比特币的哈希拉特已经下降了几个星期

全球比特币哈希拉特是一个估算，可在比特币采矿中衡量全球分配的计算能力。

The hashrate of Bitcoin has been declining for a few weeks. Taking as a reference the seven-day moving average calculated by Hashrate Index, after reaching the new all-time high at 850 Eh/s on February 8th, just a few days later it had already returned to 812 Eh/s.

比特币的哈希拉特已经下降了几周。作为参考，在2月8日达到850 EH/s的新历史最高点之后，就有7天的移动平均线，就在几天后，它已经返回到812 EH/s。

A couple of days ago it had returned to 841 Eh/s, but today it is back to 816.

几天前，它返回到841 EH/s，但今天又回到了816。

The records of Bitcoin’s hashrate

比特币的哈希拉特记录

The global Bitcoin hashrate is an estimate that measures the computing power allocated overall in the world in Bitcoin mining.

全球比特币哈希拉特是一个估算，可在比特币采矿中衡量全球分配的计算能力。

It is measured in ExaHash per second (Eh/s), that is, in billions of billions of hashes per second. Hashes are the strings of text that validate the blocks, and that the miners randomly extract in search of the single string that validates a single block.

它以每秒（eh/s）的exahash（eh/s）进行测量，即每秒数十亿马斯。哈希是验证块的文本字符串，矿工随机提取以寻找验证单个块的单个字符串。

With the current level of difficulty, it is necessary to randomly extract billions upon billions of hashes every second, worldwide, in order to identify approximately every 10 minutes the one that confirms a new block.

由于目前的难度水平，有必要每秒在全球数十亿次哈希时随机提取数十亿美元，以确定大约每10分钟确认一个确认新块的人。

A year ago, the global hashrate of Bitcoin was just over 550 Eh/s, and at the beginning of October 2024, it had risen to 625. With the bull run in November, it then rose for the first time in history above 700 Eh/s, and in December, for the first time, it also rose above 800.

一年前，比特币的全球哈希拉特架刚刚超过550 EH/s，在2024年10月初，它已上升至625。随着公牛在11月的运行，它的历史上首次上升了700 eh以上EH以上/s，在12月，它也是第一次上升到800以上。

The all-time high was reached at the beginning of February 2025, while the current levels are still in line with those of early January. In short, there is absolutely nothing to worry about.

在2025年2月初达到历史最高水平，而目前的水平仍与1月初的水平保持一致。简而言之，绝对没有什么可担心的。

The difficult market conditions

艰难的市场条件

The fact that for Bitcoin this situation is not at all concerning, does not mean, however, that the same thing must also apply to the miners.

但是，对于比特币而言，这种情况根本不关心，但这并不意味着同一件事也必须适用于矿工。

Indeed, for smaller miners, and for those who have to bear higher costs for purchasing electricity, the current market conditions are difficult.

的确，对于小型矿工而言，对于那些必须承担更高成本以购买电力的人来说，当前的市场状况很难。

Taking as a reference the Bitcoin Mining Profitability from BitInfoCharts, which estimates the profitability of BTC mining, the current levels are definitely low.

作为参考比特币采矿的盈利能力，估计了BTC采矿的盈利能力，目前的水平肯定很低。

A year ago they were $0.078 per THash/s, but by May 2024 they had already fallen below $0.05.

一年前，它们的价格为每thash/s $ 0.078，但到2024年5月，他们已经下跌低于0.05美元。

With the bullrun at the end of 2024, they had almost returned to $0.07, but starting from the end of December, the growth trend reversed.

随着2024年底的Bullrun，他们几乎恢复了0.07美元，但从12月底开始，增长趋势扭转了。

It must be said, however, that even though the current values have fallen back below $0.06, they are still above $0.055, which is significantly higher than those in October. Just consider that in September they even fell below $0.04, marking practically the all-time lows.

但是，必须说，即使目前的价值降至0.06美元以下，它们仍然高于0.055美元，这显着高于10月的。只需考虑到9月，它们甚至低于0.04美元，这实际上标志着历史最低点。

The cost of mining

采矿成本

The main cost that miners have to face is related to electricity. As is well known, Bitcoin mining consumes a lot of electricity because it is a competition where the winner is the one with the most hashrate. In fact, miners are incentivized to use the maximum possible hashrate. However, with equal efficiency, more hashrate also necessarily means higher electricity consumption.

矿工必须面对的主要成本与电力有关。众所周知，比特币开采会消耗大量电力，因为这是一场竞争，其中获胜者是哈希拉特最多的竞争。实际上，激励矿工使用最大可能的哈希酸盐。但是，随着效率同样的效率，更多的哈希酸盐也必须意味着更高的电力消耗。

The increases or decreases in electricity consumption for Bitcoin mining primarily depend on two factors: the difficulty and the efficiency of the machines.

比特币开采的电力消耗的增加或减少主要取决于两个因素：机器的难度和效率。

The first is directly correlated with electricity consumption, while the second is inversely correlated.

第一个与电力消耗直接相关，而第二个则是成反比的。

However, while the difficulty varies every two weeks, the efficiency of the machines improves only over time, with significantly longer timeframes. Thus, in the short term, only the difficulty really matters.

但是，尽管困难每两周有所不同，但机器的效率仅随着时间的推移而提高，时间范围明显更长。因此，在短期内，只有困难才真正重要。

Currently, the difficulty, after the increase on February 9th, is at its peak, but it is likely that at the next update (expected over the weekend) it will decrease a bit.

目前，在2月9日增加之后的困难处于顶峰，但很可能在下一个更新（预计在周末）会有所减少。

Just think that a year ago it was 81.7 T, and that even in October it was below 95 T. Now, however, it is at 114 T, and at these levels several miners struggle to cover the costs, thus having to shut down the less efficient machines.

试了一年前，它是81.7 t，即使在10月也低于95 t。但是，现在是114 t，在这些层面上，几个矿工都在努力支付成本，因此必须关闭效率较低的机器。

Energy consumption

能源消耗

It should also be highlighted that the cost of electricity is not the same for everyone.

还应该强调的是，所有人的电费都不一样。

Those who can access large amounts of low-cost electricity can also use less efficient machines, while those who are forced to pay more for electricity at this time are compelled to turn off the less efficient machines, having to use only the latest generation, more efficient ones.

那些可以使用大量低成本电力的人也可以使用效率较低的机器，而那些此时被迫为电力支​​付的人被迫关闭效率较低的机器，仅使用最新一代，更多高效的。

It should also be remembered, however, that the Bitcoin protocol does not impose at all, and in any way, a certain energy consumption. This consumption is solely and exclusively the result of independent and arbitrary decisions by the miners, even if they are in fact incentivized to use as much hashrate as possible, and therefore to consume as much electricity as possible.

但是，还应记住，比特币协议根本没有强加于某种能源消耗。这种消费仅是矿工独立和任意决定的结果，即使实际上激励他们使用尽可能多的哈希酸盐，因此可以消耗尽可能多的电力。

In a situation

在某种情况下