The economic dependency of the Bitcoin security

• Tác giả: Pavel Ciaian, d'Artis Kancs, Miroslava Rajcaniova
• Ngôn ngữ: eng
• Ký hiệu phân loại: 005.8 Data security
• Thông tin xuất bản: 2021
• Bộ sưu tập: Báo, Tạp chí
• ID: 166284

Tóm tắt

 Comment: arXiv admin note: substantial text overlap with arXiv:2102.08107We study to what extent the Bitcoin blockchain security permanently depends on the underlying distribution of cryptocurrency market outcomes. We use daily blockchain and Bitcoin data for 2014-2019 and employ the ARDL approach. We test three equilibrium hypotheses: (i) sensitivity of the Bitcoin blockchain to mining reward
  (ii) security outcomes of the Bitcoin blockchain and the proof-of-work cost
  and (iii) the speed of adjustment of the Bitcoin blockchain security to deviations from the equilibrium path. Our results suggest that the Bitcoin price and mining rewards are intrinsically linked to Bitcoin security outcomes. The Bitcoin blockchain security's dependency on mining costs is geographically differenced - it is more significant for the global mining leader China than for other world regions. After input or output price shocks, the Bitcoin blockchain security reverts to its equilibrium security level.