尽管当前面临挑战，比特币矿工仍看好比特币的长期潜力

通过跟踪他们的收入和行为，我们可以了解比特币价格的下一步走势。在本文中，我们将探讨最新趋势

Bitcoin miners have always been a reliable indicator of the overall sentiment within the market. By tracking their earnings and actions, we can get a sense of where the price of BTC might head next. In this article, we'll explore the latest trends in Bitcoin mining, how miners are reacting to current market conditions, and what we can learn from key indicators to gauge how Bitcoin miners are positioning themselves for the coming weeks and months.

比特币矿工一直是市场整体情绪的可靠指标。通过跟踪他们的收入和行为，我们可以了解比特币价格的下一步走势。在本文中，我们将探讨比特币挖矿的最新趋势、矿工对当前市场状况的反应，以及我们可以从关键指标中学到什么来衡量比特币矿工在未来几周和几个月的定位。

One of the best ways to assess Bitcoin miner sentiment is to examine their earnings in relation to historical data. This can be done using The Puell Multiple, which measures current miner earnings against the yearly average from the previous year.

评估比特币矿工情绪的最佳方法之一是检查他们的收入与历史数据的关系。这可以使用 Puell Multiple 来完成，该倍数根据上一年的年平均水平衡量当前矿工的收入。

As of the latest data, the Puell Multiple is hovering around 0.8, meaning miners are earning 80% of what they were making on average over the past year. This is a marked improvement from a few weeks ago when the multiple was as low as 0.53, indicating miners were earning just over half of their previous year's average.

截至最新数据，普埃尔倍数徘徊在 0.8 左右，这意味着矿工的收入是过去一年平均收入的 80%。与几周前相比，该倍数低至 0.53，这表明矿工的收入略高于上一年平均水平的一半。

Figure 1: Miner earnings are down compared to the historical average.View Live Chart ?

图 1：矿工收益与历史平均水平相比有所下降。查看实时图表 ?

This significant drop earlier in the year likely put financial pressure on many miners. However, the fact that the Puell Multiple is recovering suggests that the outlook for miners might be improving.

今年早些时候的大幅下跌可能会给许多矿商带来财务压力。然而，普埃尔市盈率正在复苏的事实表明，矿商的前景可能正在改善。

Even though earnings are down, there are no signs of miners leaving the network. In fact, Bitcoin's hashrate, which is the total computational power used to secure the network, has been steadily increasing. This surge in hashrate indicates that more miners are entering the network or existing miners are upgrading their equipment to compete for block rewards.

尽管收入下降，但没有迹象表明矿工离开网络。事实上，比特币的算力（即用于保护网络安全的总计算能力）一直在稳步增长。算力的激增表明更多的矿工正在进入网络或现有的矿工正在升级他们的设备以争夺区块奖励。

Figure 2: Hashrate continues to climb to new all-time highs.View Live Chart ?

图 2：算力继续攀升至历史新高。查看实时图表 ?

However, looking at the Hash Ribbons Indicator, which tracks the 30-day (blue line) and 60-day (purple line) moving averages of Bitcoin's hashrate, these two averages are getting closer to crossing, which could potentially indicate a bearish outlook for the short term. When the 60-day average rises above the 30-day average, it historically points to miner capitulation, a time when miners, under financial stress, shut off their equipment.

然而，从追踪比特币算力 30 天（蓝线）和 60 天（紫线）移动平均线的哈希丝带指标来看，这两个平均线正越来越接近交叉，这可能表明比特币的前景看跌。短期内。当 60 天平均线升至 30 天平均线上方时，从历史上看，这表明矿工投降，此时矿工在财务压力下关闭了设备。

Figure 3: Hash Ribbons could be on the verge of a bearish crossover.View Live Chart ?

图 3：哈希带可能处于看跌交叉的边缘。查看实时图表 ?

Until we see a bearish crossover, there’s no immediate sign of bearishness. One positive is that every time this happens, it has been followed by a period of accumulation, which typically precedes a rise in Bitcoin prices. Investors often consider these capitulation periods great opportunities to buy BTC at lower prices.

