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Modeling and Simulation of the Economics of Mining in the Bitcoin Market

机译:比特币市场采矿经济学的建模与仿真

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摘要

In January 3, 2009, Satoshi Nakamoto gave rise to the “Bitcoin Blockchain”, creating the first block of the chain hashing on his computer’s central processing unit (CPU). Since then, the hash calculations to mine Bitcoin have been getting more and more complex, and consequently the mining hardware evolved to adapt to this increasing difficulty. Three generations of mining hardware have followed the CPU’s generation. They are GPU’s, FPGA’s and ASIC’s generations. This work presents an agent-based artificial market model of the Bitcoin mining process and of the Bitcoin transactions. The goal of this work is to model the economy of the mining process, starting from GPU’s generation, the first with economic significance. The model reproduces some “stylized facts” found in real-time price series and some core aspects of the mining business. In particular, the computational experiments performed can reproduce the unit root property, the fat tail phenomenon and the volatility clustering of Bitcoin price series. In addition, under proper assumptions, they can reproduce the generation of Bitcoins, the hashing capability, the power consumption, and the mining hardware and electrical energy expenditures of the Bitcoin network.
机译:2009年1月3日,中本聪(Satoshi Nakamoto)提出了“比特币区块链”,在其计算机的中央处理器(CPU)上创建了链哈希的第一个区块。从那时起,用于挖矿比特币的哈希计算变得越来越复杂,因此挖矿硬件也逐渐发展起来,以适应这一日益增加的难度。三代采矿硬件紧随CPU的一代。它们是GPU,FPGA和ASIC的一代。这项工作提出了一个基于代理的人工市场模型,该模型包含了比特币开采过程和比特币交易。这项工作的目的是从GPU的一代开始,从具有经济意义的第一代开始,为采矿过程的经济建模。该模型再现了实时价格序列中发现的一些“风格化事实”以及采矿业务的一些核心方面。特别是,进行的计算实验可以重现比特币价格序列的单位根属性,胖尾现象和波动性聚类。此外,在适当的假设下,它们可以重现比特币网络的比特币生成,散列能力,功耗以及采矿硬件和电能消耗。

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