每经记者 陈耀霖 摄影报道 每经编辑 罗 伟
Every journalist, Chen Yiao, photo coverage, every editor, Luo Wei.
作为目前虚拟货币中的“领头羊”，比特币声名在外。而在比特币的产出环节，比特币“矿场”如何运转，盈利情况如何？外界尚难知晓更多。
As the “lead sheep” in the current virtual currency, Bitcoin is well known. And how does Bitcoin’s “mine” function, and how is it profitable?
比特币“矿机”24小时不停地进行哈希碰撞，是为了争夺区块链的记账权。谁记账，最新生成的比特币就奖励给谁，这就是“比特币之父”中本聪最初的设计。
Bitcoin's "mine machine" goes round and round 24 hours to compete for rights to account for the block chain. The latest generation of bitcoins is rewarded to whom it was originally designed by the father of bitcoin.
简单来说，比特币产业链发展到现在，目前分为产出环节（比特币“矿场”和矿池），交易环节（交易所），储存流通环节（比特币钱包）和最后的使用环节（各种应用）。一般而言，“矿场”挖出的币都会先储存起来，再在市场上择机卖出，这也是“矿场”最根本的盈利模式。
In short, the Bitcoin industrial chain has grown to the present and is now divided into output links (bitcoin “mines” and ponds), trading links (exchanges), storage of circulation links (bitcoins) and final use links (applications). Generally speaking, “mines” dig up first and then sell at the market, which is the most fundamental profit model for “mines”.
近日，《每日经济新闻》记者深入现场，实地了解四川省乐山市马边县天嘉网络比特币“矿场”的运营状况，算一笔“矿场”的“经济账”，亦是对行业的“矿场”运营进行一次管窥。
In recent days, Daily Economic News journalists have gone into the field to learn about the operation of the Bitcoin “mine” network in Mabang County, Leshan Province, Sichuan Province, as a “economic account” for the “mine” and a stakeout for the “mine” operation in the industry.
电费占经营成本六七成
Electricity costs 60 per cent of the operating cost.
天嘉网络的芭蕉溪水电站“矿场”，是乐山市目前最大的比特币“矿场”，四个机房里摆放着超过5800多台比特币矿机，拥有40多个P（petahashes）的算力，每天能“挖”出近27个比特币。按照当前比特币市价折算，该“矿场”一天产值近20万元。
The Tanga network's Balang Creek hydroelectric plant, the largest bitcoin “mine”, currently located in Leysan City, has more than 5,800 bitcoins in its four chambers, with more than 40 P (petahashes) arithmetical power that can “develop” nearly 27 bitcoins a day. At the current market value of bitcoin, the “mine” is nearly $200,000 a day.
不过，在这20万元背后，“矿场”也有很大的成本支出。经营一家比特币“矿场”，每个月最大开支是电费，占到经营成本的六七成左右。与之相比，人工成本、宽带费、场地费开支等相对较少。例如，矿机运转需要高速网络，芭蕉溪“矿场”接入了三条宽带专线，年费仅5万多元。
However, behind the $200,000, the cost of the “mines” is also significant. The biggest cost per month of running a Bitcoin “mine” is electricity, accounting for about 60% of the operating costs. By contrast, labour costs, broadband costs, space expenses, etc., are relatively small.
目前，芭蕉溪“矿场”1个小时用掉7000度电，24小时用掉16.8万度电。“矿场”工作人员没有向《每日经济新闻》记者透露具体的协议电价。但若按照每度电0.4元的行业均价计算，该“矿场”一天的电费成本为6720元，一年电费将近245万元。
At present, the Balang Creek “mine” consumes 7,000 degrees of electricity for one hour and 168,000 degrees for 24 hours. Mine workers do not disclose specific agreed electricity prices to Daily Economic News journalists. But if the “mine” costs 6720 dollars per day at the average industry price of 0.4 dollars per degree of electricity, the cost of electricity per day is nearly $2.45 million a year.
