编者按：本文来自“腾讯科技”《潜望》，作者刘鹏；36氪经授权发布。
腾讯新闻《潜望》 作者 刘鹏
Newscast "Aspecting" by Liu Peng
乌鲁木齐向西150公里，石河子戈壁滩上大风吹过。11月底，一场雪刚刚下过，气温骤然降到零下15度。
Urumqi was 150 km west, and the wind blew on the Gobi beach. At the end of November, a snowstorm just fell and the temperature fell to minus 15 degrees.
矿工刘海洋正忙着指挥临时雇来的工人们，把刚刚到货的1万台比特币矿机拆箱，再搬运到刚扩建好的厂房里。远处的烟囱吐出浓烟，夕阳透过灰蒙蒙的空气，在矿机银色的金属外壳上泛起黄光。
Miner Liu Hai is busy commanding casually hired workers to unpack the 10,000 bitcoins that have just arrived and move them to the recently expanded factory. The chimneys are smoked from far away, and the sunset is shining yellow over the silver metal casings of the miner through the grey air.
比特币，自2008年被“中本聪”发明，根据其构建的模型，可利用芯片的计算能力，在比特币系统每十分钟产生的区块（block）中不断进行“哈希碰撞”，赢取记账权，从而获得系统奖励的比特币。这一枯燥而重复的过程，被形象地称作“挖矿”。
Bitcoin, which has been invented since 2008 by the “medium bellicose” model, uses the computing power of a chip to continuously “hashi collision” in blocks (block) created every 10 minutes in the bitcoin system, to win the rights to account and thereby get a system reward for bitcoin. This boring and repetitive process is graphically referred to as “mining”.
在比特币运行的最初几年时间里，一台普通的笔记本电脑即可扮演挖矿的角色。但中国矿工的进场，将挖矿做成了一门大生意，他们凭借着中国设计和制造的专业矿机，以及新疆、四川和内蒙等地廉价的电力成本，垄断了产业链的最上游：比特币的开采。
During the first few years of Bitcoin’s operation, a normal laptop could play a mining role. But the Chinese miners, who entered the market, turned the mine into a big business, monopolized the upper edge of the industrial chain: Bitcoin mining, thanks to the cheap electricity costs of Chinese-designed and manufactured specialized mining machines, as well as Xinjiang, Sichuan, and Naymon.
刘海洋即为中国矿工中的典型一员。一年多前，他以“云计算”的名义拿下石河子电力公司0.28元每度的优惠电价，租下一家陶瓷加工企业的厂房，并加以改造成为能够容纳4万台矿机的机位。为了更稳定的给矿机供电，刘海洋甚至还花了两千多万，自建了有两台变压器的变电站。
Liu is a typical member of the Chinese miners. More than a year ago, in the name of the “Cloud Calculus”, he took a discounted price of 0.28 yuan per degree of electricity from Ishida Electric Power Company, rented the premises of a ceramic processing company and converted them to a capacity of 40,000 miners. To provide more stable power to the miners, Liu also spent more than 20 million dollars, and built two transformers.
高投入的背后，是潜在高回报带来的诱惑。在石河子，像刘海洋这样的矿场，大大小小有几十个，为了躲避关注，它们藏身在云计算、科技公司等为招牌的厂房里。根据不完全测算，高峰时期，近50万台矿机在这里轰鸣。7*24小时运转中，这些矿机每月耗费5亿度电，相当于1亿户家庭一天的总用电量。
Behind the high input is the temptation of potentially high returns. In Ishi River, mines like the Sea of Liu, there are dozens of them, and to avoid attention, they hide in cloud computing, technology companies, etc., branded factories. According to incomplete estimates, nearly half a million mine machines are ringing here during peak periods. 7* 24 hours of operation, these machines consume 500 million degrees of electricity per month, equivalent to 100 million households a day.
而现在，它们危机四伏。
And now they're in danger.
