每经编辑 秦勇
币圈流行一句话——“币圈一天，人间一年”。意思说得是这些数字货币一天的涨跌幅度，可能抵上其他资产价格一年的波动幅度。2017年数字货币的疯狂，让不少人一夜暴富，然而到了2018年数字货币行情却急转直下，币圈人士体会到度日如年的另外一个含义。
Currency circles have a word & mdash; — &ldquao; currency circles one day, one year per person & rdquao;. It means that these currencies increase and fall one day, which may offset the volatility of other asset prices one year in a year. The madness of digital currencies in 2017 has made a lot of people rich overnight, but by 2018 the money boomed, and the currency circles will see another meaning of the year.
以比特币为例。2017年比特币大涨1400%，最高曾涨到近2万美元。不过，涨得有多快，跌得就有多狠，在攀上高峰之后，比特币价格急速下滑，尤其是进入2018年市场更是一片哀嚎，一季度比特币跌幅超过50%，目前价格在7000美元左右。
Take Bitcoin, for example. Bitcoin rose by 1400 per cent in 2017, up to nearly $20,000. But, as fast as it went up, it fell so hard, and after reaching its peak, bitcoin prices fell sharply, especially when it entered the market in 2018, with a fall of over 50 per cent a quarter, at a current price of about $7,000.
▲比特币近一年价格走势
虽然2018年第一季度还剩一天时间，但比特币的史上最差单季纪录已经铁板钉钉。按照彭博的数据，截至本周美股最后一个交易日，一季度比特币蒸发的市值几乎和Netflix的市值相当，几乎是特斯拉市值的三倍，约为Twitter市值的5.5倍。
Although there is one day left in the first quarter of 2018, the worst single-season record in Bitcoin’s history has been nailed. According to Bloomberg, on the last trading day of this week’s United States dollar, the market value of Bitcoin evaporated in one quarter was almost equal to that of Netflix, almost three times that of Tesla and about 5.5 times that of Twitter.
CNBC追踪2011年以来历年一季度比特币的交易价发现，八年之中比特币有五年都在一季度累跌。而涨幅最大的则是2013年一季度，当季暴涨599%。
CNBC tracks Bitcoin’s trading prices in the first quarter of the calendar year since 2011, finding that in five of eight years, Bitcoin has fallen in one quarter. The biggest increase was in the first quarter of 2013, when it surged by 599%.
事实上，比特币只是数字货币整体表现的缩影，一季度整个数字货币市场都是一片惨淡。以太坊从1300多美元跌到目前的400美元出头，瑞波币从年初最高的3.41美元跌到目前0.5美元左右。
In fact, Bitcoin is only a microcosm of the overall performance of digital money, and the entire market for digital money is bleak in the course of the quarter. It fell from more than $1,300 to its current level of $400, and Ribbon from its highest $3.41 at the beginning of the year to its current level of around $0.5.
▲以太坊近一年价格走势
▲瑞波币价格近一年走势
数字货币的集体下挫与全球范围内越来越严的监管压力不无关系。今年以来，各国金融监管机构采取系列措施来防范数字货币市场可能存在风险。
The collective setback of digital currencies has nothing to do with increasing global regulatory pressure. Since this year, national financial regulators have taken a series of measures to guard against possible risks in the digital currency market.
3月28日，中国人民银行副行长范一飞在2018年全国货币金银工作电视电话会上表示，2018年将从严加强内部管理和外部监管，开展对各类数字货币的整顿清理。
On 28 March, the Vice-President of the People's Bank of China, Fan Yi, stated at a national working television conference in 2018 that the year 2018 would be marked by a rigorous strengthening of internal and external controls and a clean-up of all types of digital currency.
美国证券交易委员会（SEC）3月初向多个有违规行为的ICO团队发出了传票。法国、日本、英国等国的监管机构也相继对数字货币监管采取系列整顿措施。
In early March, the United States Securities and Exchange Commission (SEC) issued summonses to several infractions of the ICO team. Regulators in France, Japan, and the United Kingdom have followed up with a series of overhauls on digital money regulation.
在面对越来越大的监管压力的同时，主要社交媒体平台也开始拒绝比特币等数字货币。
In the face of growing regulatory pressure, major social media platforms have also begun to reject digital currencies such as Bitcoin.
推特（Twitter）于3月26日发布广告禁令，为避免潜在的欺诈行为使公众损失大量资金，平台将于3月27日起禁止出现数字货币ICO及销售广告。这被认为是本次数字货币价格下跌的主要原因。
On March 26, Twitter announced an advertising ban, which is considered to be the main reason for the fall in the price of the digital currency, in order to avoid a potential fraud that would cost the public a lot of money, and the platform will ban the emergence of digital currency ICO and the sale of advertising on March 27th.
▲图片来源：视觉中国
在此之前，Facebook和Google已经做出了类似的决定，开始禁止数字货币的广告投放。知名论坛和社交网站红迪网（Reddit）也宣布停止接受比特币支付。这让比特币面临抛售压力，数字货币价格开始大幅下跌。
Before that, Facebook and Google had taken a similar decision to ban advertising for digital money. The popular forum and social networking site Reddit also announced that it would stop accepting bitcoin payments.
