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- W3008678228 abstract "Cryptocurrencies that are based on Proof-of-Work often rely on special purpose hardware (ASICs) to perform mining operations that secure the system. We argue that ASICs have been mispriced by miners and sellers that only consider their expected returns, and that in fact mining hardware should be treated as a bundle of emph{financial options}, that when exercised, convert electricity to virtual coins. We provide a method of pricing ASICs based on this insight, and compare the prices we derive to actual market prices. Contrary to the widespread belief that ASICs are worth less if the cryptocurrency is highly volatile, we show the opposite effect: volatility significantly increases value. Thus, if a coin's volatility decreases, some miners may leave, affecting security. To prevent this, we suggest a new reward mechanism. Finally we construct a portfolio of coins and bonds that provides returns imitating an ASIC, and evaluate its behavior: historically, realized revenues of such portfolios have significantly outperformed ASICs, showing that indeed there is a mispricing of hardware, and offering an alternative investment route for would-be miners." @default.
- W3008678228 created "2020-03-06" @default.
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- W3008678228 date "2020-02-18" @default.
- W3008678228 modified "2023-09-27" @default.
- W3008678228 title "Pricing ASICs for Cryptocurrency Mining" @default.
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