Lo, Y;
Medda, F;
(2019)
Bitcoin Mining: Converting Computing Power Into Cash Flow.
Applied Economics Letters
, 26
(14)
pp. 1171-1176.
10.1080/13504851.2018.1540841.
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Abstract
Bitcoin is the world’s leading cryptocurrency, with a market capitalization briefly exceeding $300 billion. This hints at Bitcoin’s amorphous nature: is this a monetary or a corporate measure? Hard values become explicit in the processing of transactions and the digital mining of Bitcoins. Electricity is a primary input cost. Bitcoins earned are often used to circumvent local currency controls and acquire US dollars. For the period August 2010 to February 2018, we examine the components of Bitcoin mining revenues, their statistical contribution to daily changes, and to its variance. We provide evidence that Bitcoin transaction processing is capacity constrained.
| Type: | Article |
|---|---|
| Title: | Bitcoin Mining: Converting Computing Power Into Cash Flow |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1080/13504851.2018.1540841 |
| Publisher version: | https://doi.org/10.1080/13504851.2018.1540841 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Bitcoin, Bitcoin mining, Blockchain, Distributed ledger, Proof of work |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Civil, Environ and Geomatic Eng |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10056258 |
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