论文标题

定价ASICS用于加密货币开采

Pricing ASICs for Cryptocurrency Mining

论文作者

Yaish, Aviv, Zohar, Aviv

论文摘要

基于工作证明(POW)的加密货币通常依靠特殊目的硬件来执行确保系统的所谓采矿操作,而矿工获得了新鲜的铸造代币作为对他们的工作的奖励。这种加密货币的一个显着示例是比特币,它主要是使用基于应用程序的集成电路(ASIC)机器开采的。由于加密货币采矿的假定盈利能力,近年来,这种硬件的需求量很高,因此诸如电力等相关成本很高。在这项工作中,我们表明,由于采矿奖励是在开采的加密货币中给出的,而费用通常以某些法定货币(例如美国美元(USD))支付,因此加密货币采矿实际上是一大堆财务选择。锻炼时,每个选项都会将电力转换为令牌。我们提供了一种基于此洞察力的定价挖掘硬件的方法,并证明任何其他价格都会产生套利。我们的方法表明,与普遍的看法相反,即如果加密货币高度挥发,采矿硬件值得更少,相反的效果是正确的:波动性增加了价值。因此,如果硬币的波动性下降,一些矿工可能会影响安全性。我们将方法与从矿工当前使用的流行工具获得的价格进行了比较,并表明后者仅考虑采矿的预期收益,同时忽略了采矿的固有风险,这是由于加密货币的高兑换利率波动率。最后,我们表明,通过债券和硬币交易并创建这种模仿的投资组合可以模仿采矿的回报。从历史上看,这些投资组合的实现收入优于采矿,表明硬件确实是错误的。

Cryptocurrencies that are based on Proof-of-Work (PoW) often rely on special purpose hardware to perform so-called mining operations that secure the system, with miners receiving freshly minted tokens as a reward for their work. A notable example of such a cryptocurrency is Bitcoin, which is primarily mined using application specific integrated circuit (ASIC) based machines. Due to the supposed profitability of cryptocurrency mining, such hardware has been in great demand in recent years, in-spite of high associated costs like electricity. In this work, we show that because mining rewards are given in the mined cryptocurrency, while expenses are usually paid in some fiat currency such as the United States Dollar (USD), cryptocurrency mining is in fact a bundle of financial options. When exercised, each option converts electricity to tokens. We provide a method of pricing mining hardware based on this insight, and prove that any other price creates arbitrage. Our method shows that contrary to the popular belief that mining hardware is worth less if the cryptocurrency is highly volatile, the opposite effect is true: volatility increases value. Thus, if a coin's volatility decreases, some miners may leave, affecting security. We compare the prices produced by our method to prices obtained from popular tools currently used by miners and show that the latter only consider the expected returns from mining, while neglecting to account for the inherent risk in mining, which is due to the high exchange-rate volatility of cryptocurrencies. Finally, we show that the returns made from mining can be imitated by trading in bonds and coins, and create such imitating investment portfolios. Historically, realized revenues of these portfolios have outperformed mining, showing that indeed hardware is mispriced.

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