算力市场即将到来的金融化

比特币算力，即保护比特币网络的计算能力，正在成为一种具有诱人投资潜力的独特商品

Bitcoin hashrate, the computational power securing the Bitcoin network, is emerging as a unique commodity with intriguing investment potential, say Sadiq Jaffer, Senior Manager, Financial Services, KPMG UK, and Kunal Bhasin, partner for Digital Assets Center of Excellence, KPMG Canada.

毕马威英国金融服务高级经理 Sadiq Jaffer 和毕马威加拿大数字资产卓越中心合伙人 Kunal Bhasin 表示，比特币算力是保护比特币网络的计算能力，正在成为一种独特的商品，具有诱人的投资潜力。

Bitcoin's economic design compels miners to minimize costs due to a halving stress-test every four years. Miners seek cheap energy, leading to two strategies: being in front of the meter (I.e., grid-tied) and being behind the meter (i.e., direct co-location with power generators).

比特币的经济设计迫使矿工将成本降至最低，因为每四年进行一次减半压力测试。矿工寻求廉价能源，导致采取两种策略：位于电表前面（即并网）和位于电表后面（即与发电机直接共置）。

The grid-tied model allows for economies of scale, as large-scale miners may obtain cheaper energy rates based on the load size they bring onto the grid, and participation in “Demand Response” and ancillary services, enabled by the interruptible nature of this type of compute.

并网模式可以实现规模经济，因为大型矿商可以根据他们带入电网的负载大小获得更便宜的能源价格，并参与“需求响应”和辅助服务，这是由这种可中断的性质实现的计算类型。

The co-location model feeds on deadweight loss and mismatches between energy demand & supply, targeting intermittent renewables (e.g., solar & wind) and baseloads (e.g., hydro, nuclear, geothermal). Being behind the meter entails business models such vertical integration, partnerships, and joint ventures, enabling miners to engage in energy arbitrage and generating Renewable Energy Certificates (RECs).

托管模型以无谓损失和能源需求与供应之间的不匹配为基础，针对间歇性可再生能源（例如太阳能和风能）和基本负荷（例如水力、核能、地热能）。电表背后需要垂直整合、合作伙伴关系和合资企业等商业模式，使矿工能够参与能源套利并生成可再生能源证书（REC）。

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Hashrate as a commodity

算力作为商品

Bitcoin hashrate, the computational power securing the Bitcoin network, is emerging as a unique commodity with intriguing investment potential. Its fungibility, divisibility, durability, and scarcity make it an attractive asset class.

比特币算力，即保护比特币网络的计算能力，正在成为一种具有诱人投资潜力的独特商品。它的可替代性、可分割性、耐用性和稀缺性使其成为一种有吸引力的资产类别。

Hashrate offers investment opportunities for individuals to participate in Bitcoin mining without owning hardware. In addition, derivatives allow for hedging against price fluctuations, providing risk management tools for miners and investors. The value of hashrate is tied to the demand for Bitcoin mining, influenced by Bitcoin price and mining profitability, but is susceptible to regulatory challenges. Despite these challenges, Bitcoin hashrate presents a compelling case as a novel commodity with unique investment and trading opportunities. As the Bitcoin ecosystem evolves, the role and significance of hashrate as a tradable asset are likely to grow, attracting further attention and innovation within capital markets.

算力为个人提供了无需拥有硬件即可参与比特币挖矿的投资机会。此外，衍生品可以对冲价格波动，为矿工和投资者提供风险管理工具。算力的价值与比特币挖矿的需求相关，受比特币价格和挖矿盈利能力的影响，但容易受到监管挑战。尽管存在这些挑战，比特币算力作为一种具有独特投资和交易机会的新型商品，仍提供了令人信服的案例。随着比特币生态系统的发展，算力作为可交易资产的作用和重要性可能会增强，从而吸引资本市场的进一步关注和创新。

Hash price vs. Hash cost

哈希价格与哈希成本

Hash price and hash cost are key metrics influencing the Bitcoin mining landscape. While often confused, they represent distinct aspects of mining profitability.

哈希价格和哈希成本是影响比特币挖矿格局的关键指标。虽然经常混淆，但它们代表了采矿业盈利能力的不同方面。

Hash price, the price per unit of hashpower, reflects the current market value of mining power. It's calculated by dividing the total daily mining revenue by the network hashrate. A higher hash price indicates greater profitability for miners.

