比特币（BTC）生态系统创下新纪录，挖矿难度调整升至110.45T

比特币（BTC）生态系统不断刷新纪录，挖矿难度调整升至110.45T（万亿）的历史新高。

The bitcoin (BTC) mining difficulty has hit a new record high of 110.45T (trillion) in the latest adjustment. This difficulty is approximately 110.45 trillion times harder than it was at the time of Bitcoin's genesis block.

比特币（BTC）挖矿难度在最新调整中创下110.45T（万亿）新高。这个难度比比特币创世区块时的难度大约是 110.45 万亿倍。

The difficulty adjustment, which occurs every 2,016 blocks, is designed to ensure that blocks are mined on average every 10 minutes.

每 2,016 个区块进行一次难度调整，旨在确保平均每 10 分钟开采出一个区块。

This adjustment marks the eighth consecutive positive difficulty adjustment, putting further pressure on miners as the industry becomes more competitive and difficult to mine a block and receive bitcoin rewards.

此次调整标志着连续第八次积极的难度调整，随着行业竞争变得更加激烈，开采区块和获得比特币奖励变得更加困难，给矿工带来了进一步的压力。

This difficulty has led some publicly traded miners to pivot into the high-performance computing (HPC) and artificial intelligence (AI) industries, as they are unable to sustain their operations solely through bitcoin mining.

这种困难导致一些上市矿商转向高性能计算（HPC）和人工智能（AI）行业，因为他们无法仅通过比特币挖矿来维持运营。

Notably, MARA Holdings (MARA) has issued convertible bonds to acquire bitcoin and is also optimizing revenue by lending out its bitcoin to generate single-digit yields.

值得注意的是，MARA Holdings (MARA) 已发行可转换债券来收购比特币，并通过出借比特币以产生个位数的收益率来优化收入。

It's worth noting that this is not the first time we've seen a high number of consecutive positive adjustments. During the summer of 2021, shortly after the China mining ban, which saw the hashrate drop by about 50%, the difficulty also made nine consecutive positive adjustments.

值得注意的是，这并不是我们第一次看到大量连续积极调整。 2021年夏天，中国解禁后不久，算力下降了约50%，难度也连续九次正向调整。

After this event, from July to November 2021, the difficulty adjustment saw nine consecutive positive adjustments, with the final adjustment coinciding with the bull market top when bitcoin reached around $69,000, before entering a bear market for the whole of 2022. The last positive adjustment marked the top in 2021.

此次事件之后，从2021年7月到2021年11月，难度调整连续九次正向调整，最后一次调整恰逢比特币达到69000美元左右的牛市见顶，之后进入2022年全年熊市。最后一次正向调整2021 年达到顶峰。

Interestingly, in 2018, the opposite occurred. Bitcoin made 17 positive adjustments from December 2017, coinciding with the bull market top when bitcoin was around $20,000. A small negative adjustment followed in July 2018, when the price was roughly $6,000.

有趣的是，2018 年却出现了相反的情况。比特币自2017年12月以来出现了17次积极调整，恰逢比特币2万美元左右的牛市见顶。随后在 2018 年 7 月出现了小幅负调整，当时价格约为 6,000 美元。

The network then went on to make six consecutive positive adjustments before seeing multiple negative adjustments around Q4 2018, when bitcoin put in its bottom for the cycle at around $3,000.

随后，该网络连续进行了六次积极调整，然后在 2018 年第四季度左右出现多次消极调整，当时比特币在 3,000 美元左右触底进入周期。

While there seems to be no clear trend when bitcoin makes this many positive consecutive adjustments, it has indicated near cycle tops and bottoms in the past.

虽然比特币进行如此多的连续积极调整时似乎没有明显的趋势，但它在过去已经表明接近周期顶部和底部。

However, it's crucial to note the continued strength of the hashrate, which, on a 7-day moving average, is at 775 EH/s. CoinDesk research suggests that 1 zettahash per second can be reached before the next halving.

然而，值得注意的是算力的持续强劲，根据 7 天移动平均线，算力为 775 EH/s。 CoinDesk 研究表明，在下一次减半之前，每秒可以达到 1 zettahash。