比特幣（BTC）挖礦算力剛創下歷史新高（ATH）

比特幣網路運作在稱為「工作量證明」（PoW）的共識機制上。

The Bitcoin (BTC) mining hashrate has achieved a new all-time high (ATH) seven days after setting a post-Halving low.

比特幣 (BTC) 挖礦算力在創下減半後低點 7 天後創下歷史新高 (ATH)。

7-Day Average Bitcoin Mining Hashrate Sets New ATH

7 天平均比特幣挖礦算力創下新的 ATH

The Bitcoin network operates on a consensus mechanism called “proof-of-work” (PoW). In this system, validators called miners compete with each other for the chance to add the next block to the blockchain.

比特幣網路運作在一種稱為「工作量證明」（PoW）的共識機制上。在這個系統中，稱為礦工的驗證者相互競爭，以獲得將下一個區塊添加到區塊鏈的機會。

The “mining hashrate” measures the total computing power miners have connected to the network for this purpose.

「挖礦算力」衡量礦工為此目的連接到網路的總運算能力。

When the value of this metric increases, it either means that exiting miners are expanding their facilities or that new miners are joining the chain. Such a trend suggests that these validators find the network attractive right now.

當該指標的值增加時，要么意味著現有的礦工正在擴大其設施，要么意味著新的礦工正在加入該鏈。這種趨勢表明這些驗證者認為該網路現在很有吸引力。

On the other hand, the indicator trending down suggests some mines have decided to disconnect from the network, potentially because they find the chain unprofitable to mine on.

另一方面，該指標呈下降趨勢表明一些礦場已決定斷開與網路的連接，可能是因為他們發現該鏈上的挖礦無利可圖。

Now, here is a chart that shows the trend in the 7-day average Bitcoin mining hashrate over the past year:

現在，這是一張圖表，顯示了過去一年比特幣挖礦 7 天平均算力的趨勢：

As displayed in the above graph, the 7-day average Bitcoin mining hashrate had started declining after setting a new ATH last month. The drawdown had intensified in the first couple of weeks of this month, taking the metric down to notably lower levels.

如上圖所示，比特幣7天平均挖礦算力在上個月創下新的ATH後開始下降。本月的前幾週，縮編加劇，使該指標降至明顯較低的水平。

This sharp downward trajectory in the indicator is due to a major event on the network last month: the fourth Halving. Halvings are periodic events that occur every four years and permanently slash the BTC block rewards in half.

該指標的急劇下降軌跡是由於上個月網路上發生的重大事件：第四次減半。減半是每四年發生一次的周期性事件，並將 BTC 區塊獎勵永久削減一半。

The block rewards miners receive for solving blocks on the network are one of the two main components of their revenue. The other part of their income, the transaction fees, has historically been quite low compared to the block rewards, so the latter has essentially been their main earning source.

礦工因解決網路上的區塊而獲得的區塊獎勵是其收入的兩個主要組成部分之一。他們收入的另一部分，即交易費用，與區塊獎勵相比，歷史上一直相當低，因此後者基本上是他們的主要收入來源。

As such, it’s not surprising that some of the miners living in zones with high electricity prices and using inefficient mining rigs would disconnect as the economic effects of the Halving set in.

因此，隨著減半的經濟影響的出現，一些生活在高電價地區並使用低效採礦設備的礦工將斷網也就不足為奇了。

But then one question arises: if there had already been three Halving events in the asset’s history before this one, how did the hashrate keep growing to new highs if the miner revenue continuously got squeezed?

但隨之而來的一個問題是：如果在這之前該資產的歷史上已經發生過三次減半事件，那麼在礦工收入不斷受到擠壓的情況下，算力如何繼續增長到新高呢？

Two factors explain this. The first is that mining rigs have become more efficient over the years, allowing miners to host more power while consuming less energy.

有兩個因素可以解釋這一點。首先，多年來採礦設備的效率越來越高，使礦工能夠在消耗更少能源的同時獲得更多電力。

The other and perhaps the more important one is that the coin’s price has been on the up overall in its history. While block rewards remain fixed in BTC value until the Halving rolls around, their USD value still naturally fluctuates with the spot price.

另一個也許更重要的一點是，硬幣的價格在其歷史上總體上一直在上漲。雖然區塊獎勵在減半之前保持固定的 BTC 價值，但它們的美元價值仍然自然地隨著現貨價格波動。

Time and time again, the growth in the price has helped offset revenue loss for miners arising from the halvings. Recently, the price has shown some recovery, and as is visible in the hashrate chart, the metric has also bounced back alongside it.

一次又一次，價格的上漲幫助抵消了礦商因減半而造成的收入損失。最近，價格出現了一些回升，從算力圖表中可以看出，該指標也隨之反彈。

It would appear that the miners have been satisfied enough with this revenue boost from the rally that they have taken their computing power to a brand new ATH.

看來礦工們對漲勢帶來的收入成長感到足夠滿意，他們將算力提升到了一個全新的 ATH。

BTC Price

比特幣價格

At the time of writing, Bitcoin is trading at around $68,000, down more than 3% over the past week.

截至撰寫本文時，比特幣交易價格約為 68,000 美元，過去一周下跌超過 3%。