Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 31, 2023 erstellt
Beschreibung:
We study the effect of mining shocks on Bitcoin. First, we formalize how mining effort matters for blockchain security and by implication for market valuations. Second, we use macroeconometric techniques to empirically isolate exogenous variations in mining intensity. We confirm that mining shocks have a significant and persistent impact on market valuations and explain up to 15 percent of Bitcoin’s substantial price volatility. We find that they primarily operate via a transaction channel, i.e. the system’s ability to provide payment finality in decentralized value transfer