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 …

real hashrate. We provide a quantitative analysis of the R&D investment of mining hardware manufacturers. We show that, in … total miners reward (i.e. the bitcoin price) …We propose a homogenous setting for analyzing the production industry of Bitcoin. Miners are assumed to be well …

We propose a unified dynamic framework to study the economics of the supply side of bitcoin mining, such as endogenous … be major forces driving miners to significantly reduce their inventory even when bitcoin prices are relatively low …. Second, the model explains the observed co-movements of average transaction fees, average block sizes, and Bitcoin prices …

This paper proposes a conceptual framework for the analysis of reward sharing schemes in mining pools, such as those … associated with Bitcoin. The framework is centered around the reported shares in a pool instead of agents and results in two new …