当然，“矿场”主最初搭建机房时、布置散热系统、购买矿机费用都不菲。据芭蕉溪“矿场”运营班长雷科介绍，前期光是搭建芭蕉溪“矿场”厂房，公司总共就投入了500多万元。矿机价格更是不菲，一台矿机均价达到近1万元，整个“矿场”5800多台矿机，算下来，整体投入超过了6000万元。
The company invested more than $5 million in the construction of the mine's “mine” plant alone. The price of the mine was even more modest, with a mine costing almost $10,000, and more than 5,800 mine machines for the entire mine, calculated as more than $60 million.
“这么大的投资，不可能全部由“矿场”主来承担。实际上，一些矿机也不是我们的。业内采用一种‘代管’模式，比如你买了几台矿机，放在我这里。我们收取一定服务费，降低了成本，对冲风险。”雷科对记者表示。
"This kind of investment can't be entirely borne by the owner of the mine. In fact, some mining machines are not ours either. The industry uses a "dealer" model, like you bought a couple of mine machines, which I have here. We charge a certain fee for services, lower costs, hedge risks. Recko says to reporters.
目前，整个“矿场”的盈利状况如何呢？据工作人员介绍，芭蕉溪“矿场”每用1度电可产生3分钱的利润。记者按此计算，该“矿场”一天用掉16.8万度电，每天产生利润为5040元，预计“矿场”年利润能达到184万元。
According to the staff, the mine in Balang Creek generates three cents for each degree of electricity. According to the journalist, the mine consumes 168,000 centimeters a day, generates a profit of $5040 a day, and is expected to make a profit of $1.84 million a year.
币价是“矿场”盈利晴雨表
The price is a "mine" profit barometer.
按照理论计算，一个像芭蕉溪这样的中型比特币“矿场”，年收益能达到将近200万元。不过，“矿场”的投资回报，还要考虑币价的波动、比特币产量周期性减半，以及挖矿难度系数变化等多种因素。
Theoretically, a medium-sized bitcoin “mine” like Baldwin Creek would yield nearly $2 million a year. However, the return on investment in the mine would take into account a variety of factors, such as currency price fluctuations, the cyclical nature of the bitcoin production, and changes in the mining difficulty factor.
挖出的比特币想要变现，最终还得投向市场。因此，币价高低直接决定了“矿场”收益，是“矿场”盈利情况的“晴雨表”。
The diggered bitcoin wanted to be realized and eventually had to go to the market. Thus, the higher and lower currency directly determines the “mine” returns and is the “barometer” of the “mine” profits.
不过，每个“矿场”都有自己的交易风格。由于币价波动，每个“矿场”选择变现时机不同，取得收益也不一样。雷科告诉《每日经济新闻》记者，天嘉网络这几个“矿场”，每月除还掉必要电费开支外，其余的比特币一般都会存着，“公司选择的策略是长线投资。”
However, every “mine” has its own style of trading. Each “mine” chooses to realize at different times because of currency price fluctuations, with different returns. Reko tells the daily Economic News reporter that the “mines” of the Tenga Network, apart from the cost of the necessary electricity per month, are usually kept in bitcoins, “the company’s strategy is long-term investment.”
币价也是最真实的行业景气指数。在2013年比特币的风光时刻，每枚币最高达到8000元。雷科回忆到，“那时候每度电虽高达七八毛，“矿场”也能活下来。而且币价高，矿机价格也会水涨船高。”而到了2015年初的行业低谷，每枚比特币价格一度跌到900多元，“很多“矿场”公司一夜之间就倒闭了，市场极其惨淡。”
Currency is also the most real industry climate index. At Bitcoin’s windfall in 2013, it was up to $8,000 per penny. Reko recalled that “the mine would have survived at that time, even though the electricity was as high as 78 cents.” And the price of the mine would have been higher, and the price of the mine would have been higher.” By the beginning of 2015, industry prices had fallen to more than 900 pieces, and “many “mines” had collapsed overnight, and the market was extremely bleak.”
