比特币现金减半后的困境：算力暴跌，价格飙升

4 月 4 日比特币现金减半后，哈希率和价格之间出现了不寻常的动态，引发了关于它们相关性的争论。尽管哈希率大幅下降了 83％，但比特币现金仍保持了其价格势头，超出了预期，并凸显了加密货币市场中这些因素之间的复杂关系。

Bitcoin Cash: A Post-Halving Conundrum of Plunging Hash Rate and Soaring Prices

比特币现金：减半后哈希率暴跌和价格飙升的难题

The recent halving of Bitcoin Cash (BCH) on April 4 has sparked an unprecedented dynamic between the network's computational power and market valuation, raising fundamental questions about the relationship between these two metrics.

最近 4 月 4 日比特币现金 (BCH) 减半引发了网络计算能力和市场估值之间前所未有的动态，引发了关于这两个指标之间关系的基本问题。

Antecedents of a Hash Rate Collapse

算力崩溃的前因

In the lead-up to the halving, Bitcoin Cash experienced a surge in both hash rate and price, reflecting the increased anticipation and optimism among participants. However, following the halving event, the hash rate has plummeted to record lows, hitting a staggering 83% decline in just five days.

在减半之前，比特币现金的算力和价格都出现了飙升，反映出参与者的预期和乐观情绪增加。然而，减半事件发生后，算力暴跌至历史新低，短短五天内跌幅达到惊人的 83%。

Unexpected Resilience of BCH Price

BCH 价格出人意料的坚挺

Despite the exodus of miners, the price of BCH has exhibited remarkable resilience, defying expectations and confounding analysts. The token has enjoyed a 9% surge over the last 24 hours, reaching a 28-month high of $720. This price momentum has occurred against the backdrop of a relatively stagnant broader market.

尽管矿工纷纷出走，但 BCH 的价格却表现出了惊人的弹性，超出了预期，令分析师感到困惑。该代币在过去 24 小时内飙升 9%，达到 720 美元的 28 个月高点。这种价格势头是在大盘相对停滞的背景下出现的。

The Hash Rate Conundrum

哈希率难题

The dramatic decline in hash rate suggests that miners may have lost confidence in Bitcoin Cash's prospects following the halving, which reduced block rewards to 3.125 BCH. However, this exodus of miners seemingly contradicts the rising trend in mining revenue, which reached a local peak of $960,000 on March 2.

哈希率的急剧下降表明，减半后矿工可能对比特币现金的前景失去了信心，减半将区块奖励减少至 3.125 BCH。然而，矿工的外流似乎与挖矿收入的上升趋势相矛盾，挖矿收入于 3 月 2 日达到了 96 万美元的局部峰值。

Challenging the Hash Rate-Price Correlation

挑战哈希率与价格的相关性

The relationship between hash rate and price is not straightforward in the realm of cryptocurrencies. Conventional wisdom suggests that a high hash rate boosts market confidence in the network's security, potentially attracting more buyers and exerting upward pressure on price. However, the post-halving dynamic in Bitcoin Cash challenges this traditional correlation.

在加密货币领域，哈希率和价格之间的关系并不简单。传统观点认为，高算力会增强市场对网络安全的信心，可能吸引更多买家并对价格施加上行压力。然而，比特币现金减半后的动态挑战了这种传统的相关性。

Nuances of Cryptocurrency Valuations

加密货币估值的细微差别

The cryptocurrency market operates on a complex interplay of macroeconomic factors, electricity costs, and ever-shifting break-even points for miners. These factors contribute to the fluid nature of hash rate-price relationships.

加密货币市场的运作是在宏观经济因素、电力成本和矿工不断变化的收支平衡点之间复杂的相互作用下进行的。这些因素导致了哈希率与价格关系的流动性。

Fundamental Developments and Speculation

基本面发展和猜测

Despite its low hash rate, Bitcoin Cash is riding a wave of positive fundamental developments. The recent rollout of BCH futures trading on Coinbase has garnered significant attention. Moreover, rumors of an upcoming BCH ETF have further fueled bullish sentiment.

尽管哈希率较低，但比特币现金正在经历积极的基本面发展浪潮。 Coinbase 最近推出的 BCH 期货交易引起了广泛关注。此外，有关 BCH ETF 即将推出的传言进一步加剧了看涨情绪。

Implications of the Post-Halving Dynamic

减半后动态的影响

The unusual dynamic between hash rate and price in Bitcoin Cash underscores the unique and often unpredictable nature of cryptocurrency markets. While the plummeting hash rate raises concerns about network security, surging prices indicate that speculative activity and sentiment may outweigh technical fundamentals in the short term.

比特币现金的哈希率和价格之间不寻常的动态凸显了加密货币市场的独特且往往不可预测的性质。虽然哈希率暴跌引发了人们对网络安全的担忧，但价格飙升表明投机活动和情绪在短期内可能超过技术基本面。

Conclusion

结论

The post-halving dynamics in Bitcoin Cash have presented a puzzling conundrum, challenging conventional wisdom and sparking debate among analysts. As the cryptocurrency market continues to evolve, it remains to be seen whether BCH's price momentum can be sustained or if the low hash rate will eventually take its toll. The ongoing developments in the ecosystem, including regulatory updates and technological advancements, will undoubtedly shape the future trajectory of Bitcoin Cash.

比特币现金减半后的动态提出了一个令人费解的难题，挑战了传统观点并引发了分析师的争论。随着加密货币市场的不断发展，BCH 的价格势头能否持续，或者低算力是否最终会造成损失，还有待观察。生态系统的持续发展，包括监管更新和技术进步，无疑将塑造比特币现金的未来轨迹。