کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
6890040 | 1445145 | 2017 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Cryptocurrency value formation: An empirical study leading to a cost of production model for valuing bitcoin
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
مهندسی کامپیوتر
شبکه های کامپیوتری و ارتباطات
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
Using cross-sectional empirical data examining 66 of the most widely used cryptocurrencies, a regression model was estimated that points to three main drivers of cryptocurrency value: the level of competition in the network of producers, the rate of unit production, and the difficulty of algorithm used to “mine” for the cryptocurrency. These amount to relative differences in the cost of production of one digital currency over another at the margin, pointing to differences in relative cost of production - electricity goes in, cryptocurrency comes out. Using that as a starting point, a no-arbitrage situation is established for Bitcoin-like cryptocurrencies followed by the formalization of a cost of production model to determine the fair value of a bitcoin.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Telematics and Informatics - Volume 34, Issue 7, November 2017, Pages 1308-1321
Journal: Telematics and Informatics - Volume 34, Issue 7, November 2017, Pages 1308-1321
نویسندگان
Adam S. Hayes,