Digital Currency Price Dynamics: Sentiments Versus Mining Competition

Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies

“…Note that Huberman et al (2017) examine congestion in the market for transaction fees while assuming that "the mining resources are sufficient to guarantee the system's reliability and security" (see p 4), a focus very similar to Easley et al (2018) and more recently Faia et al (2018), Iyidogan (2019) and Zimmerman (2019). In contrast, Budish (2018) examines the economics of security, ie of double-spending attacks, but not how mining income is determined.…”