Bitcoin and its mining on the equilibrium path

被引：0

作者：

Kristoufek, Ladislav ^{[1
]}

机构：

[1] Institute of Economic Studies, Charles University Prague, Faculty of Social Sciences, Opletalova 26, Prague,110 00, Czech Republic

来源：

Energy Economics | 2020年 / 85卷

基金：

欧盟地平线“2020”;

关键词：

D O I：

暂无

中图分类号：

TP [自动化技术、计算机技术];

学科分类号：

0812 ;

摘要：

Bitcoin as a major cryptocurrency has come up as a shooting star of the 2017 and 2018 headlines. After exploding its price twenty times just in the twelve months of 2017, the tone has changed dramatically in 2018 after major price corrections and increasing concerns about its mining power consumption and overall sustainability. The dynamics and interaction between Bitcoin price and its mining costs have become of major interest. Here we show that these two quantities are tightly interconnected and they tend to a common long-term equilibrium. Mining costs adjust to the cryptocurrency price with the adjustment time of several months up to a year. Current developments suggest that we have arrived at a new era of Bitcoin mining where marginal (electricity) costs and mining efficiency play the prime role. Presented results open new avenues towards interpreting past and predicting future developments of the Bitcoin mining framework and their main possible directions are outlined and discussed here as well. © 2019

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