{"id":25644,"date":"2026-06-09T07:13:27","date_gmt":"2026-06-09T07:13:27","guid":{"rendered":"https:\/\/369automation.com\/in\/?p=25644"},"modified":"2026-06-09T07:13:27","modified_gmt":"2026-06-09T07:13:27","slug":"ch%e5%8a%a0%e5%af%86%e4%b8%ad%e5%bf%83%e5%ad%b8%e9%99%a2%e5%b8%b6%e4%bd%a0%e6%90%9e%e6%87%82%e6%af%94%e7%89%b9%e5%b9%a3%e6%b8%9b%e5%8d%8a%e9%80%b1%e6%9c%9f%e8%88%872026%e5%b9%b4%e7%a4%a6%e5%b7%a5","status":"publish","type":"post","link":"https:\/\/369automation.com\/in\/ch%e5%8a%a0%e5%af%86%e4%b8%ad%e5%bf%83%e5%ad%b8%e9%99%a2%e5%b8%b6%e4%bd%a0%e6%90%9e%e6%87%82%e6%af%94%e7%89%b9%e5%b9%a3%e6%b8%9b%e5%8d%8a%e9%80%b1%e6%9c%9f%e8%88%872026%e5%b9%b4%e7%a4%a6%e5%b7%a5\/","title":{"rendered":"CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u5e36\u4f60\u641e\u61c2\u6bd4\u7279\u5e63\u6e1b\u534a\u9031\u671f\u82072026\u5e74\u7926\u5de5\u7d93\u6fdf\u5b78\uff1a\u5f71\u97ff\u4f9b\u7d66\u7684\u95dc\u9375\u8b8a\u6578"},"content":{"rendered":"<h1>CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u5e36\u4f60\u641e\u61c2\u6bd4\u7279\u5e63\u6e1b\u534a\u9031\u671f\u82072026\u5e74\u7926\u5de5\u7d93\u6fdf\u5b78\uff1a\u5f71\u97ff\u4f9b\u7d66\u7684\u95dc\u9375\u8b8a\u6578<\/h1>\n<p>\u300c\u6bd4\u7279\u5e63\u6e1b\u534a\u4e0d\u662f\u5df2\u7d93\u904e\u4e00\u5e74\u4e86\u55ce\uff1f\u600e\u9ebc\u50f9\u683c\u9084\u6c92\u66b4\u6f32\uff1f\u300d\u9019\u662f\u8a31\u591a\u6295\u8cc7\u4eba\u5171\u540c\u7684\u7591\u554f\u30022024\u5e744\u6708\u7684\u6e1b\u534a\uff0c\u5340\u584a\u734e\u52f5\u5f9e6.25 BTC\u964d\u52303.125 BTC\uff0c\u6309\u7406\u8aaa\u4f9b\u7d66\u6e1b\u5c11\u6703\u63a8\u5347\u50f9\u683c\uff0c\u4f46\u5be6\u969b\u8d70\u52e2\u537b\u4e0d\u5982\u8a31\u591a\u4eba\u9810\u671f\u7684\u90a3\u6a23\u76f4\u7dda\u4e0a\u5347\u3002\u8981\u7406\u89e3\u9019\u500b\u73fe\u8c61\uff0c\u4e0d\u80fd\u53ea\u770b\u6e1b\u534a\u672c\u8eab\uff0c\u9084\u8981\u6df1\u5165\u7926\u5de5\u7684\u884c\u70ba\u6a21\u5f0f\u3001\u8ce3\u58d3\u7d50\u69cb\uff0c\u4ee5\u53ca\u5b8f\u89c0\u6d41\u52d5\u6027\u7684\u8b8a\u5316\u3002<a href=\"https:\/\/cryptifyhub.com\" rel=\"dofollow\">CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662<\/a>\u9019\u7bc7\u5c07\u5f9e\u7926\u5de5\u7d93\u6fdf\u5b78\u3001\u5eab\u5b58\u6d41\u52d5\u6bd4\u7387\u3001\u4ee5\u53ca\u6e1b\u534a\u9031\u671f\u7684\u6b77\u53f2\u898f\u5f8b\u51fa\u767c\uff0c\u70ba\u4f60\u89e3\u67902026\u4e0b\u534a\u5e74\u6bd4\u7279\u5e63\u4f9b\u7d66\u9762\u7684\u771f\u5be6\u72c0\u6cc1\u3002<\/p>\n<h2>\u6e1b\u534a\u7684\u5f71\u97ff\u4e0d\u662f\u77ac\u6642\u7684\uff0c\u800c\u662f\u900f\u904e\u7926\u5de5\u62cb\u58d3\u9010\u6b65\u9ad4\u73fe<\/h2>\n<p>\u5f88\u591a\u4eba\u4ee5\u70ba\u6e1b\u534a\u7576\u5929\u6bd4\u7279\u5e63\u5c31\u6703\u66b4\u6f32\uff0c\u4f46\u6b77\u53f2\u6578\u64da\u544a\u8a34\u6211\u5011\uff0c\u6e1b\u534a\u5f8c\u7684\u4e0a\u6f32\u901a\u5e38\u9700\u898112\u523018\u500b\u6708\u624d\u6703\u5b8c\u5168\u767c\u9175\u3002\u70ba\u4ec0\u9ebc\uff1f\u56e0\u70ba\u7926\u5de5\u662f\u5e02\u5834\u4e0a\u6700\u7a69\u5b9a\u7684\u8ce3\u65b9\u4e4b\u4e00\u2014\u2014\u4ed6\u5011\u9700\u8981\u8ce3\u51fa\u6bd4\u7279\u5e63\u4f86\u652f\u4ed8\u96fb\u8cbb\u3001\u786c\u9ad4\u6210\u672c\u8207\u71df\u904b\u958b\u92b7\u3002\u6e1b\u534a\u5f8c\uff0c\u7926\u5de5\u6bcf\u5929\u7522\u51fa\u7684\u65b0\u6bd4\u7279\u5e63\u6578\u91cf\u6e1b\u5c11\uff0c\u4f46\u4ed6\u5011\u7684\u6210\u672c\u537b\u6c92\u6709\u540c\u6b65\u4e0b\u964d\uff08\u751a\u81f3\u56e0\u70ba\u7b97\u529b\u7af6\u722d\u800c\u4e0a\u5347\uff09\u3002\u9019\u5c0e\u81f4\u7926\u5de5\u7684\u300c\u6536\u652f\u5e73\u8861\u50f9\u683c\u300d\u63d0\u9ad8\uff0c\u7576\u5e63\u50f9\u4f4e\u65bc\u4ed6\u5011\u7684\u5e73\u5747\u6210\u672c\u6642\uff0c\u90e8\u5206\u6548\u7387\u8f03\u4f4e\u7684\u7926\u5de5\u5c31\u6703\u88ab\u8feb\u95dc\u6a5f\u6216\u8ce3\u51fa\u5eab\u5b58\u3002<\/p>\n<p>\u9019\u500b\u904e\u7a0b\u88ab\u7a31\u70ba\u300c\u7926\u5de5\u6295\u964d\u300d(Miner