比特币哈希丝带尚未表明矿工投降的结束

链上数据显示，比特币哈希丝带表明，随着矿工们继续投降，他们仍然面临着巨大的压力。

Bitcoin Hash Ribbons, which measure the overall mood among miners, continue to signal capitulation, according to recent data.

根据最近的数据，衡量矿工整体情绪的比特币哈希丝带继续发出投降信号。

What Are Bitcoin Hash Ribbons?

什么是比特币哈希丝带？

Two moving averages (MAs) of the Bitcoin mining hashrate are used to create the “Hash Ribbons” indicator. The total computing power provided by the miners to the BTC network at any given time is measured by the mining hashrate.

比特币挖矿哈希率的两个移动平均线 (MA) 用于创建“哈希丝带”指标。矿工在任何给定时间向 BTC 网络提供的总算力是通过挖矿算力来衡量的。

This statistic can be used to assess the state of these chain validators. New miners joining the network and old ones expanding their operations are indicated by an increase in the hashrate value. These chain validators now find the network appealing, according to this trend.

该统计数据可用于评估这些链验证器的状态。新矿工加入网络和老矿工扩大业务都通过算力值的增加来表明。根据这一趋势，这些链验证者现在发现该网络很有吸引力。

On the other hand, if the indicator decreases, it means some miners have decided to leave the blockchain, possibly because mining is no longer profitable for them.

另一方面，如果该指标下降，则意味着一些矿工决定离开区块链，可能是因为挖矿对他们来说不再有利可图。

Miners play a critical role in the network, and these trends could have far-reaching implications for Bitcoin if they occur on a large scale. The Hash Ribbons indicator aids in determining whether a shift in miner behavior is part of a larger pattern.

矿工在网络中发挥着关键作用，如果这些趋势大规模发生，可能会对比特币产生深远的影响。哈希带指标有助于确定矿工行为的转变是否是更大模式的一部分。

The 30-day and 60-day MAs of the hashrate are the two ribbons used in the indicator. These chain validators are said to be capitulating when the former crosses below the latter. Similarly, a crossover of the opposite type indicates that this cohort is once again at ease.

算力的 30 天和 60 天 MA 是指标中使用的两条丝带。当前者低于后者时，这些链验证者就会投降。同样，相反类型的交叉表明该群体再次感到轻松。

Bitcoin Hash Ribbons Still Signaling Capitulation

比特币哈希丝带仍发出投降信号

Now, let's take a look at a chart that shows how the Bitcoin Hash Ribbons have changed over the last year:

现在，让我们看一下图表，显示比特币哈希带在过去一年中发生了怎样的变化：

The 30-day MA of the Bitcoin mining hashrate crossed below the 60-day MA in May, signaling the beginning of miner capitulation, according to the graph above.

根据上图，5 月份比特币挖矿算力的 30 天移动平均线跌破了 60 天移动平均线，标志着矿工投降的开始。

The asset's bearish momentum and the fourth Halving converged on this development in the Hash Ribbons. The “Halving” is an event that occurs every four years and reduces BTC's block incentives by half.

该资产的看跌势头和第四次减半集中在哈希丝带的这一发展上。 “减半”是每四年发生一次的事件，将使 BTC 的区块奖励减少一半。

Miners get their money mostly from the block incentives, so it's clear how the Halving would have a substantial impact on these chain validators' finances.

矿工的资金主要来自区块激励，因此减半将对这些链验证者的财务产生重大影响是显而易见的。

These incentives are paid out in BTC, thus a drop in the asset's USD exchange rate results in a further decrease in dollar revenue for miners. It's no surprise that these chain validators have been disconnecting from the chain in recent months, given these events.

这些激励措施以比特币支付，因此资产的美元汇率下跌会导致矿工的美元收入进一步减少。鉴于这些事件，这些链验证器近几个月与链断开连接也就不足为奇了。

Last month, the Hash Ribbons briefly crossed over in the opposite direction, but the indicator has since returned to indicating capitulation. It's unclear how long it will be before the strain on these chain validators is alleviated.

上个月，哈希丝带曾短暂地向相反方向交叉，但该指标此后又恢复了投降的状态。目前尚不清楚这些链验证者的压力需要多长时间才能得到缓解。

BTC Price

比特币价格

At the moment, Bitcoin is trading around $56,200, down more than 10% in the last seven days.

目前，比特币交易价格约为 56,200 美元，过去 7 天下跌超过 10%。