影响“矿场”营收的另一个因素是记账奖励递减。按照中本聪的算法，比特币每隔4年会发生一次产量减半。与之相应，“矿场”挖出的币大幅减少。最近一次产量减半发生在2016年7月，下一次减半将发生在2020年左右。不过，由于减半时间可以预测，“矿场”都会提前做好相应的准备。
Another factor affecting the collection of “mines” is the decline in bookkeeping incentives. According to the medium-bone algorithm, Bitcoins are reduced by half every four years. Correspondingly, the “mines” are reduced significantly.
在比特币产生初期，比特币非常好“挖”，普通电脑CPU就能完成，只需下载软件就可以自动“解题”。由于每天产出区块数量固定，随着币价上涨，“解题”的人越来越多，挖币难度也会越来越大。与之相应，全球的算力增长越多，币就越来越难挖。不过，挖出的单枚币价也极有可能上涨。
In the early days of Bitcoin, Bitcoin was very good at digging, and the normal computer CPU was able to do it, and just downloading the software would automatically “solve the problem”. As the number of output blocks is fixed every day, the number of “solvers” increases, and the number of “solvers” increases, it will become more difficult to dig the money.
““矿场”的收益高低，受多种因素相互影响，总体而言是一个动态平衡的过程。如果维持目前的行情不变，投资一台比特币矿机，可能需要八九个月才能回本。”雷科向记者分析。不过，与传统行业相比，将近1年就能回本的生意，已很难得。
The “mines” are highly profitable, influenced by a variety of factors, and are generally a dynamic and balanced process. It may take eight or nine months to invest in a bitcoin machine if the current pattern is maintained. Reko analyses it to journalists.
放在整个比特币产业链中，雷科认为，“矿工”们其实处在整个产业链的底层，“就跟淘金一样，挖金工人都很辛苦，但能挣大钱的肯定不是挖金的人。在我们这个行业，道理也一样，真正挣钱的是矿机商和交易平台。”
In the entire Bitcoin industry chain, Reco argues that the miners are actually at the bottom of the entire chain, "as in gold mining, the gold diggers are hard, but certainly not the gold diggers. In our industry, it is also the miners and the trading platforms that make the real money."
“矿工们住的环境谈不上好，干的又多是脏活累活。很多时候，我们是帮人代管矿机，做的是服务。矿工们挣的都是辛苦钱。”雷科笑称。
"The miners live in an environment that they can't talk about, and they do a lot of dirty work. In many cases, we help people with the machine, and we do the service. Miners make hard money." Recko laughs.
关于比特币？
About Bitcoin?
本质上，比特币就是一种通过特定的程序经过大量运算产生的数字货币。
In essence, Bitcoin is a digital currency generated by a large number of calculations through a particular procedure.
据了解，2008年一个网名为“中本聪”的人提出“比特币”的概念。2009年，全球首款比特币算法软件出现。接入网络的电脑只要运行软件，完成运算任务，就能获得一定数目的比特币。不过，软件会自动控制任务的难度，以此保证比特币的产生速度。现存比特币数量越多，获取新的比特币难度就越大。据估算，到2140年，比特币总量将达到上限——2100万个。
It is understood that in 2008, a web-based person named “Middle-Hear” introduced the concept of “bitcoin”. In 2009, the world’s first bitcoin software appeared. A computer with access to the network could obtain a certain amount of bitcoin by running the software and completing the computing task. However, software would automatically control the task’s difficulty, thus ensuring the speed of Bitcoin’s generation. The greater the number of bitcoins available, the greater the difficulty of obtaining new bitcoins.
今年年初，已诞生8年的比特币价格站上新高点，在1月5日一度达到8895元。随着央行进驻国内三大交易平台“约谈”，比特币闪崩随即开始，1月10日数据显示，币价一度跌至6347元。1月11日，一度跌至5400元左右。
At the beginning of this year, eight years after its birth, the Bitcoin price station rose to a new high of $8895, on 5 January. With the central bank’s “interview” with the country’s three major trading platforms, it began with a sudden collapse, and on 10 January, data showed that the currency fell to $6347. On 11 January, it fell to about $5,400.
春节后，比特币价格有所回升，截至2月21日9点5分，比特币价格上升至7231元。
After the spring festival, the price of Bitcoin recovered and, as of 21 February, at 9.05 p.m., the price of Bitcoin rose to $7231.
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