Capitulation)\uff0c\u901a\u5e38\u767c\u751f\u5728\u6e1b\u534a\u5f8c\u76846\u523012\u500b\u6708\u4e4b\u9593\u30022024\u5e74\u5e95\u52302025\u5e74\u521d\uff0c\u6211\u5011\u78ba\u5be6\u770b\u5230\u4e00\u6ce2\u7926\u5de5\u62cb\u552e\u6f6e\uff0c\u7576\u6642\u6bd4\u7279\u5e63\u50f9\u683c\u4e00\u5ea6\u5f9e70,000\u7f8e\u5143\u56de\u8abf\u523058,000\u7f8e\u5143\u5de6\u53f3\u3002\u4f46\u6295\u964d\u904e\u5f8c\uff0c\u5016\u5b58\u7684\u7926\u5de5\u64c1\u6709\u66f4\u5f37\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u4e14\u6bcf\u65e5\u65b0\u589e\u8ce3\u58d3\u6e1b\u5c11\uff0c\u70ba\u5f8c\u7e8c\u7684\u4e0a\u6f32\u5960\u5b9a\u57fa\u790e\u3002\u6839\u64daGlassnode\u7684\u6578\u64da\uff0c2026\u5e74\u7b2c\u4e8c\u5b63\u7926\u5de5\u9322\u5305\u7684\u6de8\u6d41\u51fa\u5df2\u7d93\u8da8\u7de9\uff0c\u986f\u793a\u6295\u964d\u968e\u6bb5\u5927\u81f4\u7d50\u675f\u3002<\/p>\n<p>\u5c0d\u6295\u8cc7\u4eba\u800c\u8a00\uff0c\u95dc\u9375\u8a0a\u865f\u662f\u300c\u7926\u5de5\u6301\u5009\u6307\u6578\u300d(Miners&#8217; Position Index, MPI)\u3002\u7576MPI\u6025\u907d\u5347\u9ad8\uff0c\u4ee3\u8868\u7926\u5de5\u6b63\u5728\u5927\u91cf\u8f49\u51fa\u6bd4\u7279\u5e63\u81f3\u4ea4\u6613\u6240\uff0c\u53ef\u80fd\u5f15\u767c\u77ed\u671f\u8ce3\u58d3\uff1b\u7576MPI\u8655\u65bc\u4f4e\u4f4d\u4e14\u4ea4\u6613\u6240\u9918\u984d\u4e0b\u964d\uff0c\u5247\u662f\u7d2f\u7a4d\u7684\u597d\u6642\u6a5f\u3002\u76ee\u524dMPI\u8655\u65bc\u4e2d\u6027\u504f\u4f4e\u7684\u4f4d\u7f6e\uff0c\u6c92\u6709\u51fa\u73fe\u6050\u614c\u6027\u62cb\u552e\u3002<\/p>\n<h3>\u6e1b\u534a\u9031\u671f\u7684\u6b77\u53f2\u56de\u9867\u82072026\u5e74\u7684\u7279\u6b8a\u4e4b\u8655<\/h3>\n<div class=\"table-wrapper\">\n<table>\n<thead>\n<tr>\n<th>\u6e1b\u534a\u5e74\u4efd<\/th>\n<th>\u6e1b\u534a\u524d\u50f9\u683c(\u7d04)<\/th>\n<th>\u6e1b\u534a\u5f8c12\u500b\u6708\u50f9\u683c(\u7d04)<\/th>\n<th>\u6f32\u5e45<\/th>\n<th>\u5099\u8a3b<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2012<\/th>\n<td>12\u7f8e\u5143<\/th>\n<td>~1,000\u7f8e\u5143<\/th>\n<td>\u7d048,000%<\/th>\n<td>\u5e02\u5834\u6975\u65e9\u671f\uff0c\u53c3\u8003\u6027\u8f03\u4f4e<\/th>\n<\/tr>\n<tr>\n<td>2016<\/th>\n<td>650\u7f8e\u5143<\/th>\n<td>~2,500\u7f8e\u5143<\/th>\n<td>\u7d04280%<\/th>\n<td>\u4e4b\u5f8c\u8fce\u4f862017\u5e74\u5927\u725b\u5e02<\/th>\n<\/tr>\n<tr>\n<td>2020<\/th>\n<td>8,600\u7f8e\u5143<\/th>\n<td>~57,000\u7f8e\u5143<\/th>\n<p>           m\u00e9todos\u7d04560%<\/th>\n<td>\u53d7\u75ab\u60c5\u6d41\u52d5\u6027\u5bec\u9b06\u52a9\u63a8<\/th>\n<\/tr>\n<tr>\n<td>2024<\/th>\n<td>63,000\u7f8e\u5143<\/th>\n<td>~68,000\u7f8e\u5143 (2025\u5e744\u6708) <\/th>\n<td>\u7d048%<\/th>\n<td>\u6f32\u5e45\u4e0d\u5982\u524d\u5e7e\u6b21\uff0c\u8207\u5b8f\u89c0\u7dca\u7e2e\u6709\u95dc<\/th>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<p>\u5f9e\u4e0a\u8868\u53ef\u4ee5\u767c\u73fe\uff0c2024\u5e74\u6e1b\u534a\u5f8c12\u500b\u6708\u7684\u6f32\u5e45\u660e\u986f\u5c0f\u65bc\u524d\u5e7e\u6b21\u3002\u9019\u53ef\u80fd\u8207\u7576\u6642\u7f8e\u570b\u806f\u6e96\u6703\u4ecd\u5728\u7e2e\u8868\u3001\u5229\u7387\u7dad\u6301\u9ad8\u6a94\u6709\u95dc\u3002\u4f46\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u6e1b\u534a\u5f8c18~24\u500b\u6708\uff08\u4e5f\u5c31\u662f2025\u5e74\u7b2c\u56db\u5b63\u52302026\u5e74\u7b2c\u4e8c\u5b63\uff09\uff0c\u6bd4\u7279\u5e63\u4ecd\u7136\u5275\u4e0b73,000\u7f8e\u5143\u4ee5\u4e0a\u7684\u6b77\u53f2\u65b0\u9ad8\u3002\u96d6\u7136\u4e0d\u50cf\u524d\u5e7e\u6b21\u5faa\u74b0\u90a3\u6a23\u760b\u72c2\uff0c\u4f46\u4f9d\u7136\u6253\u7834\u4e86\u524d\u9ad8\u3002\u9019\u544a\u8a34\u6211\u5011\uff1a\u6e1b\u534a\u7684\u6548\u679c\u4ecd\u7136\u5b58\u5728\uff0c\u53ea\u662f\u88ab\u7e3d\u7d93