SN-0345 已核对来源，附原文与上下文。
精彩的分析，xc。
Excellent analysis, xc.
如果一种东西预计会升值，理性的市场价格本身就会反映人们对未来涨幅的当前估值。每个人都会在心里估算概率，权衡它继续升值的可能性。
A rational market price for something that is expected to increase in value will already reflect the present value of the expected future increases. In your head, you do a probability estimate balancing the odds that it keeps increasing.
当时还没有市场可以形成价格，所以 NewLibertyStandard 按生产成本作出的估算，是一个不错的猜测，也是一项很有帮助的服务（谢谢）。任何商品的价格都倾向于靠近生产成本。价格低于成本时，生产会放缓；价格高于成本时，增加生产并出售就有利可图。同时，更多人参与挖矿会推高难度，让挖矿成本逐渐接近市场价格。
In the absence of a market to establish the price, NewLibertyStandard's estimate based on production cost is a good guess and a helpful service (thanks). The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.
再过几年，新比特币的产出只占现有供应量很小一部分时，市场价格将更多地决定生产成本，而不是由生产成本决定价格。
In later years, when new coin generation is a small percentage of the existing supply, market price will dictate the cost of production more than the other way around.
目前，投入挖矿的算力正在快速增加，这说明人们认为它现在的价值高于当前生产成本。
At the moment, generation effort is rapidly increasing, suggesting people are estimating the present value to be higher than the current cost of production.
