000	02237cam  2200349zi 4500
001	9.889137
003	CaOODSP
005	20221107172208
006	m     o  d f
007	cr |n|||||||||
008	200709t20202020oncd    ob   f000 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
043	|an-cn---
086	1 |aFB3-5/2020-27E-PDF
100	1 |aGarratt, Rodney John,|d1963- |eauthor.
245	10|aWhy fixed costs matter for proof-of-work based cryptocurrencies / |cby Rodney J. Garratt and Maarten R.C. van Oordt.
264	1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264	4|c©2020
300	|a1 online resource (ii, 42 pages) : |bgraphs.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-27
500	|aCover title.
500	|a"Last updated: June 18, 2020."
504	|aIncludes bibliographical references (pages 33-35).
520	0 |a"We assess how the cost structure of cryptocurrency mining affects the response of miners to exchange rate fluctuations and the immutability of cryptocurrency ledgers that rely on proof-of-work. We show that the amount of mining power supplied to currencies that rely on application-specific integrated circuits (ASICs), such as Bitcoin, responds less to adverse exchange rate shocks than other currencies respond to such shocks, a fact that is instrumental to avoiding double-spending attacks. The results may change if mining equipment used for one cryptocurrency can be transferred to another. For smaller currencies with low exchange rate correlation, transferability eliminates the protection that fixed costs provide. Our results weaken doomsday predictions for Bitcoin and other cryptocurrencies with declining block rewards"--Abstract.
650	0|aElectronic commerce|zCanada.
650	6|aCommerce électronique|zCanada.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|v2020-27.|w(CaOODSP)9.806221
856	40|qPDF|s559 KB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-27-eng.pdf