By Bitcoin 杂志 - 1 年前 - 阅读时间：5 分钟
Record Mining Difficulty Shows Industry Growth Despite Bitcoin 熊市
看空者无法压制矿工，因为数据显示算力不断增加，这可能会导致一些令人不安的算力价格现实。
Bitcoin may be in a bearish market, but the mining industry is growing bigger than ever. Bitcoin mining difficulty set a new record high for the sixth time this year on Tuesday, reaching 31.25万亿，根据 Brains 的挖掘数据。此次4.89%的调整是今年以来的第三大涨幅。
尽管领先的加密货币的价格在 4 月和 5 月大幅下跌，并继续保持不变 低于50%以上 its all-time high from late 2021, the mining industry’s growth is not slowing. Traditional investors, retail buyers, and even day traders may be bearish on bitcoin, but miners are not. This article unpacks some of the data that demonstrates the mining sector’s growth despite bitcoin’s current bearish market conditions.
Bitcoin Mining Growth Data
Bitcoin’s price and mining difficulty demonstrated a fairly strong positive correlation throughout most of 2021. During the bullish periods of early 2021 followed by the China-ban-related crash in the summer and a market rebound to close the year, both metrics moved closely together. But difficulty and price are typically only positively correlated during bullish markets when both metrics increase together. The line chart below visualizes price and difficulty data from the past three years, and for the past six months as bitcoin’s price has fallen, mining difficulty has continued to surge.
尽管今年不断创下历史新高，但从百分比来看，所有难度的增加都相当温和。随着越来越多的矿工部署新的算力，难度继续上升，但 2022 年的增幅都没有达到 10% 或更大。 9.3 月下旬，难度增加了 5%，但其他每次增幅大约为 2012% 或更小。下面的条形图显示了自 2012 年底 ASIC 挖矿硬件进入市场以来所有历史难度增加的简单排序。但这些调整都没有发生在 XNUMX 年。
Difficulty increases come from more hash rate, which means an increasingly large amount of computing power is being spent to process transactions for the Bitcoin network and protect the integrity of its distributed ledger. This is objectively a good thing for Bitcoin. But for the economics of some miners, it’s not always something to celebrate because as difficulty increases, hash price drops.
Hash price is a measure of expected revenue per unit of hash rate a miner contributes to the network. Hash price goes up when bitcoin’s price increases faster than difficulty. It also goes up when bitcoin’s price drops slower than difficulty. But when difficulty increases and bitcoin’s price drops as is happening under current market conditions, hash price plummets.
下面的折线图显示了自 2021 年初以来的算力价格和难度数据，随着难度的飙升，算力价格的急剧下降是显而易见的。
因此，尽管更多矿工保护网络从根本上看涨，但它可能对采矿经济不利，尤其是在下行趋势的市场中。
Timing Of Bitcoin Mining Growth
To anyone who isn’t intimately familiar with the dynamics of bitcoin mining, it’s reasonable to question why the sector continues to grow despite an ongoing bear market phase. A few general reasons offer some explanation for this growth, and the following section on where growth is happening now will add more context.
采矿项目从启动到全面部署，都是非常耗时且资金密集的项目。现在添加到网络中的大部分哈希率是至少两年前计划的。在全球应对新冠肺炎 (COVID-19) 疫情期间，矿商们在与延误和供应链中断作斗争后，并没有像简单地完成多年前开始计划的项目那样忽视市场状况。
无论如何，熊市通常是启动新采矿作业的更有利条件。硬件更便宜。炒作已经消散。焦点更容易保持。与在熊市中开始建设的矿商相比，在牛市热潮中加入该行业的矿商往往失败或被挤出市场的可能性要高得多。对于大多数矿工来说，比当前价格波动更重要的是区块补贴计划。距离下一次奖励减半几乎还有两年时间，这意味着矿工们现在正在努力利用剩余的 6.25 BTC 期限，直至其结束，而一些矿工不可避免地被挤出市场。
Also, even though this article has repeatedly referenced the current “bear market” for bitcoin, it’s worth noting that there has almost never been a true bear market period for bitcoin’s hash rate growth, and by extension for difficulty. China’s mining ban caused a historic break from the normal up-and-to-the-right growth trend for hash rate, but now growth is back on track. As the line chart below shows, hash rate is almost always in a bull market.
矿业增长细分
So, where is the mining sector’s growth happening? Home and small-scale miners are still very much active in building their own operations and using many of the new 以零售为中心的产品和服务 that launched during the bull market. Twitter and other social media are saturated with photos and videos of at-home mining setups.
公共矿业公司也继续计划大规模扩张。例如，Riot Blockchain，市场领先的矿业公司之一， 公布 除了罗克代尔已开发的 400 兆瓦设施外，还计划在德克萨斯州纳瓦罗县建设一座新的 XNUMX 吉瓦设施。其他市场领导者如 Bitfarms 和 核心科学 最近还宣布了可观的增长。
Even cities and local municipalities are entering the mining industry, albeit at very small scale. Bitcoin mining start-up MintGreen is 加工 to make North Vancouver the world’s first city heated by bitcoin mining. And the city council in Forth Worth, Texas 投票通过 支持与一些政府合作启动小型政府运营的采矿试点项目 Antminer S9 机器。
Some of the most exciting growth for general bitcoin audiences comes from news of an increasing number of energy and utilities companies exploring the mining industry. The Hungarian subsidiary of multi-billion-dollar utilities company E.ON has 一直在跑 为期数月的采矿试点项目，并计划扩大规模。美国一些最大的石油生产商——埃克森美孚和康菲石油公司——也 建立伙伴关系 与矿工。而矿工则是 饱和 二叠纪盆地的教育努力与其他能源生产商建立伙伴关系。
结论
尽管 bitcoin’s bearish price action, the mining industry is still in its own bull market. And even though continued hash rate growth despite downward trending prices means dwindling revenue for some miners, the aggregate growth of the industry is a strong signal for the security of the network and the long-term resilience of the entire bitcoin 经济。
这是 Zack Voell 的客座帖子。 所表达的意见完全是他们自己的，不一定反映 BTC Inc 或 Bitcoin 杂志.
原始来源： Bitcoin 杂志