到2025年7月

一份Coinshares報告預測，比特幣的網絡哈希功率可能會在2025年7月到2025年每秒達到1個Zettahash。

The digital asset investment firm, Coinshares, is predicting that Bitcoin’s network hashpower will likely reach 1 Zettahash per second (ZH/s) as early as July this year.

這家數字資產投資公司Coinshares預測，比特幣的網絡Hashpower可能在今年7月早些時候每秒（ZH/s）可能達到1 Zettahash。

This projection, which was provided in the latest Coinshares report, has been revised from a previous estimate of 0.77 Zettahash per second (ZH/s) by the fourth quarter of 2024.

該預測是在最新的Coinshares報告中提供的，已從2024年第四季度的先前每秒0.77 Zettahash（ZH/s）的估計進行了修訂。

The report notes that Bitcoin’s hashpower at the end of 2024 was 778 Exahash per second (EH/s), which is slightly above Coinshares’ earlier projection of 765 EH/s. This performance can be attributed to the strong bitcoin price action throughout the year, which incentivized miners to deploy their hardware more rapidly.

該報告指出，比特幣在2024年底的哈希功率為778 Exahash每秒（EH/s），略高於Coinshares的早期預測765 EH/s。這種性能可以歸因於全年強勁的比特幣價格行動，這激勵礦工更快地部署其硬件。

The Coinshares team predicts that hashpower will continue to surge, reaching 1.28 Zh/s by the end of 2025 and potentially hitting 2.0 ZH/s by early 2027. This exponential growth is fueled by increasing investment and competition within the bitcoin mining sector.

Coinshares團隊預測，哈希力將繼續湧現，到2025年底，到達1.28 ZH/s，到2027年初，可能會達到2.0 ZH/s。這一指數增長源於比特幣礦業領域的投資和競爭的增加。

Reaching the milestone of 1 Zettahash per second (ZH/s) is significant because it indicates a more secure and resilient network. In addition, an increased hashrate also suggests that bitcoin miners are investing significantly in mining hardware, which itself is a show of confidence in the future of bitcoin and its profitability.

達到每秒1個Zettahash的里程碑（ZH/S）是重要的，因為它表明一個更安全和彈性的網絡。此外，增加的哈希拉特還表明，比特幣礦工在採礦硬件方面進行了大量投資，這本身就是對比特幣及其盈利能力的信心。

However, despite the bullish outlook for hashrate growth, the Coinshares report also provides insights into hash prices, a key metric for miner profitability. While hash prices have seen a modest rebound this year, Coinshares’ proprietary forecasting model points to a gradual structural decline. The report suggests that hash prices are likely to remain range-bound between $35 and $50 per Petahash per day (PH/day) through the 2028 bitcoin halving cycle.

但是，儘管看漲了哈希拉特增長的前景，但Coinshares報告還提供了有關哈希價格的見解，這是礦工盈利能力的關鍵指標。儘管哈希價格今年有一個適度的反彈，但Coinshares的專有預測模型指出了逐漸下降的結構下降。該報告表明，到2028年比特幣減半週期，哈希價格可能會在每天每天35至50美元之間的範圍限制。

This anticipated decline reflects ongoing efficiency gains in mining hardware and increasing competitive pressure within the mining sector, as more participants deploy advanced and powerful machines.

預期的下降反映了越來越多的參與者部署高級和功能強大的機器，採礦硬件和競爭壓力的持續效率提高。

Coinshares also delves into the essence of bitcoin and gold mining, highlighting their fundamental similarities amidst crucial differences. Both domains are characterized by cyclical economics, substantial capital investment, and a noteworthy reliance on energy markets.

Coinshares還深入研究了比特幣和黃金開采的本質，突出了它們在關鍵差異的基本相似之處。這兩個領域的特徵是周期性經濟學，大量的資本投資以及對能源市場的依據。

While gold mining involves identifying deposits, securing permits and deploying heavy machinery for ore extraction, bitcoin mining operates digitally, a continuous computational race using specialized ASICs, electricity, and the internet to solve complex math problems. Winners settle transactions and earn new coins plus fees (Proofs of Work).

雖然黃金開採涉及識別存款，確保許可並部署重型機器以進行礦石提取，但比特幣挖掘以數字方式運行，使用專業的ASIC，電力和Internet進行了連續的計算競賽，以解決複雜的數學問題。獲獎者解決交易並賺取新硬幣加費用（工作證明）。

Mining’s inherent cost underlies both assets’ scarcity: bitcoin’s via immutable code and competition; gold’s via physical, geological limitations.

採礦的固有成本是兩種資產的稀缺基礎：通過不變的代碼和競爭，比特幣的資產幣；黃金通過物理，地質限制。

“Bitcoin mining, by contrast, is much more dynamic and unpredictable. Company revenues depend not only on the relatively volatile market price of bitcoin, but on their share of the global hashrate (read: global competition). If others expand their operations more aggressively, your relative output can decline even if your mining operations do not change. It’s an ongoing variance to consider for operators,” the Coinshares report concludes.

相比之下，比特幣採礦更具動態性和不可預測性。公司的收入不僅取決於比特幣相對波動的市場價格，而且取決於它們在全球哈希（Global Hashrate）中所佔的份額（閱讀：全球競爭）。如果其他人更積極地擴展其業務，即使您的相對產量不斷變化，您的相對產量也不會改變。即使您的開發量都在進行的範圍。