Arbeitspapier
An Equilibrium Model of the Market for Bitcoin Mining
We propose a model which uses the Bitcoin/US dollar exchange rate to predict the computing power of the Bitcoin network. We show that free entry places an upper-bound on mining revenues and we devise a structural framework to measure its value. Calibrating the model’s parameters allows us to accurately forecast the evolution of the network computing power over time. We establish the accuracy of the model through out-of-sample tests and investigation of the entry rule.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 6865
- Klassifikation
-
Wirtschaft
Market Structure, Pricing, and Design: Perfect Competition
Market Structure, Firm Strategy, and Market Performance: General
- Thema
-
Bitcoin
blockchain
miners
industry dynamics
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Prat, Julien
Walter, Benjamin
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2018
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Prat, Julien
- Walter, Benjamin
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2018
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