Digital currency price formation: A production cost perspective
The paper investigates the long-run relationship between bitcoin and its marginal cost between July 2010 and July 2022. We derive Bitcoin's marginal cost of production from a model of Bitcoin mining grounded in the Bitcoin code, and show that its production cost is a function of only two variab...
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| Format: | Article |
| Language: | English |
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AIMS Press
2022-12-01
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| Series: | Quantitative Finance and Economics |
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| Online Access: | https://www.aimspress.com/article/doi/10.3934/QFE.2022030?viewType=HTML |