-of-work coins. Positive effects of hashrate and transaction count implied by cost-based pricing and Metcalfe's law, respectively …

Bitcoin mining activity in three prominent electricity markets in the U.S. The volatility effect is found to be increasing …Utilizing a measure of the Bitcoin network's daily electricity load, we document a signifcant volatility effect of … insight to the non-virtual side of mining and trading of cryptocurrencies and underscore the need for establishing mechanisms …

finally discuss feasible mechanisms to regulate them. Latest estimates show that Bitcoin mining consumes roughly the same … externalities are Bitcoin’s electricity-intensive consensus protocol and Bitcoin prices, which directly influence mining incentives … significant environmental externalities created by Proof-of-Work (PoW) cryptocurrencies, the most prominent of which is Bitcoin …

Mining is one of the key features to maintain the value and the security of the Bitcoin system. Like mining of other … commodities, Bitcoin mining requires a non-trivial fixed cost to enter the business. We extend a framework that captures some key … Bitcoin mining. We find that barriers to entry can help to improve welfare. Our quantitative results show that this welfare …

-term Bitcoin equilibrium price conditional on current block size limit is $106, while if the block size limit is abandoned, the … conditional equilibrium price is $6725. Network hashrate is consistent with the no-limit scenario, while the transaction fees are … simultaneous equilibria in two mining games, the purchasing power parity in the system of equations of exchange and the network …

13 major proof-of-work cryptocurrencies. Intuitively, this stems from the fact that mining pools holding more power in a …

the main mechanism behind proof-of-work mining of cryptocurrencies such as Bitcoin. The application of the model is …

cryptocurrency market outcomes. We theoretically derive an equilibrium relationship between the cryptocurrency price, mining rewards … endogenous - we provide empirical evidence of cryptocurrency price and mining rewards indeed being intrinsically linked to … and mining costs, and blockchain security outcomes. Using daily crypto market data for 2014-2021 and employing the …

We study the effect of mining shocks on Bitcoin. First, we formalize how mining effort matters for blockchain security … explain up to 15 percent of Bitcoin’s substantial price volatility. We find that they primarily operate via a transaction … variations in mining intensity. We confirm that mining shocks have a significant and persistent impact on market valuations and …