从11月开始，比特币价格呈现自由落体式下挫，从45000元的高位，最低跌至25200元，幅度高达40%。
Beginning in November, Bitcoin prices fell from a high of $45,000 to a low of $25,200, up to 40 per cent.
连番下跌中，比特币价格已经击穿多个矿机成本价格，即挖矿得到的收益不足以支付电费和管理费。根据国内最大的矿池之一鱼池的数据，年初2万元一台的神马M3矿机，早已到达关机价格。
The price of Bitcoin has slammed through the cost of multiple miners, that is, the profits from mining are not sufficient to cover the cost of electricity and management. According to data from one of the largest ponds in the country, 20,000 dollars of a M3 mine at the beginning of the year has already reached the price of the switchoff.
部分中小型矿场，在持续下挫的币价中，已经无力维持，无奈将矿机二手转卖清盘。在矿工群体中最为风靡的矿机型号蚂蚁S9，一年前在市场热炒中最高至3万一台，在币价连番下跌中，二手转让价最低仅为600多元。
Some of the small and medium-sized mines are already unable to sustain the price of the price, which has been consistently frustrated, and they can no longer sell the machines for clean-up. The most popular miner type, the ant-S9, was up to 30,000 in the market a year ago, with the lowest transfer price being more than 600 in the series of currency drops.
惊慌失措中，拥有更低电价、更优成本的大矿场，开启“土地兼并”运动，二手矿机被转运安置在新矿场，插上电源后继续运转。
In a panic, large mining sites with lower electricity prices and better costs opened up a “land annexation” campaign, and second-hand mining machines were diverted to new mines where they were plugged into the power supply and continued to function.
穿越过上个周期并成为“矿霸”的比特大陆和嘉楠耘智，目前也开始在新疆各处寻找合适矿场和便宜电价，“牛市卖矿机，熊市挖矿”是它们的原则。
After passing through the last cycle and becoming a “mine magnate”, the Pitland and Carna are now also looking for suitable mines and cheap electricity prices everywhere in Xinjiang, which are based on the principle that “the cattle market sells mine machines, the bear market digs mine”.
随电迁徙，错位竞争，利用金融工具套期保值……腾挪转移之间，一场由低电价淘汰高电价、大矿场淘汰小矿场的战争已然打响。
A war between electricity migration, shifting competition and the use of financial instruments as hedges between diversions and the phasing out of high electricity prices and the phasing out of small mines in large mines has begun.
但即便是兼并战争的胜利者，也无法预知自己的命运，只好在漫长的冬天里，守望春意。
But even the victors of the annexation war could not predict their own fate and had to wait for spring during the long winter.
矿工们因时代的潮水生发，也因时代的潮水褪色之际，腾讯《潜望》探访了新疆的多处矿场，记录下这一切。
As a result of the tides of the times, and as the tides of the times faded, miners were able to visit several mines in Xinjiang and record all of this.
从3万到600的矿机
From 30,000 to 600 miners.
不断下挫的币价里，拥有2000台阿瓦隆A741矿机的老罗是第一个“拔电源”的。
The first “extraction” came from Lo, who had 2,000 Avalon A741 mine machines at a constant price.
与比特币高深的技术不同，挖矿的生意模式简单而粗暴：挖到的币在支付矿机钱和电费、场地费之后还有剩余，就能够保证运行下去。一旦币价下挫，挖到的币不足以支付电费覆盖成本，矿工为了及时止损，只好将持续轰鸣的矿机拔掉电源，暂时关机。
Unlike Bitcoin’s advanced technology, the mining business model is simple and rough: the money that is dug up is left behind by paying for the miner’s money and electricity, and the cost of the site. Once the currency falls, the money that is dug is not enough to cover the cost of electricity, the miners, in order to stop the damage in time, have to remove the power that continues to blow and temporarily shut it down.
电是矿场的生命线，它的价格和稳定性，决定着矿场的盈利水平。
Electricity is the lifeline of the mine, and its price and stability determine the profitability of the mine.
