加密货币挖矿 ASIC 的定价
Pricing ASICs for Cryptocurrency Mining
AI总结：
本研究指出加密货币挖矿本质是一揽子金融期权，提出基于此的 ASIC 硬件定价方法，证明波动性增加硬件价值，并发现现有工具因忽略风险导致硬件被错误定价。
摘要：
基于工作量证明的加密货币通常依赖专用硬件执行所谓的挖矿操作来保护系统安全，矿工通过其工作获得新铸造的代币作为奖励。此类加密货币的一个著名例子是 Bitcoin，它主要使用基于专用集成电路（ASIC）的机器进行挖掘。由于加密货币挖矿的预期盈利能力，尽管存在电力等高昂的相关成本，近年来此类硬件的需求量依然很大。在本研究中，我们表明，由于挖矿奖励以被挖取的加密货币支付，而费用通常以美元（USD）等法定货币支付，加密货币挖矿实际上是一揽子金融期权。当行权时，每个期权将电力转换为代币。我们基于这一见解提供了一种挖矿硬件定价方法，并证明任何其他价格都会产生套利。我们的方法表明，与普遍认为的如果加密货币高度波动则挖矿硬件价值更低的看法相反，实际效应是相反的：波动性会增加价值。因此，如果某种代币的波动性降低，一些矿工可能会离开，从而影响安全性。我们将该方法产生的价格与矿工目前使用的流行工具获得的价格进行比较，表明后者仅考虑挖矿的预期回报，而忽略了挖矿固有的风险，该风险源于加密货币的高汇率波动性。最后，我们表明挖矿的回报可以通过交易债券和代币来模仿，并创建了此类模仿投资组合。从历史上看，这些投资组合的实现收入优于挖矿，表明硬件确实被错误定价。
英文摘要：
Cryptocurrencies that are based on Proof-of-Work (PoW) often rely on special purpose hardware to perform so-called mining operations that secure the system, with miners receiving freshly minted tokens as a reward for their work. A notable example of such a cryptocurrency is Bitcoin, which is primarily mined using application specific integrated circuit (ASIC) based machines. Due to the supposed profitability of cryptocurrency mining, such hardware has been in great demand in recent years, in-spite of high associated costs like electricity. In this work, we show that because mining rewards are given in the mined cryptocurrency, while expenses are usually paid in some fiat currency such as the United States Dollar (USD), cryptocurrency mining is in fact a bundle of financial options. When exercised, each option converts electricity to tokens. We provide a method of pricing mining hardware based on this insight, and prove that any other price creates arbitrage. Our method shows that contrary to the popular belief that mining hardware is worth less if the cryptocurrency is highly volatile, the opposite effect is true: volatility increases value. Thus, if a coin's volatility decreases, some miners may leave, affecting security. We compare the prices produced by our method to prices obtained from popular tools currently used by miners and show that the latter only consider the expected returns from mining, while neglecting to account for the inherent risk in mining, which is due to the high exchange-rate volatility of cryptocurrencies. Finally, we show that the returns made from mining can be imitated by trading in bonds and coins, and create such imitating investment portfolios. Historically, realized revenues of these portfolios have outperformed mining, showing that indeed hardware is mispriced.
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