比特币哈希拉特现在正在短暂下降后恢复

根据Hashrate指数的估计，上周为期7天的移动平均线低于800 EH/s，但截至周六，它越过了该门槛。

After a brief period of decline, the hashrate of Bitcoin is now recovering as well. According to the estimates of Hashrate Index, the seven-day moving average had fallen below 800 Eh/s last week, but as of Saturday, it rose back above this threshold.

经过短暂的衰落，比特币的哈希拉特现在也正在恢复。根据Hashrate指数的估计，上周为期7天的移动平均线低于800 EH/s，但截至周六，它越过了该阈值。

The all-time high was reached at the beginning of February, at almost 850 Eh/s, and by the end of February, it had dropped to 750. Then in mid-March, it had risen to 840, but afterwards, it had fallen again below 800.

2月初达到了历史最高水平，近850 eh/s，到2月底，它已降至750。

Essentially, it hasn’t risen significantly since mid-December, that is, since it surpassed 800 Eh/s for the first time in history.

从本质上讲，自12月中旬以来，它并没有大幅度上升，也就是说，因为它在历史上首次超过了800 EH/s。

The relationship between hashrate and the price of Bitcoin

哈希拉特与比特币价格之间的关系

As can be inferred from the previous data, there is a direct relationship between the hashrate of Bitcoin and the price of BTC.

从以前的数据可以推断出，比特币的哈希酸盐与BTC的价格之间存在直接关系。

However, unlike what is commonly believed, it is not the hashrate that influences the price, but the exact opposite.

但是，与普遍认为的不同，不是影响价格的哈希酸盐，而是恰恰相反。

After the electoral victory of Trump at the beginning of November, the price of Bitcoin started to rise from $70,000 to $100,000. This sudden rise increased the profitability of BTC mining, and thus the miners increased their computing power.

在11月初特朗普的选举胜利之后，比特币的价格从70,000美元上涨到100,000美元。这种突然的上升提高了BTC采矿的盈利能力，因此矿工增加了计算能力。

It is necessary to remember that mining is a competition in which those with greater computing power are favored, and the hashrate is precisely the parameter that measures the computing power engaged in mining.

有必要记住，采矿是一项竞争，其中具有更大计算能力的人受到偏爱，而哈希酸盐恰恰是测量挖掘中计算能力的参数。

And so from the beginning of November to mid-December, the seven-day moving average of the hashrate of Bitcoin mining rose from about 700 Eh/s to 800, only to stop there when the rise in the price of BTC also halted.

因此，从11月初到12月中旬，比特币开采的七天移动平均线从约700 EH/s增加到800，直到BTC价格上涨也停止了。

The holding of the hashrate level

占用载岩级

What might surprise is the fact that the hashrate is still well above 800 Eh/s even after the price crash, although from this point of view in recent days there has been a rebound that has brought it well above $86,000.

可能令人惊讶的是，即使在价格崩溃之后，哈希拉特仍远高于800 EH/s，尽管从最近几天开始，有一个反弹使其远高于86,000美元。

It should be specified, however, that the reaction of the hashrate tends to be slow, also because the more it is reduced, the more there is a risk of earning less from this activity.

但是，应该指出，哈希酸盐的反应往往会很慢，这也是因为它越减少，从这种活动中获得的收入就越少。

In other terms, miners are still always incentivized to keep the hashrate as high as possible, even when the price of BTC drops, and this is why price declines tend to have a very slow impact on the hashrate.

换句话说，即使BTC的价格下跌，矿工仍然总是被激励以保持哈希酸盐尽可能高，这就是为什么价格下降的原因往往会对哈希拉特产生非常缓慢的影响。

The earnings of the miners always occur in BTC, and the amount of BTC distributed overall to the miners remains the same for each cycle marked by the halving. Therefore, when the market value of BTC increases, the profits for the miners also effectively increase, and vice versa.

矿工的收入始终出现在BTC中，并且在每一个以减半标记的周期中分配给矿工的BTC总数保持不变。因此，当BTC的市场价值增加时，矿工的利润也有效增加，反之亦然。

For example, while the price of BTC increased from $70,000 to $100,000, marking a +43%, the hashrate increased only from 700 to 800 Eh/s, with an increase of only 14%. This explains why the hashrate is holding even after the price drop, since it practically had not yet increased sufficiently before the price rise stopped.

例如，虽然BTC的价格从70,000美元上涨到100,000美元，标准为A +43％，但哈希拉特仅从700 eh/s增加到800 EH/s，仅增加了14％。这就解释了为什么在价格下跌之后即使是桥梁也要持有的原因，因为在价格上涨之前，它实际上尚未充分增加。

The reduction of costs

降低成本

When the hashrate increases, the overall costs of mining also tend to increase.

当哈希酸盐增加时，采矿的总体成本也倾向于增加。

But the cost of the hashrate can sometimes also decrease thanks to an increase in efficiency.

但是，由于效率提高，哈希拉底盐的成本有时也会降低。

The Hashprice Index measures the cost of hashrate, understood as the operating cost of 1 Ph/s.

Hashprice指数衡量了哈希底型的成本，被理解为1 ph/s的工作成本。

One Petahash per second (Ph/s) is one thousandth of an Exahash per second (Eh/s), which is the unit of measurement used to express the estimated value of the overall hashrate.

每秒一个petahash（pH/s）是每秒exahash的千分之一（eh/s），这是用于表达整体桥梁估计值的测量单位。

A year ago, the average cost of a Ph/s was even higher than 100$, but in May of last year, it dropped to 44$.

一年前，pH/s的平均成本甚至高于100美元，但去年5月，下降到44美元。

Besides efficiency, two other key factors affect this cost: the cost of electricity, and the difficulty.

除效率外，其他两个关键因素会影响这一成本：电力成本和困难。

Electricity costs vary greatly around the world, and it is not strictly related to Bitcoin.

全球电力成本差异很大，并且与比特币无关。

Instead, the difficulty is precisely the level of difficulty required to successfully extract the hash that confirms the blocks of Bitcoin.

相反，难度完全是成功提取确认比特币块的哈希所需的难度水平。

From May 2024 to today, the difficulty has risen from just over 80T to over 110T, but despite this, the Hashprice Index has remained relatively stable around $50, with fluctuations from $40 to $60.

从2024年5月到今天，困难已从80吨以上增加到110吨，但是尽管如此，Hashprice指数仍然相对稳定，左右左右左右，波动从40美元上升到60美元。

This means that efficiency has increased to the point of keeping the hashprice stable despite the increase in difficulty.

这意味着尽管难度增加，效率已经提高到保持哈希股的稳定点。

Among other things, at the end of January the hashprice was just over $60, while just before mid-March

除其他外，1月底，Hashprice刚刚超过60美元，而在3月中旬之前