受制于矿场规模，一般而言，小矿场在入驻时能够谈下来的电价远高于大矿场。作为矿场最大的支出项，电价在成本端即宣告小矿场的竞争力远弱于大矿场。
Depending on the size of the mine, the prices of electricity that can be negotiated at the time of arrival are, in general, much higher than those of the large mine. As the largest expense of the mine, the price of electricity is at the cost that the small mine is much less competitive than that of the large mine.
老罗在这段时间一共挖到25个比特币，按照报价，收入50多万，但是同期电费却是60万，“同样的矿机，大矿场可能跑平，但在我这儿相当于越挖越赔，干脆关机算了。”
In the meantime, Lo had dug up 25 bitcoins and earned more than half a million dollars according to the offer, but during the same period the electricity bill was $600,000, “the same mine, the big mine could run evenly, but I've got the same amount of digging to pay, so just shut it down.”
恐慌的情绪开始蔓延。到了11月25日，一根大阴线再次凸显，比特币价格逼近25000，这也是矿工群体中最为风靡的蚂蚁S9 型号矿机的关机价格。
Fears began to spread. By November 25, one of the big vaginas again highlighted that bitcoin prices were close to 25,000, which was also the price of the most powerful miner, the ants S9-type miner.
更多的小矿工加入了清盘的队伍。但情况比他们想象的更加糟糕，四五天前二手S9 市场报价普遍在1200左右，随着币价逼近关机价格，S9的报价直接腰斩到600。
More small miners joined the crew. But it was worse than they thought. Four or five days ago, the second-hand S9 market offer was generally around 1,200, and as the currency closes the price, the S9 offer went straight to 600.
“这可是一年前3万块钱一台的机器啊！”一位被迫清盘离场的小矿工情绪激动。像一只误入歧途的羔羊，在寒冬来临的节点，丝毫掌握不了自己的命运。
"This is a 30,000-dollar machine a year ago." A small miner who was forced to leave the field was excited. Like a stray lamb, he had no control of his fate at the onset of the winter.
一位老矿工告诉腾讯《潜望》，从时间上来看，去年11月后才入场的矿工，几乎都没能逃过羔羊的命运。其中最惨的，当属在2018年1月入场的那波。
An old miner told Tsing's Insight that, in terms of time, almost none of the miners who entered the site after November last year had managed to escape the lamb's fate. The worst of them was in January 2018.
彼时，比特币价格在长达一年时间的狂飙突进下，迈上12万元高峰，能够“生产”比特币的矿机，被视作下金蛋的鸡，出厂价翻上两三倍依然抢不到货。
At the same time, the price of bitcoin, which had been soaring for over a year, peaked at $120,000 and was capable of “producing” bitcoin, was considered to be a chicken with golden eggs, and the price of the plant was still two or three times higher.
那是矿机销售们狂欢的日子。新疆的一些矿工为了拿到货，给销售们送币，送车，甚至送房，他们笃信“只要矿机能到手，花出去的都能赚回来”。
That's the day the miners partyed. Some miners in Xinjiang, in order to get the goods, give the sales money, deliver the cars, even the houses, are convinced that "whatever they spend, they can make it back."
10个月过去，他们连当初购买矿机的钱都没回本。二手矿机价格一跌再跌，“相当于固定资产又亏了90%，可以说血本无归”，上述老矿工评价。
Ten months ago, they didn't even pay back the money they had bought the mine machine. The price of the second hand mine fell again, “up to 90 per cent of the fixed assets, so to speak, the old miner said.
向低电价地区迁徙
Migration to low-cost areas
冬天来临，币圈的丛林法则凸显出来。陆续清盘的小矿场，成了大矿场口中猎物。被小矿工忍痛二手卖掉的矿机，成批量流入大矿场中，接通电源，继续轰鸣。
In the winter, the law of the jungle of the currency rings became apparent. Small and empty mines became prey in the mouths of large mines. Miners who had been sold in pain by small miners went into large mines in bulk, connected to power sources and continued to thunder.
