An Equilibrium Model of the Market for Bitcoin Mining

• 成果类型: Article
• 署名作者: Prat, Julien; Walter, Benjamin
• 署名单位: Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; ENSAE Paris; Institut Polytechnique de Paris; Ecole Polytechnique; Universite Paris Saclay
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/714445
• 发表日期: 2021
• 页码: 2415-2452
• 关键词: Lumpy investment

摘要

We propose a model that uses the exchange rate of Bitcoin against the US dollar to predict the computing power of Bitcoin's network. We show that free entry places an upper bound on mining revenues and explain how it can be identified. Calibrating the model's parameters allows us to accurately forecast the evolution of the network computing power over time. We find that a significant share of mining rewards was invested in mining equipment and that the seigniorage income of miners was limited.