在我们看到看跌交叉之前，不会立即出现看跌迹象。一个积极的方面是，每次发生这种情况时，都会经历一段积累期，这通常先于比特币价格上涨。投资者通常认为这些投降期是以较低价格购买比特币的绝佳机会。

While we’ve discussed miner earnings in relation to Bitcoin’s price, another important factor is the Hashprice, the amount of BTC or USD miners can earn for each terahash (TH/s) of computational power they contribute to the network.

虽然我们讨论了与比特币价格相关的矿工收入，但另一个重要因素是哈希价格，即矿工为网络贡献的每 terahash (TH/s) 计算能力可以赚取的 BTC 或美元数量。

Figure 4: Hashprice indicates increased competition for block rewards in spite of decreased earnings post-halving.View Live Chart ?

图 4：哈希价格表明，尽管减半后收益下降，但对区块奖励的竞争加剧。查看实时图表 ?

Currently, miners earn approximately 0.73 BTC per terahash, or about $45,000 in USD terms. This amount has been steadily decreasing in the months following the latest Bitcoin halving event, where miners' block rewards were cut in half, reducing their profitability. Despite these challenges, miners are still increasing their hashrate, which suggests they’re betting on future BTC price appreciation to compensate for their lower earnings.

目前，矿工每 terahash 赚取约 0.73 BTC，或以美元计算约 45,000 美元。在最近的比特币减半事件发生后的几个月里，这一数额一直在稳步下降，矿工的区块奖励减少了一半，从而降低了他们的盈利能力。尽管面临这些挑战，矿工们仍在提高算力，这表明他们押注未来比特币价格上涨，以弥补收入下降。

One of the most interesting metrics to watch is the Hashprice Volatility, which tracks how stable or volatile miner earnings are over time. Historically, periods of low hashprice volatility have preceded significant price movements for Bitcoin. As of the latest data, hashprice volatility has begun to drop again, suggesting we could be nearing a period of substantial price movement for Bitcoin.

最值得关注的指标之一是哈希价格波动性，它跟踪矿工收入随时间的稳定或波动程度。从历史上看，哈希价格波动较低的时期先于比特币价格大幅波动。截至最新数据，哈希价格波动性已开始再次下降，这表明我们可能正在接近比特币价格大幅波动的时期。

Figure 5: Hashprice volatility is at very low levels, outlining the potential for a sustained volatile trend in the near future.View Live Chart ?

图 5：哈希价格波动性处于非常低的水平，概述了在不久的将来持续波动趋势的潜力。查看实时图表 ?

Conclusion

结论

Bitcoin miner earnings are down compared to a historical average post-halving, but they’re recovering from a recent significant low. Bitcoin's hashrate is still climbing; meaning miners are pouring more computational power into the network despite lower profitability. The hashprice continues to drop, but miners are optimistic, likely due to expected future price appreciation. Hashprice volatility is at very low levels, historically indicating that a large move in BTC's price could be imminent.

与减半后的历史平均水平相比，比特币矿商的收入有所下降，但正在从最近的低点中恢复过来。比特币的算力仍在攀升；这意味着尽管盈利能力较低，但矿工仍在向网络中注入更多的计算能力。哈希价格继续下跌，但矿工们持乐观态度，这可能是由于预期未来价格上涨。哈希价格波动性处于非常低的水平，从历史上看，这表明 BTC 价格可能即将出现大幅波动。

Bitcoin miners seem to be bullish about the long-term potential of BTC, despite current challenges. If current metric trends hold, we could be on the verge of a significant price movement, with most indications pointing towards a positive outlook.

尽管目前面临挑战，但比特币矿商似乎看好比特币的长期潜力。如果当前的指标趋势保持不变，我们可能正处于价格大幅波动的边缘，大多数迹象都表明前景乐观。

For a more in-depth look into this topic, check out a recent YouTube video here:

要更深入地了解此主题，请在此处查看最近的 YouTube 视频：

What Do Bitcoin Miners Expect Next?

比特币矿工接下来期待什么？