Bitcoin: A Natural Oligopoly
通过两阶段竞争模型，论证比特币挖矿硬件生产和所有权的高度集中是经济激励的自然结果，对理解加密货币市场结构有重要参考价值。
We argue that the concentrated production and ownership of Bitcoin mining hardware arise naturally from the economic incentives of Bitcoin mining. We model Bitcoin mining as a two-stage competition; miners compete in prices to sell hardware while competing in quantities for mining rewards. We characterize equilibria in our model and show that small asymmetries in operational costs result in highly concentrated ownership of mining equipment. We further show that production of mining equipment will be dominated by the miner with the most efficient hardware, who will sell hardware to competitors while possibly also using it to mine. This paper was accepted by Kay Giesecke, finance.