刘海洋认定这是属于他的机会。0.28元的电价，以及四万台机位的库房，让他在这一轮算力洗牌厮杀战中占尽优势。“几百块钱收来的S9，如果还是现在的币价，三个月就能回本。”他顿了顿，补充道：“反正市面上目前的S9你不挖，总有人会收来挖”。
The ocean finds this to be his chance. The price of 0.28 dollars, and the storage room of 40,000 aircraft seats, gives him the advantage of this round of arithmetic shuffling. “S9, which is received for hundreds of dollars, if it is still the current currency, can be returned for three months.” He goes on to say, “Well, if you don't dig the current S9 on the market, someone will always dig it.”
不甘就此罢手的中型矿场，也在寻找出路。为找到成本更低的电力供应，他们把目光瞄向更加广袤的新疆边境。
Medium-sized mines that do not want to stop doing so are also looking for a way out. In order to find less expensive electricity, they look to the larger Xinjiang border.
接近边境的霍城和伊宁片区，是矿工圈内已知的电价最低谷。不过，因为伊宁多次发生地方突然检查企业用电性质，很多矿场被停电处罚，而登上矿工的“黑名单”。矿工们还用“JQK”来比喻，即“开始用低电价勾你过去，然后圈住你，最后K你一顿”。
Near the border is the lowest price of electricity known in the mining industry. However, as a result of several sudden inspections of the company’s electricity use in Eining, many of the mines have been punished by blacklists of miners. The miners also use the term “JQK” as a metaphor, “start to tick you down, then circle you, and finally knock you out”.
不过，伪造用电性质在过去时有发生。有的矿场挂靠在当地能源企业，以热力用电的名义申请，享受国家补贴后电价只有1毛多。但这样的操作只适合币价较高阶段，他们往往在被查到违规用电之前，就已经把投入的矿机钱挣了回来。
However, counterfeit electricity use has occurred in the past. Some mines have been mounted by local energy companies, applying for electricity in the name of heat, and receiving State subsidies at a price of more than 10 cents.
也有把目光瞄向相近国家的。距离新疆不远的乌兹别克斯坦，工业用电价格仅为人民币两毛三，价格同样较低的还有俄罗斯，大约两毛五。
In Uzbekistan, which is not far from Xinjiang, the price of electricity for industry is only 23 cents of the renminbi, and the price is also lower in Russia, about 25 cents.
但相应地，他们需要承担不同体制和文化带来的风险，以及可能的治安风险。有矿工将场地选在了人烟稀少的旧工业区厂房里，结果没过几天就被踩过点的蒙面人抢劫，刚刚装好的矿机被洗掠一空。
In turn, they have to take on the risks posed by different institutions and cultures, as well as possible security risks. Some miners have chosen sites in old industrial estates where people are scarce, and as a result have been robbed by masked people who have stepped in less than a few days, and newly installed mines have been looted.
基础设施建设也是制约矿场向外走的重要原因。为全球第一大矿机制造商比特大陆寻找矿场的人士，在探访了十多个国家后对腾讯《潜望》总结，论发电量和基础设施，依然是国内最好。“尤其是新疆，750千伏的高压环网，特别稳定，而且煤炭资源丰富，发电量也很充裕，用来挖矿是非常合适的。”
After visiting more than a dozen countries, people looking for a mine in the world’s first-largest producer, Bit continent, have concluded that power generation and infrastructure are still the best in the country. “In particular, Xinjiang, 750 kV of high-pressure rings, especially stable, and rich coal resources and power generation, are very appropriate for mining.”
也正是这一原因，比特大陆目前在新疆依然拥有一座5万台矿机的自有矿场，每月为地方缴纳数千万元电费。
It is also for this reason that the Bit continent is currently home to 50,000 miners in Xinjiang, paying tens of millions of yuan per month for local electricity.
