This paper studies the operations and financial valuations of 13 cryptocurrency mining companies that are listed on the NASDAQ stock exchange and have facilities in North America. We find that miners using Texas wind power are offline more than other miners, in a more erratic pattern, while...

We study investors' responses to increasing tax reporting awareness and scrutiny in the crypto markets. We document significant taxation effects on investors' behavior and preferences for crypto exchanges using novel data on retail investors' trading. In relation to international peers,...

We describe the landscape of taxation in the crypto markets, especially that concerning U.S. taxpayers, and examine how recent increases in tax scrutiny have led to changes in trading behavior by crypto traders. We predict under a simple theoretical framework and then empirically document that...

This paper presents an N-player Tullock contest where players purchases shares in a lottery at a fixed common cost. Once all players have purchased their shares, a common value reward is raffled off. The model has some similarities to all-pay auctions, however the assignment mechanism differs....

Blockchain technology has a significant impact in multiple fields. Bitcoin was the first of its applications to rise to widespread attention. Due to its source code being publicly available (open source), it was followed quickly by a number of other cryptocurrencies as developers caught on to...

We investigate the role that transaction fees play in the Bitcoin blockchain's evolution from a mining-based structure to a market-based ecology. We develop a game-theoretic model to explain the factors leading to the emergence of transactions fees, as well as to explain the strategic behavior...

The U.S. has approximately 1,600 cryptocurrencies. No cryptocurrency is qualified to be called money because none has been designated by the U.S. government as being legal tender. Cryptocurrencies are called virtual currencies because they possess a few of the qualities of money. In this...

Since the amount of simultaneously circulating cryptocurrencies is increasing rapidly worldwide, this study aims to question the effects on competition between privately issued cryptocurrencies and central bank issued fiat currencies by postulating a coexistence theory despite extreme scenarios....

This paper develops an equilibrium model of proof-of-work cryptocurrencies. Equilibrium behaviour of miners and users are characterized for exogenous blockchain protocol metrics. This paper shows that an equilibrium between miners and users can be achieved in the long run. High fixed mining...

Cryptocurrencies have grown exponentially and gained increasing attention in recent years, and while it's true that it's secure by design, “Security” remains the cornerstone of any and all cryptoassets.To benchmark the global cryptocurrencies market from a security perspective, track current...