比特币（BTC）挖矿算力刚刚创下历史新高（ATH）

比特币网络运行在称为“工作量证明”（PoW）的共识机制上。

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

比特币 (BTC) 挖矿算力在创下减半后低点 7 天后创下历史新高 (ATH)。

7-Day Average Bitcoin Mining Hashrate Sets New ATH

7 天平均比特币挖矿算力创下新的 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.

比特币网络运行在一种称为“工作量证明”（PoW）的共识机制上。在这个系统中，称为矿工的验证者相互竞争，以获得将下一个区块添加到区块链的机会。

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

“挖矿算力”衡量矿工为此目的连接到网络的总计算能力。

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.

当该指标的值增加时，要么意味着现有的矿工正在扩大其设施，要么意味着新的矿工正在加入该链。这种趋势表明这些验证者认为该网络现在很有吸引力。

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，该指标呈下降趋势表明一些矿场已决定断开与网络的连接，可能是因为他们发现该链上的挖矿无利可图。

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

现在，这是一张图表，显示了过去一年中比特币挖矿 7 天平均算力的趋势：

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.

如上图所示，比特币7天平均挖矿算力在上个月创下新的ATH后开始下降。本月的前几周，缩编加剧，使该指标降至明显较低的水平。

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.

该指标的急剧下降轨迹是由于上个月网络上发生的重大事件：第四次减半。减半是每四年发生一次的周期性事件，并将 BTC 区块奖励永久削减一半。

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.

矿工因解决网络上的区块而获得的区块奖励是其收入的两个主要组成部分之一。他们收入的另一部分，即交易费用，与区块奖励相比，历史上一直相当低，因此后者基本上是他们的主要收入来源。

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，随着减半的经济影响的出现，一些生活在高电价地区并使用低效采矿设备的矿工将断网也就不足为奇了。

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?

但随之而来的一个问题是：如果在这之前该资产的历史上已经发生过三次减半事件，那么在矿工收入不断受到挤压的情况下，算力如何继续增长到新高呢？

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.

有两个因素可以解释这一点。首先，多年来采矿设备的效率越来越高，使矿工能够在消耗更少能源的同时获得更多电力。

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.

另一个也许更重要的一点是，硬币的价格在其历史上总体上一直在上涨。虽然区块奖励在减半之前保持固定的 BTC 价值，但它们的美元价值仍然自然地随着现货价格波动。

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，价格的上涨帮助抵消了矿商因减半而造成的收入损失。最近，价格出现了一些回升，从算力图表中可以看出，该指标也随之反弹。

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.

看来矿商们对涨势带来的收入增长感到足够满意，他们将算力提升到了一个全新的 ATH。

BTC Price

比特币价格

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

截至撰写本文时，比特币交易价格约为 68,000 美元，过去一周下跌超过 3%。