Fantazzini, Dean; Kolodin, Nikita - In: Journal of risk and financial management : JRFM 13 (2020) 11/263, pp. 1-29
This paper investigates the relationship between the bitcoin price and the hashrate by disentangling the effects of the … efficiency. We consider either directly the hashrate or the bitcoin cost-of-production model (CPM) as a proxy for the hashrate …, to take any nonlinearity into account. In the first examined subsample (01/08/2016-04/12/2017), the hashrate and the CPMs …