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A System Dynamics Model of Bitcoin: Mining as an Efficient Market and the Possibility of "Peak Hash"
April 20, 2020 · Declared Dead · 🏛 Applied Economics and Finance
Repo contents: LICENSE, README.md, Simulation_noiseless.vdfx, bitcoin_data.xlsx, bitcoin_v1.0.mdl
Authors
Davide Lasi, Lukas Saul
arXiv ID
2004.09212
Category
cs.CR: Cryptography & Security
Cross-listed
econ.GN
Citations
5
Venue
Applied Economics and Finance
Repository
https://github.com/davidelasi/bitcoin
⭐ 1
Last Checked
1 month ago
Abstract
The mining of bitcoin is modeled using system dynamics, showing that the past evolution of the network hash rate can be explained to a large extent by an efficient market hypothesis applied to the mining of blocks. The possibility of a decrease in the network hash rate from the next halving event (May 2020) is exposed, implying that the network may be close to 'peak hash', if the price of bitcoin and the revenues from transaction fees will remain at approximately the present level.
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