مقاله انگلیسی از بلاک چین ها تا بی سود و زیان کردن: مطالعه ای بر سودآوری استخراج بیت کوین

15 شهریور 1397 | 13:20

مقاله انگلیسی از بلاک چین ها تا بی سود و زیان کردن: مطالعه ای  بر سودآوری استخراج بیت کوین
عنوان فارسی مقاله: از بلاک چین ها تا بی سود و زیان کردن: مطالعه ای بر سودآوری استخراج بیت کوین از سال 2012 تا 2016
عنوان انگلیسی مقاله: From chaining blocks to breaking even: A study on the profitability of bitcoin mining from 2012 to 2016
مجله/کنفرانس: Electronic Markets
رشته های تحصیلی مرتبط: اقتصاد
گرایش های تحصیلی مرتبط: علوم اقتصادی، تجارت الکترونیک
کلمات کلیدی انگلیسی: Bitcoin; Business model; Financial sustainability; Mining; POW
نوع نگارش مقاله: پژوهشی - research
نمایه: scopus - master journals - JCR
DOI: doi.org/10.1007/s12525-018-0308-3
ناشر: Springer
نوع ارائه مقاله: ژورنالی
نوع مقاله: ISI
مقاله بیس: ✔️
سال انتشار مقاله: 2018
ایمپکت فاکتور(IF): 3.818(2017)
شاخص H_index: 21
SJR: 0.834
شناسه ISSN: 1019-6781
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 18
کد محصول: EN60
فهرست انگلیسی مطالب
Abstract

Introduction

The bitcoin system
-Payment innovation
-Solution to the double spending problem
-Vulnerabilities
-Mining

Research approach
-Construction of the e3value model
-Interviews

Value creation in the bitcoin ecosystem
-Validation of the e3value model
-Quantifying value flows

Sustainability assessment of the miner
-Data collection
-Value flows
-Value flow: hardware investments
-Value flow: electricity expenses
-Value flow: other expenses
-Value transfers
-Marginal costs
-Results
-Reaching the break-even point

Discussion

Conclusion

References
نمونه متن انگلیسی
Abstract

Bitcoin is a widely-spread payment instrument, but it is doubtful whether the proof-of-work (PoW) nature of the system is financially sustainable on the long term. To assess sustainability, we focus on the bitcoin miners as they play an important role in the proof-of-work consensus mechanism of bitcoin to create trust in the currency. Miners offer their services against a reward while recurring expenses. Our results show that bitcoin mining has become less profitable over time to the extent that profits seem to converge to zero. This is what economic theory predicts for a competitive market that has a single homogenous good. We analyze the actors involved in the bitcoin system as well as the value flows between these actors using the e3value methodology. The value flows are quantified using publicly available data about the bitcoin network. However, two important value flows for the miners, namely hardware investments and expenses for electricity power, are not available from public sources. Therefore, we contribute an approach to estimate the installed base of bitcoin hardware equipment over time. Using this estimate, we can calculate the expenses miner should have. At the end of our analysis period, the marginal profit of mining a bitcoin becomes negative, i.e., to a loss for the miners. This loss is caused by the consensus mechanism of the bitcoin protocol, which requires a substantial investment in hardware and significant recurring daily expenses for energy. Therefore, a sustainable crypto currency needs higher payments for miners or more energy efficient algorithms to achieve consensus in a network about the truth of the distributed ledger.
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