到2025年7月

一份Coinshares报告预测，比特币的网络哈希功率可能会在2025年7月到2025年每秒达到1个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.

这家数字资产投资公司Coinshares预测，比特币的网络Hashpower可能在今年7月早些时候每秒（ZH/s）可能达到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.

该预测是在最新的Coinshares报告中提供的，已从2024年第四季度的先前每秒0.77 Zettahash（ZH/s）的估计进行了修订。

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.

该报告指出，比特币在2024年底的哈希功率为778 Exahash每秒（EH/s），略高于Coinshares的早期预测765 EH/s。这种性能可以归因于全年强劲的比特币价格行动，这激励矿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团队预测，哈希力将继续涌现，到2025年底，到达1.28 ZH/s，到2027年初，可能会达到2.0 ZH/s。这一指数增长源于比特币矿业领域的投资和竞争的增加。

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.

达到每秒1个Zettahash的里程碑（ZH/S）是重要的，因为它表明一个更安全和弹性的网络。此外，增加的哈希拉特还表明，比特币矿工在采矿硬件方面进行了大量投资，这本身就是对比特币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，尽管看涨了哈希拉特增长的前景，但Coinshares报告还提供了有关哈希价格的见解，这是矿工盈利能力的关键指标。尽管哈希价格今年有一个适度的反弹，但Coinshares的专有预测模型指出了逐渐下降的结构下降。该报告表明，到2028年比特币减半周期，哈希价格可能会在每天每天35至50美元之间的范围限制。

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.

预期的下降反映了越来越多的参与者部署高级和功能强大的机器，采矿硬件和竞争压力的持续效率提高。

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还深入研究了比特币和黄金开采的本质，突出了它们在关键差异的基本相似之处。这两个领域的特征是周期性经济学，大量的资本投资以及对能源市场的依据。

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).

虽然黄金开采涉及识别存款，确保许可并部署重型机器以进行矿石提取，但比特币挖掘以数字方式运行，使用专业的ASIC，电力和Internet进行了连续的计算竞赛，以解决复杂的数学问题。获奖者解决交易并赚取新硬币加费用（工作证明）。

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

采矿的固有成本是两种资产的稀缺基础：通过不变的代码和竞争，比特币的资产币；黄金通过物理，地质限制。

“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，比特币采矿更具动态性和不可预测性。公司的收入不仅取决于比特币相对波动的市场价格，而且取决于它们在全球哈希（Global Hashrate）中所占的份额（阅读：全球竞争）。如果其他人更积极地扩展其业务，即使您的相对产量不断变化，您的相对产量也不会改变。即使您的开发量都在进行的范围。