比特幣（BTC）礦工投降了嗎？哈希色帶指示器分析可能顯示

最近的X帖子強調了比特幣採礦景觀的重要觀察結果，主要是散佈絲帶指標，該指標顯示礦機活動增加了8％

A recent X post from @DegenMindBank highlights an interesting observation in Bitcoin's mining landscape. The post showcases the Hash Ribbon indicator, which measures the intensity of miner activity.

@DegenMindBank最近的X帖子突出了比特幣採礦景觀的一個有趣的觀察。該帖子展示了散列帶指示器，該指示器測量了礦物活性的強度。

According to the chart, we can see that miner activity, denoted by the red bars, often reaches its lowest point (capitalization) ahead of price bottoms. Conversely, periods of sustained miner recovery, signaled by the 30-day MA (green line) cutting through the 60-day MA (blue line), tend to precede strong rallies in Bitcoin's price.

根據圖表，我們可以看到，用紅色條表示的礦工活動通常在價格最低點之前達到其最低點（資本化）。相反，持續的礦工恢復時期由30天的MA（綠線）削減了60天的MA（藍線），往往以比特幣的價格進行強烈集會。

This year alone, there have been some interesting happenings in Bitcoin’s mining sphere. Back in February, the crypto behemoth’s mining difficulty attained an all-time high of 114.7 trillion following a 5.6% upward adjustment. This surge reflects the increasing hash rate of the network, which in turn signifies a heightened level of competition among miners.

僅今年，比特幣的採礦領域就發生了一些有趣的事情。早在2月，加密龐然大物的採礦難度在向上調整後5.6％後達到了114.7萬億的歷史最高點。這種激增反映了網絡的哈希速率提高，這反過來又表示礦工之間的競爭水平提高。

Moreover, a month later, the Hash Ribon indicator flashed its first buy signal in eight months, which signals the end of the miner capitulation phase. Generally speaking, such signals have preceded big price rallies. Interestingly enough, this did occur, with Bitcoin around $80k during that time, and even dropping below $76k at one point. Granted, a lot of factors can be attributed to this, but it’s worth noting nevertheless.

此外，一個月後，哈希（Hash Ribon）指標在八個月內閃爍了其第一買信號，這標誌著礦工投降階段的結束。一般而言，此類信號之前已經進行了巨大的價格集會。有趣的是，這確實發生了，在此期間，比特幣約為$ 80K，甚至在某一時刻下跌了76萬美元。當然，很多因素可以歸因於此，但值得注意的是。

Then again, a few weeks ago in April, it was reported that Bitcoin’s mining difficulty was poised for its steepest downward adjustment since December 2022, with estimates from Blockware Solutions placing the expected decrease at around 6%. This adjustment is a routine occurrence in the Bitcoin network, usually taking place approximately every 1440 blocks, which translates to roughly two weeks. The readjustment is influenced by the fluctuations in the network’s hash rate, which in turn reflects the collective computing power employed by miners to solve complex mathematical problems and validate transactions on the blockchain.

再說一次，幾週前的四月，據報導，比特幣的採礦難度已被策略以來自2022年12月以來的最大下降調整，估計塊軟件解決方案的預期下降約為6％。這種調整是比特幣網絡中的常規發生，通常發生大約每1440個塊，大約兩週。調整受網絡哈希速率波動的影響，這反過來反映了礦工在解決複雜數學問題並驗證區塊鏈上的交易中使用的集體計算能力。

The Hash Ribbon is a technical analysis tool that tracks Bitcoin's mining activity by comparing the 30-day and 60-day moving averages (MAs) of the network's hash rate. A cross of the 30-day MA below the 60-day MA, like the recent signal in March, is often interpreted as a sign of miner capitulation.

哈希色帶是一種技術分析工具，它通過比較網絡哈希速率的30天和60天移動平均（MAS）來跟踪比特幣的採礦活動。像3月的最近信號一樣，在60天MA以下30天MA的交叉通常被解釋為礦工投降的標誌。

Miner capitulation occurs when mining becomes largely unprofitable, leading to a shutdown of operations by a segment of miners. Conversely, a cross of the 30-day MA above the 60-day MA, like the last time it happened in December 2021, is viewed as an indicator of miner recovery and is typically associated with a bullish trend for Bitcoin.

當採礦在很大程度上無利可圖時，會發生礦工投降，從而導致一群礦工的運營關閉。相反，像2021年12月的上次發生的60天MA上方30天MA的交叉被視為礦工恢復的指標，通常與比特幣的看漲趨勢有關。

The recent chart shows that the 30-day MA has increased by 8% since the last difficulty drop, which may indicate a recovery in miner activity after a period of capitulation. However, the chart also shows that the 30-day MA still needs to cross above the 60-day MA for a more complete trend confirmation.

最近的圖表顯示，自上次難度下降以來，30天的MA增長了8％，這可能表明經過一段時間後的礦工活動恢復。但是，該圖表還表明，30天的MA仍需要超過60天的MA，以進行更完整的趨勢確認。

The chart from Degen Mind Bank suggests that the Hash Ribon has a history of identifying miner capitulation (red bars) and recovery phases, which are often linked to price bottoms and tops.

Degen Mind Bank的圖表表明，Hash Ribon具有識別礦工投降（紅色條）和恢復階段的歷史，這些階段通常與價格最低點和頂部有關。

The current chart shows that the 30-day MA (green line) is slowly increasing from the recent lows of the Hash Ribon in March, which signals the miners are slowly recovering. Moreover, the chart shows that the五日 MA has pulled away from the 60-day MA (blue line), which could indicate that the 30-day MA will soon cross above the 60-day MA.

當前的圖表顯示，3月的最近的Hash Ribon的最低點，30天的MA（綠線）正在緩慢增加，這標誌著礦工正在緩慢恢復。此外，圖表顯示，MA已從60天的MA（藍線）中退出，這可能表明30天的MA很快將超過60天的MA。

If the 30-day MA manages to cut through the 60-day MA, it will be the first time since December 2021 that the technical indicator has flashed a buy signal.

如果30天的MA設法削減了60天的MA，則將是自2021年12月以來技術指標閃爍購買信號的第一次。

The last time the indicator flashed a buy signal, it took about five months for the 30-day MA to cross above the 60-day MA. If this pattern repeats itself, then the 30-day MA could cut through the 60-day MA by May 2025.

上次指示器閃爍了買入信號時，30天的MA花了大約五個月的時間才能超過60天的MA。如果這種模式重複出現，那麼30天的MA可以在2025年5月之前切開60天的MA。

The chart also shows that the recent period of miner capitulation began in August 2022, which coincides with the last major Bitcoin price bottom.

該圖表還顯示，最近的礦工投降時期始於2022年8月，這與最後一次主要的比特幣價格最低點相吻合。

After reaching a low of $75k in March, the price of Bitcoin has stabilized and is currently trading at around $103k. Moreover, the chart shows that the Hash Ribon has successfully identified the last three major Bitcoin price tops and bottoms.

在3月的低點達到75,000美元之後，比特幣的價格已經穩定下來，目前的交易價格約為103,000美元。此外，圖表顯示，哈希ribon已成功地確定了最後三個主要的比特幣價格上價和底部。

As such, the Hash Ribon indicator could be a valuable tool for traders who are interested in identifying new trends in the Bitcoin market. However, it is important to note that this is just one technical analysis tool and should be used in conjunction with other forms of analysis before making any

因此，對於有興趣確定比特幣市場新趨勢的交易者來說，哈希ribon指標可能是一個有價值的工具。但是，重要的是要注意，這只是一種技術分析工具，應與其他形式的分析一起使用，然後再進行任何形式