Table of Contents
- 1 Gabatarwa
- 2 Ayyukan Haƙo Ma'adinai azaman Zaɓin Kuɗi
- 3 ASIC Pricing Methodology
- 4 Experimental Results
- 5 Technical Implementation
- 6 Aikace-aikace na Gaba
- 7 Bincike na Asali
- 8 Manazarta
1 Gabatarwa
Aikin hako ma'adinan cryptocurrency ta amfani da ƙa'idar yarjejeniya ta Proof of Work (PoW) ya dogara da kayan aiki na musamman kamar ASIC don tabbatar da tsaron cibiyar sadarwa. Masu hako suna samun lambar yabo ta cryptocurrency amma dole ne su biya kuɗin aiki ta amfani da kuɗin ƙasa, wanda ke haifar da rikitarwar kuɗi. Hanyoyin farashi na gargajiya (kamar farashin ƙididdiga) ba su yi la'akari da cikakken haɗarin da ke tattare da ayyukan hako da kuma halayen zaɓin kuɗi ba.
2 Ayyukan Haƙo Ma'adinai azaman Zaɓin Kuɗi
2.1 Tsarin Zaɓi
Cryptocurrency mining is essentially a portfolio of financial options, where each option converts electricity into tokens upon exercise. This framework explains why traditional valuation methods tend to undervalue hardware.
2.2 Tsarin Lissafi
Option value can be modeled using a modified Black-Scholes equation incorporating mining-specific parameters:
$V(S,t) = S\Phi(d_1) - Ke^{-r(T-t)}\Phi(d_2)$
A cikin wannan $S$ yana wakiltar farashin cryptocurrency, $K$ farashin wutar lantarki, $\Phi$ aikin rarrabawa mai tarawa.
3 ASIC Pricing Methodology
3.1 No-Arbitrage Pricing
Wannan ka'idar ta tabbatar da cewa duk wani farashi da ya sabawa ka'idar zaɓi zai haifar da damar riba. Dole ne daidai farashi ya yi la'akari da halayen zaɓin da ke haɗe da aikin haƙar ma'adinai.
3.2 Volatility Impact
In ra'ayin gargadiya, ƙarar sauyin cryptocurrency yana haɓaka ƙimar ASIC maimakon rage shi. Wannan ƙarshe marar hankali ya samo asali ne daga ainihin zaɓin lambar yabo na haƙa ma'adinai.
4 Experimental Results
4.1 Comparison with Traditional Methods
Traditional computing power pricing methods consistently undervalue ASIC hardware value by 15-40% compared to the option pricing approach in this study. This discrepancy becomes more pronounced during periods of high volatility.
4.2 Portfolio Replication
Mun yi ƙirƙiri fayil ɗin zuba jari ta hanyar amfani da lamuni da kuma riƙon kuɗi kai tsaye don kwafa ribar haƙa ma'adinai. Bayanan tarihi sun nuna cewa waɗannan fayiloli sun fi haƙa ma'adinai na zahiri, wanda ke tabbatar da rashin daidaiton farashin kayan aiki.
5 Technical Implementation
5.1 Code Example
def asic_option_price(hash_rate, electricity_cost, volatility, time_horizon):5.2 Tsarin Lissafi
The complete pricing model employs stochastic calculus methods, comprehensively considering factors such as network difficulty adjustments, hardware efficiency decay, and electricity price fluctuations.
6 Aikace-aikace na Gaba
Option-based pricing frameworks enable more accurate ASIC valuation, optimize mining operation risk management, and enhance blockchain network security analysis. Future application domains include mining contract derivatives markets and improved investment decision-making tools.
7 Bincike na Asali
This study fundamentally reconstructs cryptocurrency mining economics through the lens of financial option theory, raising critical challenges to traditional miner valuation practices. The authors demonstrate that conventional hashrate pricing metrics—assuming constant cryptocurrency exchange rates—systematically undervalue ASIC hardware by neglecting embedded option characteristics in mining operations. This omission creates significant arbitrage opportunities, as evidenced by portfolio replication experiments where bond-and-currency trading strategies consistently outperformed actual mining returns.
Binciken da ya fi saba wa hankali - ƙara sauyin yanayi yana haɓaka ƙimar ASIC - yana ƙalubalantar fahimtar haƙo ma'adinai na yau da kullun, amma ya dace da dabarar cikin gida na ka'idar farashin zaɓi cewa haɓakar sauyin kadarorin da ke ƙasa zai tura farashin zaɓi. Wannan basira tana da tasiri mai zurfi ga tsaron blockchain, yana nuna cewa raguwar sauyin kuɗin cryptocurrency na iya haifar da ƙaura ma'aikatan ma'adinai, wanda zai jefa amincin hanyar sadarwa cikin haɗari. Hanyar bincike ta yi amfani da cikakkun wallafe-wallafen abubuwan da aka samu na kuɗi (musamman tsarin Black-Scholes-Merton), yayin da aka daidaita su da halayen musamman na haƙo ma'adinan cryptocurrency - ma'aikatan ma'adinai suna riƙe da zaɓin Amurka wanda ke canza wutar lantarki ci gaba zuwa alama.
Idan aka kwatanta da fassarar kimiyyar kwamfuta ta al'ada game da tattalin arzikin ma'adinai, wannan hangen nesa na aikin kuɗi yana da ƙarfin bayyana abubuwan da ake gani a kasuwa. Binciken ya yi daidai da faɗaɗɗen bincike na cryptocurrency kamar fasahar daidaita yanki da aka nuna a cikin takardar CycleGAN, yana nuna ingantaccen canja wurin lissafin kuɗi a cikin yanayin blockchain. Yayin da haƙo ma'adinai ke ci gaba zuwa aikin masana'antu, wannan ƙirar farashin zaɓi yana ba da kayan aiki na musamman don sarrafa haɗari da saka hannun jari, wanda zai iya rinjayar kowane sashi daga yanke shawara na kera kayan aiki har zuwa ƙira yarjejeniyar blockchain. Bincike na gaba zai iya faɗaɗa wannan tsarin zuwa tsarin tabbatar da haƙƙin da aikace-aikacen kuɗin rarraba, don gina haɗin gwiwar dabarun kimanta saka hannun jari na cryptocurrency.
8 Manazarta
- Yaish, A., & Zohar, A. (2023). Yadda Ake Tabbataccen Farashin ASIC na Cryptocurrency: Shin Masu Hakar Ma'adinai Suna Biyan Farashin da Ya wuce Kima? AFT 2023.
- Black, F., & Scholes, M. (1973). 期权与公司负债定价. 政治经济学杂志.
- Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.
- Zhu, J.-Y., et al. (2017). Unpaired Image-to-Image Translation using Cycle-Consistent Adversarial Networks. ICCV 2017.
- Easley, D., et al. (2019). From Mining to Market: The Evolution of Bitcoin Transaction Fees. Journal of Financial Economics.