\u74b0\u5883\u58d3\u6291\uff0c\u9700\u8981\u66f4\u9577\u7684\u6642\u9593\u767c\u9175\u3002<\/p>\n<blockquote><p>\u300c\u5f9eCH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u7684\u93c8\u4e0a\u6578\u64da\u5206\u6790\uff0c2026\u5e74\u4e0a\u534a\u5e74\u7926\u5de5\u6bcf\u65e5\u6de8\u8ce3\u51fa\u91cf\u5df2\u964d\u81f3\u6e1b\u534a\u524d\u768460%\u5de6\u53f3\uff0c\u800c\u4ea4\u6613\u6240\u9918\u984d\u4e5f\u6301\u7e8c\u4e0b\u964d\u3002\u4f9b\u7d66\u7aef\u7684\u58d3\u529b\u6b63\u5728\u6e1b\u8f15\uff0c\u9019\u70ba\u4e2d\u671f\u50f9\u683c\u63d0\u4f9b\u4e86\u7d50\u69cb\u6027\u652f\u6490\u3002\u300d\u2014\u2014CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u884c\u4e1a\u4ece\u4e1a\u8005\u5b9e\u6d4b\uff0c\u7926\u5de5\u884c\u70ba\u5831\u544a<\/p><\/blockquote>\n<h2>\u7926\u5de5\u6536\u5165\u7d50\u69cb\u7684\u6539\u8b8a\uff1a\u624b\u7e8c\u8cbb\u4f54\u6bd4\u5275\u65b0\u9ad8<\/h2>\n<p>\u9664\u4e86\u5340\u584a\u734e\u52f5\uff0c\u7926\u5de5\u7684\u53e6\u4e00\u9805\u6536\u5165\u662f\u300c\u4ea4\u6613\u624b\u7e8c\u8cbb\u300d\u3002\u96a8\u8457Ordinals\u3001BRC-20\u3001\u4ee5\u53caRunestones\u7b49\u6bd4\u7279\u5e63\u751f\u614b\u7684\u84ec\u52c3\u767c\u5c55\uff0c\u93c8\u4e0a\u4ea4\u6613\u91cf\u5927\u5e45\u589e\u52a0\uff0c\u624b\u7e8c\u8cbb\u6536\u5165\u4f54\u7926\u5de5\u7e3d\u6536\u5165\u7684\u6bd4\u4f8b\u57282026\u5e74\u7b2c\u4e00\u5b63\u4e00\u5ea6\u8d85\u904e25%\uff0c\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u3002\u9019\u4ee3\u8868\u7926\u5de5\u4e0d\u518d\u5b8c\u5168\u4f9d\u8cf4\u5340\u584a\u734e\u52f5\uff0c\u4e5f\u6e1b\u8f15\u4e86\u6e1b\u534a\u5e36\u4f86\u7684\u6536\u5165\u885d\u64ca\u3002<\/p>\n<p>\u5c0d\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u9019\u662f\u4e00\u500b\u6b63\u5411\u4fe1\u865f\uff1a\u624b\u7e8c\u8cbb\u6536\u5165\u7a69\u5b9a\uff0c\u7926\u5de5\u6bd4\u8f03\u4e0d\u9700\u8981\u5728\u4f4e\u50f9\u6642\u5927\u91cf\u62cb\u552e\u6bd4\u7279\u5e63\u4f86\u7dad\u6301\u71df\u904b\u3002\u540c\u6642\uff0c\u6d3b\u8e8d\u7684\u93c8\u4e0a\u751f\u614b\u4e5f\u4ee3\u8868\u6bd4\u7279\u5e63\u7684\u61c9\u7528\u5834\u666f\u6b63\u5728\u64f4\u5927\uff0c\u800c\u4e0d\u53ea\u662f\u300c\u6578\u4f4d\u9ec3\u91d1\u300d\u7684\u5132\u5b58\u529f\u80fd\u3002\u53ef\u4ee5\u95dc\u6ce8\u300c\u6bd4\u7279\u5e63\u65e5\u5747\u4ea4\u6613\u7b46\u6578\u300d\u8207\u300c\u624b\u7e8c\u8cbb\u7e3d\u984d\u300d\u9019\u5169\u500b\u6307\u6a19\uff0c\u82e5\u6301\u7e8c\u6210\u9577\uff0c\u4ee3\u8868\u7db2\u8def\u4f7f\u7528\u7387\u63d0\u5347\uff0c\u9577\u671f\u5229\u591a\u3002<\/p>\n<p>\u6b64\u5916\uff0c2026\u5e74\u4e0b\u534a\u5e74\u503c\u5f97\u7559\u610f\u7684\u662f\u300c\u6bd4\u7279\u5e63Layer2\u300d\u7684\u767c\u5c55\uff0c\u4f8b\u5982Stacks\u3001RSK\u7b49\u3002\u5982\u679c\u9019\u4e9bL2\u80fd\u5920\u5438\u5f15\u66f4\u591aDeFi\u8207\u61c9\u7528\u5230\u6bd4\u7279\u5e63\u751f\u614b\uff0c\u5c07\u9032\u4e00\u6b65\u63d0\u9ad8\u624b\u7e8c\u8cbb\u6536\u5165\uff0c\u5f37\u5316\u7926\u5de5\u7d93\u6fdf\u6a21\u578b\u3002<\/p>\n<h2>\u53f0\u7063\u73a9\u5bb6\u53ef\u95dc\u6ce8\u7684\u7926\u5de5\u76f8\u95dc\u6307\u6a19\u8207\u5be6\u6230\u61c9\u7528<\/h2>\n<p>\u96d6\u7136\u4e00\u822c\u6295\u8cc7\u4eba\u7121\u6cd5\u76f4\u63a5\u53c3\u8207\u6316\u7926\uff08\u56e0\u70ba\u898f\u6a21\u5316\u8207\u6210\u672c\u554f\u984c\uff09\uff0c\u4f46\u53ef\u4ee5\u900f\u904e\u8ffd\u8e64\u7926\u5de5\u7684\u884c\u70ba\u4f86\u5224\u65b7\u5e02\u5834\u9031\u671f\u3002\u4ee5\u4e0b\u662f\u5e7e\u500b\u514d\u8cbb\u6216\u4f4e\u6210\u672c\u7684\u8ffd\u8e64\u65b9\u5f0f\uff1a<\/p>\n<ul>\n<li><strong>\u7926\u5de5\u6301\u5009\u6307\u6578 (MPI):<\/strong> \u5728Glassnode\u6216CryptoQuant\u53ef\u4ee5\u67e5\u770b\u3002\u7576MPI > 2 \u4e14\u6301\u7e8c\u4e0a\u5347\uff0c\u901a\u5e38\u662f\u77ed\u671f\u8ce3\u58d3\u8a0a\u865f\uff1bMPI < 0 \u4ee3\u8868\u7926\u5de5\u6b63\u5728\u7d2f\u7a4d\uff0c\u504f\u591a\u3002<\/li>\n<li><strong>\u4ea4\u6613\u6240\u7926\u5de5\u6d41\u5165\u91cf:<\/strong> \u5982\u679c\u7926\u5de5\u9322\u5305\u77ed\u6642\u9593\u5167\u5927\u91cf\u8f49\u5165\u4ea4\u6613\u6240\uff08\u4f8b\u5982\u55ae\u65e5\u8d85\u904e5,000 BTC\uff09\uff0c\u4ee3\u8868\u53ef\u80fd\u6e96\u5099\u51fa\u552e\uff0c\u9700\u63d0\u9ad8\u8b66\u89ba\u3002<\/li>\n<li><strong>\u54c8\u5e0c\u5e36 (Hash Ribbon):<\/strong> \u7576\u54c8\u5e0c\u7387\uff08\u7b97\u529b\uff09\u77ed\u671f\u4e0b\u8dcc\u5f8c\u6062\u5fa9\uff0c\u901a\u5e38\u4ee3\u8868\u7926\u5de5\u6295\u964d\u7d50\u675f\uff0c\u662f\u4e2d\u671f\u8cb7\u5165\u8a0a\u865f\u3002\u9019\u500b\u6307\u6a19\u5728\u904e\u53bb\u7684\u5e7e\u6b21\u5e95\u90e8\u90fd\u76f8\u7576\u6e96\u78ba\u3002<\/li>\n<li><strong>\u7926\u5de5\u6536\u652f\u5e73\u8861\u50f9\u683c:<\/strong> \u53ef\u4ee5\u53c3\u8003MacroMicro\u6216Delphi Digital\u7684\u5831\u544a\uff0c\u4e86\u89e3\u76ee\u524d\u4e3b\u6d41\u7926\u6a5f\u7684\u6316\u7926\u6210\u672c\u3002\u7576\u5e63\u50f9\u4f4e\u65bc\u591a\u6578\u7926\u5de5\u7684\u6210\u672c\u6642\uff0c\u901a\u5e38\u96e2\u5e95\u90e8\u4e0d\u9060\u3002<\/li>\n<\/ul>\n<p>\u5c0d\u65bc\u6c92\u6709\u8a02\u95b1\u93c8\u4e0a\u6578\u64da\u5e73\u53f0\u7684\u4eba\uff0c\u53ef\u4ee5\u95dc\u6ce8\u4e00\u4e9b\u514d\u8cbb\u7684\u5100\u8868\u677f\uff0c\u4f8b\u5982Dune Analytics\u4e0a\u7684\u300cBitcoin Mining Dashboard\u300d\uff0c\u6216\u662f\u8ffd\u8e64\u63a8\u7279\u4e0a\u5982@therationalroot\u3001@ki_young_ju\u7b49\u5206\u6790\u5e2b\u7684\u5373\u6642\u89e3\u8b80\u3002<a href=\"https:\/\/cryptifyhub.com\" rel=\"dofollow\">CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662<\/a>\u4e5f\u6703\u5b9a\u671f\u5728\u514d\u8cbb\u9031\u5831\u4e2d\u6574\u7406\u7926\u5de5\u76f8\u95dc\u7684\u95dc\u9375\u5716\u8868\u3002<\/p>\n<h2>2026\u4e0b\u534a\u5e74\u7926\u5de5\u5c55\u671b\uff1a\u6210\u672c\u4e0a\u5347\u8207\u6574\u5408\u52a0\u5287<\/h2>\n<p>\u96a8\u8457\u6e1b\u534a\u6548\u61c9\u6301\u7e8c\uff0c\u7926\u5de5\u7684\u7af6\u722d\u53ea\u6703\u66f4\u52a0\u6fc0\u70c8\u3002\u7b97\u529b\u4e0d\u65b7\u5275\u65b0\u9ad8\uff0c\u800c\u8001\u820a\u7926\u6a5f\uff08\u5982S19\u7cfb\u5217\uff09\u7684\u76c8\u5229\u80fd\u529b\u4e0b\u964d\uff0c\u8feb\u4f7f\u7926\u5834\u5347\u7d1a\u5230S21\u6216\u66f4\u9ad8\u6548\u7387\u7684\u8a2d\u5099\u3002\u9019\u6703\u5c0e\u81f4\u5c0f\u578b\u7926\u5de5\u88ab\u6dd8\u6c70\uff0c\u7b97\u529b\u9032\u4e00\u6b65\u96c6\u4e2d\u5230\u5927\u578b\u7926\u4f01\u3002\u5c0d\u65bc\u5e63\u50f9\u800c\u8a00\uff0c\u96c6\u4e2d\u7684\u7926\u5de5\u7fa4\u9ad4\u53ef\u80fd\u66f4\u6709\u7d00\u5f8b\u5730\u7ba1\u7406\u8ce3\u58d3\uff0c\u6e1b\u5c11\u5e02\u5834\u7684\u96a8\u6a5f\u62cb\u552e\u3002<\/p>\n<p>\u53e6\u4e00\u500b\u503c\u5f97\u89c0\u5bdf\u7684\u662f\u300c\u7926\u5de5\u671f\u8ca8\u5c0d\u6c96\u300d\u7684\u76db\u884c\u3002\u8a31\u591a\u4e0a\u5e02\u7926\u4f01\uff08\u5982Marathon\u3001Riot\uff09\u6703\u900f\u904e\u671f\u8ca8\u6216\u9078\u64c7\u6b0a\u9396\u5b9a\u672a\u4f86\u50f9\u683c\uff0c\u4ee5\u7a69\u5b9a\u73fe\u91d1\u6d41\u3002\u9019\u964d\u4f4e\u4e86\u4ed6\u5011\u5728\u73fe\u8ca8\u5e02\u5834\u7684\u5373\u6642\u8ce3\u58d3\uff0c\u4f46\u4e5f\u53ef\u80fd\u4f7f\u5e02\u5834\u7684\u771f\u5be6\u4f9b\u9700\u8a0a\u865f\u8b8a\u5f97\u6a21\u7cca\u3002\u7e3d\u4e4b\uff0c\u7926\u5de5\u7d93\u6fdf\u5b78\u5df2\u7d93\u5f9e\u55ae\u7d14\u7684\u300c\u6316 -> \u8ce3\u300d\u6f14\u8b8a\u6210\u66f4\u8907\u96dc\u7684\u91d1\u878d\u64cd\u4f5c\uff0c\u6295\u8cc7\u4eba\u9700\u8981\u4ee5\u66f4\u5168\u9762\u7684\u8996\u89d2\u89e3\u8b80\u3002<\/p>\n<p>\u5c0d\u65bc\u53f0\u7063\u7684\u4e00\u822c\u6295\u8cc7\u4eba\u4f86\u8aaa\uff0c\u6700\u91cd\u8981\u7684\u662f\u4e0d\u8981\u88ab\u300c\u7926\u5de5\u6295\u964d\u300d\u7684\u65b0\u805e\u5687\u5230\u3002\u6295\u964d\u901a\u5e38\u662f\u77ed\u671f\u7684\u5229\u7a7a\u51fa\u76e1\uff0c\u800c\u975e\u5d29\u76e4\u7684\u958b\u59cb\u3002\u5982\u679c\u4f60\u63a1\u7528\u5b9a\u671f\u5b9a\u984d\u7b56\u7565\uff0c\u751a\u81f3\u53ef\u4ee5\u5728\u6295\u964d\u671f\u9593\u9069\u5ea6\u52a0\u78bc\uff0c\u56e0\u70ba\u5f9e\u6b77\u53f2\u4f86\u770b\uff0c\u7926\u5de5\u6295\u964d\u5f8c\u5f80\u5f80\u6703\u8fce\u4f86\u4e00\u6ce2\u53ef\u89c0\u7684\u53cd\u5f48\u3002<\/p>\n<h2>FAQ\uff1a\u6bd4\u7279\u5e63\u6e1b\u534a\u8207\u7926\u5de5\u7d93\u6fdf\u5b78\u5e38\u898b\u554f\u984c<\/h2>\n<ul class=\"faq-item\">\n<li class=\"faq-question\"><strong>\u554f\u984c\u4e00\uff1a\u6bd4\u7279\u5e63\u6e1b\u534a\u5f8c\uff0c\u50f9\u683c\u4e00\u5b9a\u6703\u6f32\u55ce\uff1f\u6709\u6c92\u6709\u53cd\u4f8b\uff1f<\/strong><\/li>\n<li class=\"faq-answer\">\u904e\u53bb\u4e09\u6b21\u6e1b\u534a\u5f8c\uff0c\u50f9\u683c\u90fd\u572812~18\u500b\u6708\u5167\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u3002\u4f46\u6b77\u53f2\u4e0d\u4ee3\u8868\u672a\u4f86\u3002\u5982\u679c\u7e3d\u9ad4\u7d93\u6fdf\u6975\u5ea6\u60e1\u5316\uff08\u5982\u985e\u4f3c2008\u5e74\u91d1\u878d\u6d77\u562f\uff09\uff0c\u6bd4\u7279\u5e63\u4e5f\u53ef\u80fd\u8ddf\u96a8\u98a8\u96aa\u8cc7\u7522\u4e0b\u8dcc\u3002\u4e0d\u904e\u5f9e\u4f9b\u7d66\u9762\u4f86\u770b\uff0c\u6e1b\u534a\u78ba\u5be6\u964d\u4f4e\u4e86\u6bcf\u65e5\u65b0\u589e\u7684\u8ce3\u58d3\uff0c\u9577\u671f\u4ecd\u5c6c\u5229\u591a\u3002<\/li>\n<li class=\"faq-question\"><strong>\u554f\u984c\u4e8c\uff1a\u6211\u53ef\u4ee5\u53c3\u8207\u6bd4\u7279\u5e63\u6316\u7926\u55ce\uff1f\u73fe\u5728\u9032\u5834\u4f86\u5f97\u53ca\u55ce\uff1f<\/strong><\/li>\n<li class=\"faq-answer\">\u5c0d\u4e00\u822c\u500b\u4eba\u4f86\u8aaa\uff0c\u5df2\u7d93\u4e0d\u5efa\u8b70\u4e86\u3002\u56e0\u70ba\u6316\u7926\u5df2\u7d93\u8d70\u5411\u898f\u6a21\u5316\u3001\u5de5\u696d\u5316\uff0c\u500b\u4eba\u7926\u6a5f\u4e0d\u50c5\u6548\u7387\u4f4e\uff0c\u4e14\u96fb\u8cbb\u6210\u672c\u96e3\u8207\u5927\u578b\u7926\u5834\u7af6\u722d\u3002\u5982\u679c\u4f60\u9084\u662f\u60f3\u53c3\u8207\uff0c\u53ef\u4ee5\u8003\u616e\u8cfc\u8cb7\u96f2\u7aef\u6316\u7926\u5408\u7d04\uff0c\u4f46\u90a3\u88e1\u8a50\u9a19\u6975\u591a\uff0c99%\u90fd\u662f\u9a19\u5c40\u3002\u771f\u5fc3\u60f3\u6295\u8cc7\uff0c\u76f4\u63a5\u8cb7\u6bd4\u7279\u5e63\u73fe\u8ca8\u66f4\u7c21\u55ae\u3002<\/li>\n<li class=\"faq-question\"><strong>\u554f\u984c\u4e09\uff1aCH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u6709\u63d0\u4f9b\u7926\u5de5\u6578\u64da\u7684\u5373\u6642\u770b\u677f\u55ce\uff1f<\/strong><\/li>\n<li class=\"faq-answer\">\u514d\u8cbb\u5b78\u54e1\u53ef\u4ee5\u5b58\u53d6\u6211\u5011\u6574\u7406\u7684\u300c\u6bd4\u7279\u5e63\u93c8\u4e0a\u6578\u64da\u9031\u5831\u300d\uff0c\u5176\u4e2d\u5305\u542b\u7926\u5de5\u6301\u5009\u3001\u54c8\u5e0c\u5e36\u3001\u4ea4\u6613\u6240\u6d41\u5165\u7b49\u95dc\u9375\u5716\u8868\uff0c\u6bcf\u9031\u66f4\u65b0\u3002\u4f60\u53ef\u4ee5\u5728 <a href=\"https:\/\/cryptifyhub.com\" rel=\"dofollow\">https:\/\/cryptifyhub.com<\/a> \u8a02\u95b1\u514d\u8cbb\u96fb\u5b50\u5831\u53d6\u5f97\u3002<\/li>\n<li class=\"faq-question\"><strong>\u554f\u984c\u56db\uff1a\u6bd4\u7279\u5e63\u624b\u7e8c\u8cbb\u6536\u5165\u589e\u52a0\uff0c\u5c0d\u50f9\u683c\u6709\u4ec0\u9ebc\u76f4\u63a5\u5f71\u97ff\uff1f<\/strong><\/li>\n<li class=\"faq-answer\">\u77ed\u671f\u6c92\u6709\u76f4\u63a5\u5f71\u97ff\uff0c\u4f46\u9577\u671f\u6709\u52a9\u65bc\u7926\u5de5\u751f\u614b\u7684\u5065\u5eb7\u3002\u7576\u5340\u584a\u734e\u52f5\u6301\u7e8c\u6e1b\u534a\uff0c\u624b\u7e8c\u8cbb\u5fc5\u9808\u80fd\u5920\u88dc\u8db3\u7926\u5de5\u7684\u6536\u5165\uff0c\u5426\u5247\u7b97\u529b\u53ef\u80fd\u4e0b\u964d\uff0c\u5f71\u97ff\u7db2\u8def\u5b89\u5168\u3002\u624b\u7e8c\u8cbb\u4f54\u6bd4\u63d0\u9ad8\uff0c\u4ee3\u8868\u6bd4\u7279\u5e63\u4f5c\u70ba\u652f\u4ed8\uff0f\u7d50\u7b97\u7db2\u8def\u7684\u50f9\u503c\u6b63\u5728\u88ab\u9a57\u8b49\uff0c\u662f\u57fa\u672c\u9762\u7684\u5229\u591a\u3002<\/li>\n<li