比特幣的哈希拉特已經下降了幾個星期

全球比特幣哈希拉特是一個估算，可在比特幣採礦中衡量全球分配的計算能力。

The hashrate of Bitcoin has been declining for a few weeks. Taking as a reference the seven-day moving average calculated by Hashrate Index, after reaching the new all-time high at 850 Eh/s on February 8th, just a few days later it had already returned to 812 Eh/s.

比特幣的哈希拉特已經下降了幾週。作為參考，在2月8日達到850 EH/s的新歷史最高點之後，就有7天的移動平均線，就在幾天后，它已經返回到812 EH/s。

A couple of days ago it had returned to 841 Eh/s, but today it is back to 816.

幾天前，它返回到841 EH/s，但今天又回到了816。

The records of Bitcoin’s hashrate

比特幣的哈希拉特記錄

The global Bitcoin hashrate is an estimate that measures the computing power allocated overall in the world in Bitcoin mining.

全球比特幣哈希拉特是一個估算，可在比特幣採礦中衡量全球分配的計算能力。

It is measured in ExaHash per second (Eh/s), that is, in billions of billions of hashes per second. Hashes are the strings of text that validate the blocks, and that the miners randomly extract in search of the single string that validates a single block.

它以每秒（eh/s）的exahash（eh/s）進行測量，即每秒數十億馬斯。哈希是驗證塊的文本字符串，礦工隨機提取以尋找驗證單個塊的單個字符串。

With the current level of difficulty, it is necessary to randomly extract billions upon billions of hashes every second, worldwide, in order to identify approximately every 10 minutes the one that confirms a new block.

由於目前的難度水平，有必要每秒在全球數十億次哈希時隨機提取數十億美元，以確定大約每10分鐘確認一個確認新塊的人。

A year ago, the global hashrate of Bitcoin was just over 550 Eh/s, and at the beginning of October 2024, it had risen to 625. With the bull run in November, it then rose for the first time in history above 700 Eh/s, and in December, for the first time, it also rose above 800.

一年前，比特幣的全球哈希拉特架剛剛超過550 EH/s，在2024年10月初，它已上升至625。隨著公牛在11月的運行，它的歷史上首次上升了700 eh以上EH以上/s，在12月，它也是第一次上升到800以上。

The all-time high was reached at the beginning of February 2025, while the current levels are still in line with those of early January. In short, there is absolutely nothing to worry about.

在2025年2月初達到歷史最高水平，而目前的水平仍與1月初的水平保持一致。簡而言之，絕對沒有什麼可擔心的。

The difficult market conditions

艱難的市場條件

The fact that for Bitcoin this situation is not at all concerning, does not mean, however, that the same thing must also apply to the miners.

但是，對於比特幣而言，這種情況根本不關心，但這並不意味著同一件事也必須適用於礦工。

Indeed, for smaller miners, and for those who have to bear higher costs for purchasing electricity, the current market conditions are difficult.

的確，對於小型礦工而言，對於那些必須承擔更高成本以購買電力的人來說，當前的市場狀況很難。

Taking as a reference the Bitcoin Mining Profitability from BitInfoCharts, which estimates the profitability of BTC mining, the current levels are definitely low.

作為參考比特幣採礦的盈利能力，估計了BTC採礦的盈利能力，目前的水平肯定很低。

A year ago they were $0.078 per THash/s, but by May 2024 they had already fallen below $0.05.

一年前，它們的價格為每thash/s $ 0.078，但到2024年5月，他們已經下跌低於0.05美元。

With the bullrun at the end of 2024, they had almost returned to $0.07, but starting from the end of December, the growth trend reversed.

隨著2024年底的Bullrun，他們幾乎恢復了0.07美元，但從12月底開始，增長趨勢扭轉了。

It must be said, however, that even though the current values have fallen back below $0.06, they are still above $0.055, which is significantly higher than those in October. Just consider that in September they even fell below $0.04, marking practically the all-time lows.

但是，必須說，即使目前的價值降至0.06美元以下，它們仍然高於0.055美元，這顯著高於10月的。只需考慮到9月，它們甚至低於0.04美元，這實際上標誌著歷史最低點。

The cost of mining

採礦成本

The main cost that miners have to face is related to electricity. As is well known, Bitcoin mining consumes a lot of electricity because it is a competition where the winner is the one with the most hashrate. In fact, miners are incentivized to use the maximum possible hashrate. However, with equal efficiency, more hashrate also necessarily means higher electricity consumption.

礦工必鬚麵對的主要成本與電力有關。眾所周知，比特幣開採會消耗大量電力，因為這是一場競爭，其中獲勝者是哈希拉特最多的競爭。實際上，激勵礦工使用最大可能的哈希酸鹽。但是，隨著效率同樣的效率，更多的哈希酸鹽也必須意味著更高的電力消耗。

The increases or decreases in electricity consumption for Bitcoin mining primarily depend on two factors: the difficulty and the efficiency of the machines.

比特幣開采的電力消耗的增加或減少主要取決於兩個因素：機器的難度和效率。

The first is directly correlated with electricity consumption, while the second is inversely correlated.

第一個與電力消耗直接相關，而第二個則是成反比的。

However, while the difficulty varies every two weeks, the efficiency of the machines improves only over time, with significantly longer timeframes. Thus, in the short term, only the difficulty really matters.

但是，儘管困難每兩周有所不同，但機器的效率僅隨著時間的推移而提高，時間範圍明顯更長。因此，在短期內，只有困難才真正重要。

Currently, the difficulty, after the increase on February 9th, is at its peak, but it is likely that at the next update (expected over the weekend) it will decrease a bit.

目前，在2月9日增加之後的困難處於頂峰，但很可能在下一個更新（預計在周末）會有所減少。

Just think that a year ago it was 81.7 T, and that even in October it was below 95 T. Now, however, it is at 114 T, and at these levels several miners struggle to cover the costs, thus having to shut down the less efficient machines.

試了一年前，它是81.7 t，即使在10月也低於95 t。但是，現在是114 t，在這些層面上，幾個礦工都在努力支付成本，因此必須關閉效率較低的機器。

Energy consumption

能源消耗

It should also be highlighted that the cost of electricity is not the same for everyone.

還應該強調的是，所有人的電費都不一樣。

Those who can access large amounts of low-cost electricity can also use less efficient machines, while those who are forced to pay more for electricity at this time are compelled to turn off the less efficient machines, having to use only the latest generation, more efficient ones.

那些可以使用大量低成本電力的人也可以使用效率較低的機器，而那些此時被迫為電力支​​付的人被迫關閉效率較低的機器，僅使用最新一代，更多高效的。

It should also be remembered, however, that the Bitcoin protocol does not impose at all, and in any way, a certain energy consumption. This consumption is solely and exclusively the result of independent and arbitrary decisions by the miners, even if they are in fact incentivized to use as much hashrate as possible, and therefore to consume as much electricity as possible.

但是，還應記住，比特幣協議根本沒有強加於某種能源消耗。這種消費僅是礦工獨立和任意決定的結果，即使實際上激勵他們使用盡可能多的哈希酸鹽，因此可以消耗盡可能多的電力。

In a situation

在某種情況下