Ciaian, Pavel; Kancs, D'Artis; Rajcaniova, Miroslava - 2021
and mining costs, and blockchain security outcomes. Using daily crypto market data for 2014-2021 and employing the …This paper studies to what extent the cost of operating a proof-of-work blockchain is intrinsically linked to the cost … cryptocurrency market outcomes. We theoretically derive an equilibrium relationship between the cryptocurrency price, mining rewards …