cryptocurrency market outcomes. We use daily blockchain and Bitcoin data for 2014-2019 and employ the ARDL approach. We test three …We study to what extent the Bitcoin blockchain security permanently depends on the underlying distribution of … equilibrium hypotheses: (i) sensitivity of the Bitcoin blockchain to mining reward; (ii) security outcomes of the Bitcoin …

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 … and mining costs, and blockchain security outcomes. Using daily crypto market data for 2014-2021 and employing the …