Bitcoin and its mining on the equilibrium path
Identifikátory výsledku
Kód výsledku v IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F20%3A10402176" target="_blank" >RIV/00216208:11230/20:10402176 - isvavai.cz</a>
Výsledek na webu
<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=JeOlNcL~F" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=JeOlNcL~F</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.eneco.2019.104588" target="_blank" >10.1016/j.eneco.2019.104588</a>
Alternativní jazyky
Jazyk výsledku
angličtina
Název v původním jazyce
Bitcoin and its mining on the equilibrium path
Popis výsledku v původním jazyce
Bitcoin as a major cryptocurrency has come up as a shooting star of the 2017 and 2018 headlines. After exploding its price twenty times just in the twelve months of 2017, the tone has changed dramatically in 2018 after major price corrections and increasing concerns about its mining power consumption and overall sustainability. The dynamics and interaction between Bitcoin price and its mining costs have become of major interest. Here we show that these two quantities are tightly interconnected and they tend to a common long-term equilibrium. Mining costs adjust to the cryptocurrency price with the adjustment time of several months up to a year. Current developments suggest that we have arrived at a new era of Bitcoin mining where marginal (electricity) costs and mining efficiency play the prime role. Presented results open new avenues towards interpreting past and predicting future developments of the Bitcoin mining framework and their main possible directions are outlined and discussed here as well.
Název v anglickém jazyce
Bitcoin and its mining on the equilibrium path
Popis výsledku anglicky
Bitcoin as a major cryptocurrency has come up as a shooting star of the 2017 and 2018 headlines. After exploding its price twenty times just in the twelve months of 2017, the tone has changed dramatically in 2018 after major price corrections and increasing concerns about its mining power consumption and overall sustainability. The dynamics and interaction between Bitcoin price and its mining costs have become of major interest. Here we show that these two quantities are tightly interconnected and they tend to a common long-term equilibrium. Mining costs adjust to the cryptocurrency price with the adjustment time of several months up to a year. Current developments suggest that we have arrived at a new era of Bitcoin mining where marginal (electricity) costs and mining efficiency play the prime role. Presented results open new avenues towards interpreting past and predicting future developments of the Bitcoin mining framework and their main possible directions are outlined and discussed here as well.
Klasifikace
Druh
J<sub>imp</sub> - Článek v periodiku v databázi Web of Science
CEP obor
—
OECD FORD obor
50201 - Economic Theory
Návaznosti výsledku
Projekt
<a href="/cs/project/GA16-00027S" target="_blank" >GA16-00027S: Zkoumání zelených paradoxů: Mikroekonomický, ekonometrický a meta-analytický rámec výzkumu nezamýšlených efektů klimatických a energetických politik</a><br>
Návaznosti
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Ostatní
Rok uplatnění
2020
Kód důvěrnosti údajů
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Údaje specifické pro druh výsledku
Název periodika
Energy Economics
ISSN
0140-9883
e-ISSN
—
Svazek periodika
85
Číslo periodika v rámci svazku
January
Stát vydavatele periodika
NL - Nizozemsko
Počet stran výsledku
9
Strana od-do
1-9
Kód UT WoS článku
000527274000005
EID výsledku v databázi Scopus
2-s2.0-85076301910