【Author】
Arnosti, Nick; Weinberg, S. Matthew
【Source】MANAGEMENT SCIENCE
【Abstract】We argue that the concentrated production and ownership of Bitcoin mining hardware arise naturally from the economic incentives of Bitcoin mining. We model Bit coin mining as a two-stage competition; miners compete in prices to sell hardware while competing in quantities for mining rewards. We characterize equilibria in our model and show that small asymmetries in operational costs result in highly concentrated ownership of mining equipment. We further show that production of mining equipment will be dominated by the miner with the most efficient hardware, who will sell hardware to competitors while possibly also using it to mine.
【Keywords】economics; game theory and bargaining theory; Bitcoin; proof of work; cryptocurrency
【摘要】我们认为，比特币挖矿硬件的集中生产和所有权自然源于比特币挖矿的经济激励。我们将比特币挖矿建模为一个两阶段的竞争；矿工在出售硬件的价格上竞争，同时在采矿回报的数量上竞争。我们描述了模型中的平衡，并表明运营成本的小不对称会导致采矿设备的所有权高度集中。我们进一步表明，挖矿设备的生产将由拥有最高效硬件的矿工主导，他们将硬件出售给竞争对手，同时也可能将其用于挖矿。
【关键词】经济学；博弈论和交易理论；比特币；工作证明；加密货币
【文献类型】Article; Early Access
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