This paper uses a partial equilibrium framework to analyze PoW blockchain network and proves that in the short-term, network hashrate shock affects average miner income through both transaction fee income and block reward income. Using Bitcoin blockchain data, we show that miner average...

This paper analyzes PoW blockchain network's long-term cost ef- ficiency and short-term stability. Our equilibrium model builds upon the optimization problems of blockchain users and miners, and allows us to simultaneously determine token price, network hashrate, and user transaction fee. We...

Proof-of-Stake consensus algorithm solves major drawbacks of PoW blockchain network including high energy consumption and low transaction capacity. However, PoS still faces centralization problems like PoW. In this paper, we propose an economic framework for PoS blockchain network based on...

This paper uses a partial equilibrium framework to prove that in the short-term, network hashrate shock affects average miner income through both transaction fee income and block reward income.Using Bitcoin blockchain data, we show that miner average transaction fee income goes in the opposite...