比特币 (BTC) 算力接近每秒 1 Zettahash，给矿工带来压力

比特币矿工的盈利能力是算力的重要组成部分。算力越高，能源成本就越高。

Bitcoin's (BTC) hashrate, a measure of the computational power used to mine a block in a proof-of-work blockchain, is set to reach 1 zettahash per second (ZH/s) before the next halving event in about 3.5 years, highlighting the increasing energy demands and competitive landscape for miners.

比特币 (BTC) 的哈希率是衡量工作量证明区块链中用于挖掘区块的计算能力的指标，预计在 3.5 年后的下一次减半事件之前达到每秒 1 zettahash (ZH/s)，这凸显了比特币的哈希率。不断增长的能源需求和矿工的竞争格局。

The average hashrate is expected to hit 1 ZH/s, which is equivalent to 1,000 exahash per second (EH/s), by 2027, even if it rises at a conservative rate of 20% per year. Notably, the hashrate has grown an average of 65% per year since 2020 and currently stands at around 787 EH/s on a seven-day moving average, according to Glassnode data.

到 2027 年，平均算力预计将达到 1 ZH/s，相当于每秒 1,000 exahash (EH/s)，即使它以每年 20% 的保守速度增长。值得注意的是，根据 Glassnode 的数据，自 2020 年以来，算力每年平均增长 65%，目前 7 天移动平均值约为 787 EH/s。

The hashrate serves as a crucial factor in determining Bitcoin miners' profitability. As the hashrate increases, so do the energy costs, making it essential for miners to optimize their operations to remain competitive and profitable. Moreover, the hashrate contributes to the network's security, which has appreciated by 56% over the past year.

算力是决定比特币矿工盈利能力的关键因素。随着算力的增加，能源成本也随之增加，因此矿工必须优化其运营以保持竞争力和盈利。此外，算力有助于网络安全，在过去一年里增长了 56%。

The pace of hashrate growth accelerated in the second half of 2024 following the April halving, which saw the block rewards drop by 50% to 450 BTC per day, reducing the revenue earned by miners. This intense competition led some miners to pivot a portion of their operations to artificial intelligence (AI) computing, while others opted to purchase Bitcoin on the open market.

4 月份减半后，2024 年下半年算力增长速度加快，区块奖励下降 50% 至每天 450 BTC，减少了矿工的收入。这种激烈的竞争导致一些矿商将部分业务转向人工智能（AI）计算，而另一些矿商则选择在公开市场上购买比特币。

At 1 ZH/s, miners will be compelled to adopt more innovative strategies to remain solvent and adapt to a demanding market.

在 1 ZH/s 的速度下，矿商将被迫采用更具创新性的策略，以保持偿付能力并适应苛刻的市场。

Interestingly, a single block's hashrate may have already briefly touched 1 ZH/s, according to an X post on Thursday. However, a single block reading is unreliable due to the probabilistic nature of mining, block time variability, and short-term network fluctuations. Hence, the industry typically considers a seven-day moving average for accuracy.

有趣的是，根据周四的 X 帖子，单个区块的算力可能已经短暂触及 1 ZH/s。然而，由于挖矿的概率性质、区块时间变异性和短期网络波动，单个区块的读取是不可靠的。因此，业界通常考虑使用 7 天移动平均线来提高准确性。

In addition to the rising hashrate, the difficulty of mining a block is also increasing. Since October, the blockchain has seen seven consecutive positive difficulty adjustments, currently at 109.78 trillion (T). The difficulty adjusts every 2,016 blocks, recalibrating to have blocks mined on average every 10 minutes. The last time the network saw seven consecutive positive adjustments was after China banned mining in 2021, which caused the hashrate to drop by 50%.

除了算力上升之外，挖掘区块的难度也在增加。自10月份以来，区块链已连续七次难度正向调整，目前为109.78万亿（T）。难度每 2,016 个区块调整一次，重新校准为平均每 10 分钟开采出一个区块。上一次网络连续七次正向调整是在2021年中国禁止挖矿之后，导致算力下降了50%。

This time, however, the hashrate and difficulty are moving in tandem.

然而，这一次，算力和难度是同步变化的。