腾讯《潜望》获悉，除了自有矿场，比特大陆近期还在新疆加码算力投入。11月底，比特大陆刚刚在临近石河子的一家矿场下单了5万台规模的矿机托管。国内另一家矿机制造商嘉楠耘智也在该地区下单了1万台。
At the end of November, the continent was hosted by 50,000 single-sized mine machines in a mine near the rocky river. Another manufacturer in the country, Kana Tianji, also placed 10,000 in the area.
熊市生存技巧
Bear City survival skills.
散户矿工清退，大户资本入场，以更多的现金流支撑，降低回报预期，拉长投资周期。
The repatriation of bulk miners and the entry of large-scale capital are supported by additional cash flows, lower return expectations and longer investment cycles.
与一个月前相比，比特币全网算力下降了14.8%，这也意味着挖矿的难度下降了14.8%。持续的散户矿工离场，带来的是算力的重新洗牌，新一轮混战下，矿工各自寻找生存策略。
Compared to a month ago, the full net capacity of Bitcoin fell by 14.8 per cent, which also means that the difficulty of mining has decreased by 14.8 per cent, with the continued departure of scattered miners, bringing with them arithmetic reshuffling, a new round of mixed fighting in which miners each seek survival strategies.
“去年进入这个行业感觉钱太好赚了，今年的感觉是死的太快了”，曼巴矿机创始人金鑫感慨，“要在熊市活下去，必须要有合适的成本，以及生存技巧”。
“Into this business last year, it feels so good money, this year it feels too quick to die”, the founder of the Mamba miner, Kim Yong, lamented that “in order to survive in Bear City, it is necessary to have the right costs, as well as survival skills”.
在进入矿圈之前，金鑫连续创业多个项目，但都因为对现金流的疏忽失败。2017年10月他开始研究挖矿，并把目光锁定在市场相对较小的显卡矿机上。与比特大陆和嘉楠耘智生产的ASIC矿机不同，显卡矿机对应的是ETH（以太坊）、XMR（门罗币）、Zcash等采用PoS算法的数字货币。其中以太坊为席卷全球的ICO活动的募资货币，2018年1月最高峰时约1.1万元/个。
In October 2017, he began researching mining, and focused his eyes on the market’s relatively small card miner. Unlike the ASI machine produced in Bit continent and Kanaji, which corresponds to the digital currency of the PoS algorithms, such as ETH (Etheria), XMR (Monroco) and Zcash.
两个月过后，他兴奋地对前去探访的腾讯《潜望》透露，“这两个月赚的钱，比我创业三年赚到的都多。”
Two months later, he was excited to find out from the intimacy of the visit, that “these two months make more money than I make in three years of starting a business”.
但暴利也仅持续了两个月，进入 2018年，随着数字货币整体向下探底，对现金流格外敏感的他砍掉了自己矿场中的ASIC比特币矿机，全部投入显卡矿机。
But the windfall also lasted for only two months, and in 2018, as the digital currency as a whole went down, he was particularly sensitive to the cash flow and cut off the ASIC bitcoin machine in his mine, all of it into a card mine.
与ASIC矿机相比，尽管运维成本较高，但显卡矿机功耗稍低，锚定的数字货币以太坊的全球算力分布，也更为分散。更为关键的是，显卡矿机的核心部件——显卡，除去挖矿之外，随时可以拆下，回流到游戏市场。对于在网吧打游戏的玩家们来说，挖过矿的显卡与新品没什么区别。
Compared to the ASIC miner, despite the high cost of transport, the card mine is a little underworked, and the moored digital currency is distributed more widely as a global arithmetic. More importantly, the core component of the card mine, the card, can be removed at any time and returned to the game market, except for mining.
“显卡矿机在矿工和游戏市场之间存在很大的差价，矿工是按照当前币价来给矿机定价，而在游戏市场，矿机的核心部件显卡的价值则是恒定的。”
"There is a significant difference between the price of a card miner and the market for the game, where miners price the miner at the current currency, while the value of the card for the core parts of the miner is constant."