class=\"faq-question\"><strong>\u554f\u984c\u4e94\uff1a\u4ec0\u9ebc\u662f\u300c\u7926\u5de5\u5eab\u5b58\u6d41\u52d5\u6bd4\u7387\u300d\uff1f\u600e\u9ebc\u89e3\u8b80\uff1f<\/strong><\/li>\n<li class=\"faq-answer\">\u9019\u662f\u8861\u91cf\u7926\u5de5\u9322\u5305\u4e2d\u7684\u6bd4\u7279\u5e63\u76f8\u5c0d\u65bc\u4ea4\u6613\u6240\u6d41\u51fa\u91cf\u7684\u6307\u6a19\u3002\u7c21\u55ae\u8aaa\uff0c\u7576\u5eab\u5b58\u6d41\u52d5\u6bd4\u7387\u904e\u9ad8\uff0c\u4ee3\u8868\u7926\u5de5\u624b\u4e0a\u7684\u5eab\u5b58\u592a\u591a\uff0c\u53ef\u80fd\u6e96\u5099\u51fa\u8ca8\u3002\u901a\u5e38\u53ef\u4ee5\u8207MPI\u4e00\u8d77\u53c3\u8003\u3002\u8a73\u7d30\u7684\u8a08\u7b97\u65b9\u5f0f\u53ef\u4ee5\u53c3\u8003Glassnode\u7684\u6587\u5eab\u3002<\/li>\n<\/ul>\n<h2>\u7d50\u8ad6\uff1a\u6e1b\u534a\u6548\u61c9\u4ecd\u5728\uff0c\u53ea\u662f\u9700\u8981\u66f4\u591a\u8010\u5fc3<\/h2>\n<p>\u6bd4\u7279\u5e63\u6e1b\u534a\u4e0d\u662f\u4e00\u500b\u300c\u958b\u95dc\u300d\uff0c\u800c\u662f\u9577\u9054\u6578\u5e74\u7684\u4f9b\u7d66\u7d50\u69cb\u8abf\u6574\u30022024\u5e74\u7684\u6e1b\u534a\u96d6\u7136\u6c92\u6709\u7acb\u5373\u5f15\u7206\u8d85\u7d1a\u725b\u5e02\uff0c\u4f46\u5b83\u78ba\u5be6\u9010\u6b65\u964d\u4f4e\u4e86\u7926\u5de5\u7684\u6bcf\u65e5\u8ce3\u58d3\uff0c\u4e26\u57282025\u5e74\u5e95\u52302026\u5e74\u521d\u63a8\u52d5\u50f9\u683c\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u3002\u5c0d\u65bc\u9577\u671f\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c\u8207\u5176\u731c\u6e2c\u6e1b\u534a\u5f8c\u7684\u77ed\u671f\u8d70\u52e2\uff0c\u4e0d\u5982\u5c08\u6ce8\u65bc\u93c8\u4e0a\u6578\u64da\u6240\u5448\u73fe\u7684\u4f9b\u7d66\u52d5\u614b\u2014\u2014\u4ea4\u6613\u6240\u9918\u984d\u4e0b\u964d\u3001\u7926\u5de5\u6295\u964d\u7d50\u675f\u3001\u624b\u7e8c\u8cbb\u6536\u5165\u6210\u9577\uff0c\u9019\u4e9b\u90fd\u662f\u624e\u5be6\u7684\u6b63\u9762\u8a0a\u865f\u3002<\/p>\n<p>\u57282026\u4e0b\u534a\u5e74\uff0c\u6211\u5011\u53ef\u80fd\u6703\u770b\u5230\u66f4\u591a\u6a5f\u69cb\u900f\u904e\u73fe\u8ca8ETF\u9032\u5834\uff0c\u4ee5\u53ca\u6bd4\u7279\u5e63Layer2\u751f\u614b\u7684\u9032\u4e00\u6b65\u767c\u5c55\u3002\u9019\u4e9b\u90fd\u5c07\u70ba\u50f9\u683c\u63d0\u4f9b\u9700\u6c42\u9762\u7684\u652f\u6490\uff0c\u8207\u4f9b\u7d66\u9762\u7684\u7dca\u7e2e\u5f62\u6210\u5171\u632f\u3002<a href=\"https:\/\/cryptifyhub.com\" rel=\"dofollow\">CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662<\/a>\u5c07\u6301\u7e8c\u8ffd\u8e64\u7926\u5de5\u884c\u70ba\u8207\u7e3d\u9ad4\u7d93\u6fdf\u7684\u4ea4\u4e92\u5f71\u97ff\uff0c\u4e26\u5728\u514d\u8cbb\u8ab2\u7a0b\u4e2d\u63d0\u4f9b\u66f4\u65b0\u7684\u5206\u6790\u6846\u67b6\u3002\u8a18\u4f4f\uff0c\u5728\u6e1b\u534a\u6548\u61c9\u771f\u6b63\u767c\u9175\u4e4b\u524d\uff0c\u5e02\u5834\u5f80\u5f80\u6703\u7528\u9707\u76ea\u548c\u61f7\u7591\u4f86\u8003\u9a57\u6295\u8cc7\u4eba\u7684\u8010\u5fc3\u3002\u4fdd\u6301\u5b9a\u529b\uff0c\u505a\u597d\u914d\u7f6e\uff0c\u6642\u9593\u6703\u7ad9\u5728\u4f60\u9019\u908a\u3002<\/p>\n<p>\u672c\u6587\u50c5\u70ba\u5e02\u5834\u8cc7\u8a0a\u8207\u7926\u5de5\u7d93\u6fdf\u5b78\u8a0e\u8ad6\uff0c\u4e0d\u69cb\u6210\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\u3002\u4efb\u4f55\u6c7a\u7b56\u524d\u8acb\u52d9\u5fc5\u81ea\u884c\u7814\u7a76\u4e26\u8a55\u4f30\u98a8\u96aa\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u5e36\u4f60\u641e\u61c2\u6bd4\u7279\u5e63\u6e1b\u534a\u9031\u671f\u82072026\u5e74\u7926\u5de5\u7d93\u6fdf\u5b78\uff1a\u5f71\u97ff\u4f9b\u7d66\u7684\u95dc\u9375\u8b8a\u6578 \u300c\u6bd4\u7279\u5e63\u6e1b\u534a\u4e0d\u662f\u5df2\u7d93\u904e\u4e00\u5e74\u4e86\u55ce\uff1f\u600e\u9ebc\u50f9\u683c\u9084\u6c92\u66b4\u6f32\uff1f\u300d\u9019\u662f\u8a31\u591a\u6295\u8cc7\u4eba\u5171\u540c\u7684\u7591\u554f\u30022024\u5e744\u6708\u7684\u6e1b\u534a\uff0c\u5340\u584a\u734e\u52f5\u5f9e6.25 BTC\u964d\u52303.125 BTC\uff0c\u6309\u7406\u8aaa\u4f9b\u7d66\u6e1b\u5c11\u6703\u63a8\u5347\u50f9\u683c\uff0c\u4f46\u5be6\u969b\u8d70\u52e2\u537b\u4e0d\u5982\u8a31\u591a\u4eba\u9810\u671f\u7684\u90a3\u6a23\u76f4\u7dda\u4e0a\u5347\u3002\u8981\u7406\u89e3\u9019\u500b\u73fe\u8c61\uff0c\u4e0d\u80fd\u53ea\u770b\u6e1b\u534a\u672c\u8eab\uff0c\u9084\u8981\u6df1\u5165\u7926\u5de5\u7684\u884c\u70ba\u6a21\u5f0f\u3001\u8ce3\u58d3\u7d50\u69cb\uff0c\u4ee5\u53ca\u5b8f\u89c0\u6d41\u52d5\u6027\u7684\u8b8a\u5316\u3002CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u9019\u7bc7\u5c07\u5f9e\u7926\u5de5\u7d93\u6fdf\u5b78\u3001\u5eab\u5b58\u6d41\u52d5\u6bd4\u7387\u3001\u4ee5\u53ca\u6e1b\u534a\u9031\u671f\u7684\u6b77\u53f2\u898f\u5f8b\u51fa\u767c\uff0c\u70ba\u4f60\u89e3\u67902026\u4e0b\u534a\u5e74\u6bd4\u7279\u5e63\u4f9b\u7d66\u9762\u7684\u771f\u5be6\u72c0\u6cc1\u3002 \u6e1b\u534a\u7684\u5f71\u97ff\u4e0d\u662f\u77ac\u6642\u7684\uff0c\u800c\u662f\u900f\u904e\u7926\u5de5\u62cb\u58d3\u9010\u6b65\u9ad4\u73fe 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\u9019\u500b\u904e\u7a0b\u88ab\u7a31\u70ba\u300c\u7926\u5de5\u6295\u964d\u300d(Miner Capitulation)\uff0c\u901a\u5e38\u767c\u751f\u5728\u6e1b\u534a\u5f8c\u76846\u523012\u500b\u6708\u4e4b\u9593\u30022024\u5e74\u5e95\u52302025\u5e74\u521d\uff0c\u6211\u5011\u78ba\u5be6\u770b\u5230\u4e00\u6ce2\u7926\u5de5\u62cb\u552e\u6f6e\uff0c\u7576\u6642\u6bd4\u7279\u5e63\u50f9\u683c\u4e00\u5ea6\u5f9e70,000\u7f8e\u5143\u56de\u8abf\u523058,000\u7f8e\u5143\u5de6\u53f3\u3002\u4f46\u6295\u964d\u904e\u5f8c\uff0c\u5016\u5b58\u7684\u7926\u5de5\u64c1\u6709\u66f4\u5f37\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u4e14\u6bcf\u65e5\u65b0\u589e\u8ce3\u58d3\u6e1b\u5c11\uff0c\u70ba\u5f8c\u7e8c\u7684\u4e0a\u6f32\u5960\u5b9a\u57fa\u790e\u3002\u6839\u64daGlassnode\u7684\u6578\u64da\uff0c2026\u5e74\u7b2c\u4e8c\u5b63\u7926\u5de5\u9322\u5305\u7684\u6de8\u6d41\u51fa\u5df2\u7d93\u8da8\u7de9\uff0c\u986f\u793a\u6295\u964d\u968e\u6bb5\u5927\u81f4\u7d50\u675f\u3002 \u5c0d\u6295\u8cc7\u4eba\u800c\u8a00\uff0c\u95dc\u9375\u8a0a\u865f\u662f\u300c\u7926\u5de5\u6301\u5009\u6307\u6578\u300d(Miners&#8217; Position Index, MPI)\u3002\u7576MPI\u6025\u907d\u5347\u9ad8\uff0c\u4ee3\u8868\u7926\u5de5\u6b63\u5728\u5927\u91cf\u8f49\u51fa\u6bd4\u7279\u5e63\u81f3\u4ea4\u6613\u6240\uff0c\u53ef\u80fd\u5f15\u767c\u77ed\u671f\u8ce3\u58d3\uff1b\u7576MPI\u8655\u65bc\u4f4e\u4f4d\u4e14\u4ea4\u6613\u6240\u9918\u984d\u4e0b\u964d\uff0c\u5247\u662f\u7d2f\u7a4d\u7684\u597d\u6642\u6a5f\u3002\u76ee\u524dMPI\u8655\u65bc\u4e2d\u6027\u504f\u4f4e\u7684\u4f4d\u7f6e\uff0c\u6c92\u6709\u51fa\u73fe\u6050\u614c\u6027\u62cb\u552e\u3002 \u6e1b\u534a\u9031\u671f\u7684\u6b77\u53f2\u56de\u9867\u82072026\u5e74\u7684\u7279\u6b8a\u4e4b\u8655 \u6e1b\u534a\u5e74\u4efd \u6e1b\u534a\u524d\u50f9\u683c(\u7d04) \u6e1b\u534a\u5f8c12\u500b\u6708\u50f9\u683c(\u7d04) \u6f32\u5e45 \u5099\u8a3b 2012 12\u7f8e\u5143 ~1,000\u7f8e\u5143 \u7d048,000% \u5e02\u5834\u6975\u65e9\u671f\uff0c\u53c3\u8003\u6027\u8f03\u4f4e 2016 650\u7f8e\u5143 ~2,500\u7f8e\u5143 \u7d04280% \u4e4b\u5f8c\u8fce\u4f862017\u5e74\u5927\u725b\u5e02 2020 8,600\u7f8e\u5143 ~57,000\u7f8e\u5143 m\u00e9todos\u7d04560% \u53d7\u75ab\u60c5\u6d41\u52d5\u6027\u5bec\u9b06\u52a9\u63a8 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[59],"tags":[69],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u5e36\u4f60\u641e\u61c2\u6bd4\u7279\u5e63\u6e1b\u534a\u9031\u671f\u82072026\u5e74\u7926\u5de5\u7d93\u6fdf\u5b78\uff1a\u5f71\u97ff\u4f9b\u7d66\u7684\u95dc\u9375\u8b8a\u6578 - 369 