有专家认为，此前，数字货币市场繁荣，以及与区块链相关技术的公司股价被热炒，主要是缺乏全球范围的系统监管。但随着数字货币泡沫越炒越烈，并成为各种非法金融活动的重灾区，接下来，各国针对比特币等数字货币的监管变严是大势所趋。
Experts argue that the boom in digital money markets and the boom in corporate equity prices associated with block-chain-related technologies was largely due to a lack of system regulation on a global scale. But, as the digital money bubble gets stronger and becomes a major disaster for all kinds of illicit financial activity, countries’ regulation of digital currencies, such as Bitcoin, has become more stringent.
另外值得注意的是，比特币价格下跌不仅影响到了炒币的投机客，也让“挖矿”的“矿工”心伤。
It is also noteworthy that the fall in bitcoin prices affected not only speculators who were snooping, but also & & & & & & & & & & & & & & ; miners & & rdqua ; and heart injuries.
有机构测算，目前比特币开采盈亏平衡的成本为8038美元，但目前比特币的价格已经跌到7000美元左右，这就意味着矿工创造比特币不再赚钱了。
There are institutions that estimate that the current cost of profit-and-loss balance of Bitcoin mining is $8038, but the current price of Bitcoin has fallen to around $7,000, which means that miners are no longer making money by creating bitcoin.
众所周知，比特币是通过高能耗的“采矿”过程创建的。这个过程利用高计算能力来解决复杂的数学方程式，以证明一个匿名的矿工利用网络达成的区块链交易记录创建过程。然后，矿工们在成功地完成了这个方程式后就会得到比特币奖励。在这个过程中需要付出设备成本，电力和包括维护冷却设施在内的其他花销。
It is well known that Bitcoin was created through a process of high energy consumption & & ldquo; mining & & rdquo. This process uses high computing power to solve complex mathematical equations to prove that an anonymous miner uses the network to create a block chain transaction record. Then the miners get a bitcoin reward when they successfully complete the equation.
▲图片来源：视觉中国
据懂懂笔记，个人矿主张涛表示，“如今挖矿真的不怎么赚钱。”
If you understand the notes, the personal mine claims the tung, & & ldquao; the mining is really not making much money today. & rdquao;
张涛称，一台成色很新的S7矿机价格在10000元上下，根据每台矿机每天有250-280元的收益，一个半月就能收回成本。然而许多人都不知道，挖矿是一项非常损耗设备性能的工作，24小时连轴转高速运算，不出个把月，矿机里的矿卡等元件，就会出现不同程度烧黄、运行不稳定等问题。此时，矿卡虽还能使用，但运算能力却大打折扣，耗电量也有一定上升。
According to Zhang Tao, the cost of a new, colored S7 mine machine is $10,000, recovering costs in a month and a half, depending on the return of $250-280 per mine machine per day. However, many do not know that mining is a very equipment-depletion job, with 24 hours of high-speed axle operations, less than a month, with pieces such as a mine card in the mine that are burning yellow and operating unstable.
“一般来说，一台矿机两到三个月就要淘汰了，不然故障率高，耗电量也大，性能也拼不过人家”因此，当张涛所购入的第二批矿机“满月”时，第一批矿机就基本上面临淘汰了。“一台矿机收回成本之后，也就剩下一两个月生命周期了。”
& & ldquo; generally, a mine machine is about to be phased out in two to three months, otherwise the failure rate is high, the electricity is high, and the performance of the mine cannot be matched; thus, when Zhangtao buys a second batch of mine machines & & & & rdquao; full moon & & & rdquao, the first mine machine is basically about to be phased out. & ldquao; after a mine machine recovers its costs, it has a life cycle of one or two months. & & rdquao;
有朋友问过他，矿机“回本”之后，剩下生命周期所产生的收益，是否就是“矿工”赚的纯利了？这样的想法，在他看来却是很可笑的。
He was asked by a friend, the miner & ldquao; the return & rdquao; and did the rest of the life cycle yield & & ldquao; the miners & rdquao; the net profit they made?
▲图片来源：视频截图
张涛拿出了一叠收据，算了这样一笔账。每个月厂房的租金支出为1万4元，电费为2万6元。而高强度的运行模式，让矿机的损坏率惊人，各种小维修、小维护费用就已经高达1万2元左右，还有轮班技术工人的薪资支出2万4元。全算下来总计7万6元。
Zhang Tao has come up with a stack of receipts for this account. The monthly rental cost of the plant is $14,000 and the electricity cost is $26,000. And the high operating pattern, which causes the damage to the mine machine to be alarming, is already up to $12,000 for minor repairs, small maintenance costs, and $24,000 for the salaries of shift workers. The total is $76,000.
“而这是理想化的最低值，通常每月的成本支都在9万元左右。”他还表示，挖矿的过程中总会遇到宕机、网络故障、电网故障、币价浮动等问题，这导致了“矿场”月收益很难达到20万元的理论值。甚至只有理论值的50-60%，“说白了，原先就只赚了个打工钱，但现在不亏我已经偷着笑了。”
& & ldquo; this is the lowest idealized value, usually costing about $90,000 a month. & & & rdquo; he also said that the mining process was always characterized by problems such as “ mine & rdquo; monthly returns are hard to reach the theoretical value of $200,000. Even 50-60% of the theoretical value, & ldquo; and, for the record, only one job earns, but now I'm laughing. & & rdquao;
来源：每日经济新闻综合等华尔街见闻、懂懂笔记（微信号: dongdong_note）、中国经济网等
Source: Daily Economic News, Wall Street interviews, notes (microsign: dongdong_note), China Economic Network, etc.
每经编辑：何小桃
Every Edition: Ho Peach
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