据此，金鑫制定出了自己的熊市生存策略：从清盘离场的矿工处收来二手显卡矿机，在币价能够涵盖成本并略有盈余的当下，插上电源扩张算力，一旦币价下挫至成本线，则关机卖显卡，如果币价上扬等来牛市，再收显卡卖给矿工。
As a result, Goldstone developed its own strategy for the survival of the bear market: to collect second-hand card miners from miners leaving the market, to insert power expansion at a time when the price can cover costs and have a small surplus, to close the card and sell it to miners if the price falls to the cost line, if the price rises and waits for the market.
随着牛熊周期，显卡在矿工和游戏玩家之间相互流转。看上去，这是一个近乎完美无缺的策略。
With the cattle bear cycle, the card flows between the miners and the game players. It seems to be a near perfect strategy.
“但如果币价一直下跌呢？”《潜望》问道。
"What if the price of the currency keeps falling?" Insight asks.
“那只好认了。”金鑫的回答也干净利落。
"That's a good one." Kim Jun's answer was clean as well.
至少目前来看，金鑫的策略正在有效运转。他还研究把矿场的能耗降下10%，一部分算力用以承接商业公司人工智能运算订单。
At least for the time being, the strategy is working effectively. He also looks at reducing the energy consumption of the mines by 10%, with some of the computing power to take on orders from commercial companies for artificial intelligence operations.
11月底，国内矿场的另一集散地四川迎来枯水期，这给他带来了大量的二手机。他的团队正忙着测试上架，再接入电源。
At the end of November, another site in the country's mine, Sichuan, began to die, bringing him a large number of cell phones. His team was busy testing to get on board and then connect to the power source.
让他自豪的是，随着矿机不断上架，矿场目前已经拥有以太坊网络1%的算力，“相当于拿到了以太坊的股份。”
He was proud that, as the mine went on board, the mine now had 1 per cent of the Ether network, “equivalent to getting Ether's shares”.
挖币同时做空币价
We'll dig up the money and we'll pay for it at the same time.
比特币的上一轮熊市持续了长达两年时间。埋头苦挖、屯币不卖的矿工，在随后的比特币大牛市中获得了惊人的回报，也成为业内相互传颂的传奇。
The last cycle of bears in Bitcoin lasted for two years. Miners who dig up and don't sell Tuenco won an amazing return in the ensuing city of Bitcoin's Bulls, and became an industry legend of mutual praise.
四年过去，被上一轮矿工奉为圭臬的屯币法则，这一轮熊市已不再适用。矿工们面对的是更为复杂的市场：流通的比特币多了400多万枚，流通市值更是多了数万亿元，用以变现的交易所则多了上千家。
Four years ago, this city was no longer applicable under the Tumong law, which the last round of miners claimed to be. Miners face a more complex market: more than 4 million bitcoins in circulation, more than trillion dollars in circulation, and more than 1,000 more exchanges for realization.
新生代矿工很少再屯币，雨后春笋般涌现的交易所，给他们提供的金融工具越来越多，学会套期保值提前锁定收益，是他们在熊市活下去的必备技能之一。比特币生产的工厂模式，升级为金融模式。
The new generation of miners rarely retrenched, the booming exchange provided them with more and more financial instruments, and learning to hedge ahead of time to lock revenues was one of the skills necessary for them to survive in Bear City. The factory model of Bitcoin was upgraded to a financial model.
套期保值，简单来说，是在现货市场和期货市场同时进行数量相同但是方向相反的买卖活动。利用期货和现货价格上同涨同跌的原理建立对冲机制，利用期货的盈来补现货的亏。
Stewardship, in simple terms, is the simultaneous sale of the same amount in both the spot and futures markets, but in the opposite direction. Use futures and spot prices to create hedge mechanisms to compensate for spot losses by using futures and ups and downs.
