| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24242 |
| 来源ID | Working Paper 24242 |
| Market Structure in Bitcoin Mining | |
| June Ma; Joshua S. Gans; Rabee Tourky | |
| 发表日期 | 2018-01-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We analyze the Bitcoin protocol for electronic peer-to-peer payments and the operations that support the “blockchain” that underpins it. It is shown that that protocol maps formally into a dynamic game that is an extension of standard models of R&D racing. The model provides a technical foundation for any economic analysis of ‘proof of work’ protocols. Using the model, we demonstrate that free entry is solely responsible for determining resource usage by the system for a given reward to mining. The endogenous level of computational difficulty built into the Bitcoin protocol does not mitigate this usage and serves only to determine the time taken to process transactions. Regulating market structure will mitigate resource use highlighting the importance of identifying the benefits of competition for the operation of the blockchain. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w24242 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581916 |
| 推荐引用方式 GB/T 7714 | June Ma,Joshua S. Gans,Rabee Tourky. Market Structure in Bitcoin Mining. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24242.pdf（386KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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