比特币哈希拉特正在激增，揭示了其本地令牌比特币（BTC）的网络活动与价格之间的脱位。

比特币区块链的哈希拉特正在飙升，揭示了其本地令牌比特币（BTC）的网络活动与价格之间的脱位。

The burgeoning hash rate of the Bitcoin blockchain is revealing a widening divergence between the network activity and the price of its native token bitcoin (BTC).

比特币区块链的新兴哈希速率正在揭示网络活动与其本地令牌比特币（BTC）的价格之间的差异。

On a 14-day moving average, the hashrate, which measures the computational power required to mine a block on the proof-of-work Bitcoin blockchain, recently reached an all-time high of 838 exahashes per second (EH/s). On a 24-hour time frame, it spiked to 974 EH/s, the second highest level ever, according to Glassnode data.

在14天的移动平均线上，哈希酸盐衡量了在工作证明比特币区块链上挖掘一个块所需的计算能力，最近达到了每秒838个exahashes的历史最高点（EH/s）。根据玻璃节数据，在24小时的时间范围内，它飙升至974 EH/s，是有史以来第二高的级别。

Measuring over a 24-hour window can be problematic due to the variability in block time. Longer time frames, such as 30 days, provide more reliable insights. In two days, Bitcoin’s difficulty adjustment, which recalibrates every 2016 blocks to maintain a 10-minute block interval, is expected to increase by over 3%, reaching a new peak.

由于块时间的变化，在24小时窗口上测量可能是有问题的。较长的时间范围（例如30天）提供了更可靠的见解。在两天内，比特币的难度调整（重新校准了2016年的每个块以保持10分钟的间隔，预计将增加3％以上，达到新的峰值。

This divergence between hash rate and price is significant. While bitcoin remains about 25% below its all-time high, mining costs are continuing to rise. For miners to remain profitable and cover operational expenses and capital expenditures, a strong bitcoin price, full blocks and high transaction fees are crucial.

哈希率和价格之间的这种差异很大。尽管比特币仍然比历史最高高的25％，但采矿成本仍在继续上升。为了使矿工保持盈利并支付运营支出和资本支出，比特币价格，全额盖帽和高交易费用至关重要。

Currently, miners generate revenue from two sources: block rewards (3.125 BTC per block in the current epoch) and transaction fees. However, transaction fees are remarkably low — averaging around 4 BTC per day, or roughly $377,634. As bitcoin’s block subsidy continues to halve every four years, sustained or increasing transaction activity will be critical to maintain mining incentives.

目前，矿工从两个来源产生收入：块奖励（当前时期3.125 BTC）和交易费用。但是，交易费用非常低 - 平均每天约4 BTC，约为377,634美元。随着比特币的块补贴每四年继续减半，持续或增加的交易活动对于维持采矿激励措施至关重要。

Near empty blocks

靠近空块

Developer Mononaut, from Mempool, recently pointed out that Foundry USA Pool mined the emptiest "non-empty" block in over two years, containing just seven transactions — a rarity only surpassed by a block with four transactions back in January 2023.

来自Mempool的开发商Mononaut最近指出，美国Foundry USA Pool在两年内开采了最空虚的“非空”区块，仅包含7次交易 - 稀有性仅在2023年1月的四个交易中超过了一个街区。

In other words, while the surging hashrate portrays a lively network, the nearly-empty blocks highlight a powerful train speeding down the tracks but with few passengers.

换句话说，虽然飙升的哈希拉特描绘了一个活泼的网络，但几乎空的障碍物突出了一条强大的火车，沿着轨道行驶，但很少有乘客。

That's a cause for concern for Nicolas Gregory, creator of the Mercury Layer and a former Nasdaq Board Director.

这是水星层的创建者兼前纳斯达克董事会主任尼古拉斯·格雷戈里（Nicolas Gregory）关注的原因。

“Half-empty bitcoin blocks tell a tale — hawking the store-of-value line could scupper its future," Gregory said on X.

格雷戈里在X上说：“半空的比特币块讲述了一个故事 - 霍克斯（Hawk）的价值商店可能会破坏其未来。”

"I hope bitcoiners realize this space is more than just podcasts, spaces, and the ‘number go up’ digital gold narrative. If we don’t get people using bitcoin for real commerce, it’s game over," Gregory added.

Gregory补充说：“我希望比特币的人意识到，这个空间不仅仅是播客，空间和'数字上升'数字黄金叙事。如果我们不让人们使用比特币进行真正的商业，那就是游戏。”