“比如未来一个月我产出30个币，但一个月后币价按照趋势可能继续跌10%，那我就在交易所下空单，以当前的价格卖出，一个月后交割30个币。”金鑫解释，这样就可以锁定当月的法币收益，而不至于在下挫的行情中承受更大损失。
“For example, in the coming month, when I produce 30 coins, the currency may continue to fall by 10 per cent in line with the trend, and then I will empty the exchange, sell it at the current price, and deliver 30 coins in one month.” Goldstone explains that it will be possible to lock in the French currency gains of the month, rather than suffer a greater loss in the downfall.
但矿工群体频繁的套期保值操作，让他们有意或无意之间，成了比特币的最大做空力量。
However, the frequent hedging operations of the miner's groups have made them, either intentionally or unintentionally, the largest vacuuming force of Bitcoin.
“大家都在做空，最后就是大家都想自保的同时让币价继续下跌，但币价下跌无利于矿场运营。”金鑫苦笑，“有点像荒野求生，不做空被淘汰，都做空大家最后一起死，壮烈！”
"Everyone's doing nothing, and finally everyone wants to keep their money down while they want to protect themselves, but it doesn't work for the mines." Goldbone laughed, "It's kind of like living in the wilderness, getting out of it.
金融工具的反噬性张开大嘴，以避险使命出身的比特币期货，却活成了投机的样子。
The counter-diplomatic nature of financial instruments, which opened their mouths in order to avoid the risk of a bitcoin future, became speculative.
相互博弈中，每一步都要小心翼翼，才能看到春天的样子。
Every step of the game has to be careful in order to see what spring looks like.
一切都尚未结束
It's not over yet.
11月28日，连续下跌的比特币暂时止住颓势，一天内上涨11%重返3万以上。
On 28 November, the successive decline in bitcoin temporarily stopped, rising by 11 per cent in one day to return to more than 30,000.
嘉楠耘智甚至以此为由，立刻宣布旗下几款新矿机，打折促销。
It was even a reason for KANO to announce several new mine machines under the flag immediately and to sell them for sale.
但大趋势无法阻挡，回光返照一天过后，币价转头继续向下。
However, the general trend was unstoppable and the currency price continued downward after a day had passed.
冬天继续。刘海洋的一万台矿机已经插上电源，金鑫又收到了一批二手货，老罗则在清盘和迁徙之间踟蹰。
Winter continues. The 10,000 machines in Liu's ocean have been plugged into the power supply, the Golden Pine has received another batch of second-hand goods, and the old Lo is waiting between clean-up and migration.
踟蹰的还有正泰电器石河子的经销商。一个毛头小伙找上门来，开口就要5万个电源开关，大单子猛然落在头上，让他不敢相信。
There's also the dealer of the Chethai Electric Stone. A hairy guy comes to the door, opens up with 50,000 power switches, and the big list falls on his head, and he can't believe it.
5万个开关正是为比特大陆刚刚下单的5万台托管矿机所准备。冬去春来冬又来，牛市卖矿机，熊市挖矿是过往经验告诉他们的真理。
50,000 switches are prepared for the 50,000 hosting machines that have just been placed on Bitcoast. Winter comes again in the spring and spring, the cattle market sells miners, and the bear market digs are the truth to be told in the past.
也正是在上个熊市，比特大陆从发明了世界上第一台ASIC比特币矿机的嘉楠耘智手中，接过内蒙古达拉特旗的一处矿场。算力的洗牌中，比特大陆成为崛起的一极。
And it was in the last bear city that Bit continent took over a mine of the Inner Mongolia Darat flag from Gana Jian Jian, who invented the world’s first ASIC bitcoin machine. In the arithmetic shuffling, Bit continent became a riser.
这样的故事激励着过冬的矿工们。12月2日，石河子下起入冬以来第三场雪。零下18度，大风吹起，矿工们蛰伏，等待开春。几十万台矿机照旧运转、嘶吼，载着他们的希望，永不眠。
This story inspires the winter miners. On December 2, the third snowfall since the winter began. 18 degrees below, the wind blows and the miners wait for the opening spring. Hundreds of thousands of miners are running and roaring, carrying their hopes and never sleeping.
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