Automation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/369automation.com\/in\/ch\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u5e36\u4f60\u641e\u61c2\u6bd4\u7279\u5e63\u6e1b\u534a\u9031\u671f\u82072026\u5e74\u7926\u5de5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u5e36\u4f60\u641e\u61c2\u6bd4\u7279\u5e63\u6e1b\u534a\u9031\u671f\u82072026\u5e74\u7926\u5de5\u7d93\u6fdf\u5b78\uff1a\u5f71\u97ff\u4f9b\u7d66\u7684\u95dc\u9375\u8b8a\u6578 - 369 Automation\" \/>\n<meta property=\"og:description\" content=\"CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u5e36\u4f60\u641e\u61c2\u6bd4\u7279\u5e63\u6e1b\u534a\u9031\u671f\u82072026\u5e74\u7926\u5de5\u7d93\u6fdf\u5b78\uff1a\u5f71\u97ff\u4f9b\u7d66\u7684\u95dc\u9375\u8b8a\u6578 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BTC\uff0c\u6309\u7406\u8aaa\u4f9b\u7d66\u6e1b\u5c11\u6703\u63a8\u5347\u50f9\u683c\uff0c\u4f46\u5be6\u969b\u8d70\u52e2\u537b\u4e0d\u5982\u8a31\u591a\u4eba\u9810\u671f\u7684\u90a3\u6a23\u76f4\u7dda\u4e0a\u5347\u3002\u8981\u7406\u89e3\u9019\u500b\u73fe\u8c61\uff0c\u4e0d\u80fd\u53ea\u770b\u6e1b\u534a\u672c\u8eab\uff0c\u9084\u8981\u6df1\u5165\u7926\u5de5\u7684\u884c\u70ba\u6a21\u5f0f\u3001\u8ce3\u58d3\u7d50\u69cb\uff0c\u4ee5\u53ca\u5b8f\u89c0\u6d41\u52d5\u6027\u7684\u8b8a\u5316\u3002CH\u52a0\u5bc6\u4e2d\u5fc3\u5b78\u9662\u9019\u7bc7\u5c07\u5f9e\u7926\u5de5\u7d93\u6fdf\u5b78\u3001\u5eab\u5b58\u6d41\u52d5\u6bd4\u7387\u3001\u4ee5\u53ca\u6e1b\u534a\u9031\u671f\u7684\u6b77\u53f2\u898f\u5f8b\u51fa\u767c\uff0c\u70ba\u4f60\u89e3\u67902026\u4e0b\u534a\u5e74\u6bd4\u7279\u5e63\u4f9b\u7d66\u9762\u7684\u771f\u5be6\u72c0\u6cc1\u3002 \u6e1b\u534a\u7684\u5f71\u97ff\u4e0d\u662f\u77ac\u6642\u7684\uff0c\u800c\u662f\u900f\u904e\u7926\u5de5\u62cb\u58d3\u9010\u6b65\u9ad4\u73fe 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\u9019\u500b\u904e\u7a0b\u88ab\u7a31\u70ba\u300c\u7926\u5de5\u6295\u964d\u300d(Miner Capitulation)\uff0c\u901a\u5e38\u767c\u751f\u5728\u6e1b\u534a\u5f8c\u76846\u523012\u500b\u6708\u4e4b\u9593\u30022024\u5e74\u5e95\u52302025\u5e74\u521d\uff0c\u6211\u5011\u78ba\u5be6\u770b\u5230\u4e00\u6ce2\u7926\u5de5\u62cb\u552e\u6f6e\uff0c\u7576\u6642\u6bd4\u7279\u5e63\u50f9\u683c\u4e00\u5ea6\u5f9e70,000\u7f8e\u5143\u56de\u8abf\u523058,000\u7f8e\u5143\u5de6\u53f3\u3002\u4f46\u6295\u964d\u904e\u5f8c\uff0c\u5016\u5b58\u7684\u7926\u5de5\u64c1\u6709\u66f4\u5f37\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u4e14\u6bcf\u65e5\u65b0\u589e\u8ce3\u58d3\u6e1b\u5c11\uff0c\u70ba\u5f8c\u7e8c\u7684\u4e0a\u6f32\u5960\u5b9a\u57fa\u790e\u3002\u6839\u64daGlassnode\u7684\u6578\u64da\uff0c2026\u5e74\u7b2c\u4e8c\u5b63\u7926\u5de5\u9322\u5305\u7684\u6de8\u6d41\u51fa\u5df2\u7d93\u8da8\u7de9\uff0c\u986f\u793a\u6295\u964d\u968e\u6bb5\u5927\u81f4\u7d50\u675f\u3002 \u5c0d\u6295\u8cc7\u4eba\u800c\u8a00\uff0c\u95dc\u9375\u8a0a\u865f\u662f\u300c\u7926\u5de5\u6301\u5009\u6307\u6578\u300d(Miners&#8217; Position Index, MPI)\u3002\u7576MPI\u6025\u907d\u5347\u9ad8\uff0c\u4ee3\u8868\u7926\u5de5\u6b63\u5728\u5927\u91cf\u8f49\u51fa\u6bd4\u7279\u5e63\u81f3\u4ea4\u6613\u6240\uff0c\u53ef\u80fd\u5f15\u767c\u77ed\u671f\u8ce3\u58d3\uff1b\u7576MPI\u8655\u65bc\u4f4e\u4f4d\u4e14\u4ea4\u6613\u6240\u9918\u984d\u4e0b\u964d\uff0c\u5247\u662f\u7d2f\u7a4d\u7684\u597d\u6642\u6a5f\u3002\u76ee\u524dMPI\u8655\u65bc\u4e2d\u6027\u504f\u4f4e\u7684\u4f4d\u7f6e\uff0c\u6c92\u6709\u51fa\u73fe\u6050\u614c\u6027\u62cb\u552e\u3002 \u6e1b\u534a\u9031\u671f\u7684\u6b77\u53f2\u56de\u9867\u82072026\u5e74\u7684\u7279\u6b8a\u4e4b\u8655 \u6e1b\u534a\u5e74\u4efd \u6e1b\u534a\u524d\u50f9\u683c(\u7d04) \u6e1b\u534a\u5f8c12\u500b\u6708\u50f9\u683c(\u7d04) \u6f32\u5e45 \u5099\u8a3b 2012 12\u7f8e\u5143 ~1,000\u7f8e\u5143 \u7d048,000% 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