SEARCH
 

Search

 

Результаты поиска 1 - 1 из 1
Начало | Пред. | 1 | След. | Конец


The impact of cryptocurrency miners' compensation on Bitcoin pricing

Mikhailov A.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation ( alexeyfa@yandex.ru )

Meinkhard A.A. Financial University under Government of Russian Federation, Moscow, Russian Federation ( meynkhard@yandex.ru )

Journal: Finance and Credit, #11, 2019

Subject The article discusses how technological distinctions of cruptocurrencies influence pricing.
Objectives The study unfolds technological properties of cryptocurrencies through the case of Bitcoin. We analyze the impact of a cyclical decrease in Bitcoin miners' compensation on its market value.
Methods The study refers to data on prices and technology of Bitcoin and offers an approach based on the Kendall rank correlation, which determines net trading results for each selected period and calculates mean prices for the results. The approach eliminates price volatility and improves the results.
Results The analysis confirms the correlation between a decrease in miners’ compensation and market value of Bitcoin.
Conclusions and Relevance Cyclical decreases in Bitcoin miners' compensation are the key technological factor that underlies a growth in the value of Bitcoin. Dropping every four years, the decreasing supply of Bitcoin leads to an artificial deficit of Bitcoin, while the growing demand cause its value to rise. The findings can notably influence the fundamental evaluation of Bitcoin and allow investors to evaluate any existing cryptocurrency using the method. The findings can serve for refining approaches to evaluating the investment potential of cryptocurrencies.


Результаты поиска 1 - 1 из 1
Начало | Пред. | 1 | След. | Конец


Отсортировано по релевантности | Сортировать по дате