易量，並且有跡象表明場外交易正在尋找新的支付網關和路線。

China's Coordinated Attack on Bitcoin: A Pyrrhic Victory

中國對比特幣的協同攻擊：一場慘痛的勝利

In an unprecedented move, China has launched a relentless assault on Bitcoin's mining industry and cryptocurrency exchanges. Amidst concerns of a potential 51% hash rate attack, the market witnessed a steep decline in Bitcoin's price. However, despite the government's concerted efforts, the latest developments suggest that China's offensive has ultimately failed to deliver a decisive blow to the Bitcoin network.

中國採取了前所未有的舉措，對比特幣挖礦業和加密貨幣交易所發動了無情的攻擊。由於擔心潛在的 51% 算力攻擊，市場見證了比特幣價格的急劇下跌。然而，儘管政府做出了共同努力，但最新事態發展表明，中國的攻勢最終未能對比特幣網路造成決定性打擊。

China's Three-Pronged Attack

中國三管齊下的進攻

China's crackdown on Bitcoin began in May 2021, with a ban on mining in most regions. This abrupt move, coupled with Elon Musk's decision to suspend Tesla's acceptance of Bitcoin payments, sent shockwaves through the cryptocurrency community. The subsequent blocking of cryptocurrency exchanges from web search results, limiting of leveraged trading, and banning of social networking accounts further intensified the government's campaign against Bitcoin.

中國對比特幣的打擊始於2021年5月，大部分地區禁止挖礦。這突然的舉動，加上伊隆馬斯克決定暫停特斯拉接受比特幣支付，在加密貨幣社群引起了軒然大波。隨後從網路搜尋結果中封鎖加密貨幣交易、限制槓桿交易以及禁止社群網路帳戶，進一步加劇了政府對比特幣的打擊力道。

Short-Term Success, Long-Term Failure

短期成功，長期失敗

Initially, China's actions seemed to achieve their intended effect. Bitcoin's price plummeted, and the network hash rate, a measure of the total mining power, reached its lowest level in two years. However, in a remarkable turn of events, the hash rate has since rebounded to 100 million TH/s, demonstrating the resilience of the Bitcoin network.

起初，中國的行動似乎達到了預期效果。比特幣價格暴跌，網路算力（衡量總算力的指標）達到兩年來的最低水準。然而，事態發生了顯著的轉變，算力此後反彈至 1 億 TH/s，證明了比特幣網路的彈性。

Moreover, despite the ban on exchanges, peer-to-peer (p2p) trading remains active in China. Individuals have stepped up as intermediaries, facilitating Bitcoin transactions and bypassing government restrictions. This grassroots activity ensures that Bitcoin remains accessible to Chinese investors and undermines the government's attempts to suppress its use.

此外，儘管交易所被禁止，但點對點（p2p）交易在中國仍然活躍。個人已經成為中間人，促進比特幣交易並繞過政府限制。這種草根活動確保了中國投資者仍然可以獲得比特幣，並破壞了政府壓制其使用的企圖。

Asian Exchanges Maintain Dominance

亞洲交易所維持主導地位

Despite the crackdown, Asian-based cryptocurrency exchanges, such as Binance, OKEx, and Huobi, continue to dominate spot trading volume. This indicates that Chinese entities are finding ways to trade Bitcoin, even after the government's ban on exchanges. The dominance of these exchanges suggests that China's efforts to isolate its citizens from the global cryptocurrency market have been unsuccessful.

儘管受到打擊，幣安、OKEx 和火幣等亞洲加密貨幣交易所仍繼續主導現貨交易量。這表明，即使在政府禁止交易所之後，中國實體仍在尋找交易比特幣的方法。這些交易所的主導地位表明，中國將其公民與全球加密貨幣市場隔離的努力並不成功。

OTC Transactions Filling the Gap

場外交易填補空白

While the exact extent of over-the-counter (OTC) transactions in China is difficult to quantify, it is clear that these intermediaries are playing a crucial role in facilitating Bitcoin trading. OTC desks provide alternative channels for converting fiat currency into stablecoins, enabling Chinese investors to continue transacting on foreign exchanges.

雖然中國場外交易（OTC）的確切規模很難量化，但很明顯，這些中介機構在促進比特幣交易方面發揮著至關重要的作用。場外交易櫃檯提供了將法定貨幣轉換為穩定幣的替代管道，使中國投資者能夠繼續進行外匯交易。

Conclusion: A Limited Impact

結論：影響有限

Despite China's concerted efforts to undermine Bitcoin, the network and its price have demonstrated remarkable resilience. The rebounding hash rate, the continued activity of p2p marketplaces, and the dominance of Asian exchanges indicate that the Chinese government's offensive has failed to achieve its primary objectives. While some temporary hiccups and price fluctuations were experienced, the long-term impact of China's actions appears to be minimal.

儘管中國齊心協力破壞比特幣，但該網路及其價格卻表現出了非凡的彈性。哈希率的反彈、p2p 市場的持續活躍以及亞洲交易所的主導地位表明，中國政府的攻勢未能實現其主要目標。儘管經歷了一些暫時的問題和價格波動，但中國行動的長期影響似乎很小。

The Bitcoin network has proven to be highly adaptable, effectively absorbing the shockwaves of the government's crackdown. As Bitcoin continues to evolve and gain wider acceptance, the efforts of any single government to stifle its growth are likely to prove futile.

事實證明，比特幣網路具有很強的適應性，可以有效地吸收政府鎮壓的衝擊波。隨著比特幣不斷發展並獲得更廣泛的接受，任何單一政府遏制其增長的努力都可能被證明是徒勞無功的。