算力价格，即每单位算力的价格，反映当前算力的市场价值。它的计算方法是将每日挖矿总收入除以网络算力。哈希值越高，矿工的盈利能力就越高。

Hash cost represents the cost of producing one unit of hashpower, encompassing expenses like electricity, hardware, and maintenance. A lower hashcost signifies a more efficient and profitable mining operation.

算力成本代表生产一单位算力的成本，包括电力、硬件和维护等费用。较低的哈希成本意味着采矿作业效率更高、利润更高。

The difference between hash price and hash cost determines mining profitability. When hash price exceeds hash cost, miners reap profits. Conversely, when hash cost surpasses hash price, they operate at a loss. High hash price attracts more miners, increasing competition and potentially driving down hash price. Conversely, low hash price may discourage miners, leading to a decrease in network hashrate and potentially pushing hash price back up.

哈希价格和哈希成本之间的差异决定了挖矿盈利能力。当哈希价格超过哈希成本时，矿工就会获得利润。相反，当哈希成本超过哈希价格时，他们就会亏损。高算力价格吸引了更多矿工，加剧了竞争并可能压低算力价格。相反，较低的哈希价格可能会让矿工望而却步，导致网络哈希率下降，并可能推高哈希价格。

The availability of ASICs also has an impact on the relationship between hash price and hash cost. These mining machines and the current kW/h wholesale price of electricity drives network hashpower, which drives mining difficulty. Where ASICs aren’t readily available, hashpower becomes more valuable, and therefore the delta between hashprice and hashcost should expand, creating profitable opportunities for miners.

ASIC 的可用性也会影响哈希价格和哈希成本之间的关系。这些矿机和当前千瓦/小时的电力批发价格推动了网络算力，从而提高了挖矿难度。在 ASIC 不易获得的地方，算力变得更有价值，因此哈希价格和哈希成本之间的差值应该会扩大，为矿工创造盈利机会。

Understanding the relationship between hash price and hash cost is crucial for miners to make informed decisions. The delta between hash price and hash cost will also influence a miner’s ability to raise capital. Miners aim to lower hash cost for increased profitability, impacting their capital-raising ability. A smaller hash price-hash cost gap makes miners susceptible to Bitcoin price factors like energy costs and mining difficulty. Conversely, a larger gap suggests resilience. Lenders assessing loan risk will scrutinize this gap, pressuring inefficient miners seeking capital due to their preference for low-risk returns.

了解哈希价格和哈希成本之间的关系对于矿工做出明智的决策至关重要。哈希价格和哈希成本之间的差异也会影响矿工筹集资金的能力。矿工的目标是降低哈希成本以提高盈利能力，这会影响他们的融资能力。较小的哈希价格与哈希成本差距使矿工容易受到能源成本和采矿难度等比特币价格因素的影响。相反，较大的差距表明弹性。评估贷款风险的贷方将仔细审查这一差距，从而对效率低下的矿商施加压力，因为他们偏爱低风险回报，因此寻求资本。

For example, Runes, a recently released way for Bitcoin to create non-fungible tokens, temporarily increased Bitcoin blockspace demand, leading to higher transaction fees and longer confirmation times. During this time, hash price futures were trading in Contango vs the spot price suggesting that the market had a high likelihood of increased future blockspace demand.

例如，符文（Runes）是比特币最近发布的一种创建不可替代代币的方式，暂时增加了比特币区块空间的需求，导致更高的交易费用和更长的确认时间。在此期间，哈希价格期货相对于现货价格以期货价格进行交易，表明市场未来区块空间需求增加的可能性很大。

This situation prompted Bitcoin miners to sell hash price futures, locking in future revenue; that was a decision that proved prudent as blockspace demand cooled post-halving. The availability of hashrate linked products now also provides more financial data points to predict network events impact on blockspace demand and transaction fees.

这种情况促使比特币矿工出售哈希价期货，​​锁定未来收入；随着区块空间需求在减半后降温，这一决定被证明是谨慎的。算力关联产品的可用性现在还提供了更多的金融数据点来预测网络事件对区块空间需求和交易费用的影响。

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

注：本专栏中表达的观点仅代表作者的观点，并不一定反映 CoinDesk, Inc. 或其所有者和关联公司的观点。

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