Pricing of Mining ASIC and Its Implication to the High Volatility of Cryptocurrency Prices
Pricing of Mining ASIC and Its Implication to the High Volatility of Cryptocurrency Prices
复制标题
挖矿 ASIC 的定价及其对加密货币价格高波动性的影响
DOI：
10.2139/ssrn.3368286
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发表时间：
2019
期刊：
影响因子：
--
通讯作者：
Shunya Noda
中科院分区：
文献类型：
--
作者：
Yoshinori Hashimoto;Shunya Noda
挖掘专用集成电路（ASIC）是基于工作量证明（PoW）的区块链系统中挖掘的重要设施。本文将专用集成电路视为一种金融资产，对专用集成电路的定价进行了理论估计。我们发现，从ASIC的支出可以复制的一个整体的欧洲看涨期权。因此，ASIC的价值随着加密货币价格的波动而增加。我们的研究结果表明，矿工可能更愿意保持高波动性以维持其ASIC的价值;因此，他们可能会拒绝稳定价格的建议和创新。从这个意义上说，基于PoW的加密货币价格的高波动性可能是内在的。
Mining application-specific integrated circuit (ASIC) is an essential facility for mining in Proof-of-Work (PoW) based blockchain systems. This paper regards ASIC as a financial asset and proposes a theoretical estimate of the pricing of ASIC. We show that the payouts from ASIC can be replicated by an integral of European call options. Hence, the value of ASIC is increasing in the volatility of the cryptocurrency price. Our results imply that miners may prefer to keep the high volatility to maintain the value of their ASIC; thus, they may refuse the proposals and innovations for stabilizing the price. In this sense, the high volatility of the PoW-based cryptocurrency price might be intrinsic.