Miners' Reward Elasticity and Stability of Competing Proof‐of‐Work Cryptocurrencies
研究了工作量证明加密货币中矿工奖励调整对系统稳定性的影响，发现比特币依赖低哈希供应弹性和与其他货币的互动，建议升级算法以维持稳定。
ABSTRACT Proof‐of‐Work cryptocurrencies employ miners to sustain the system through algorithmic reward adjustments. We develop a stochastic model of the multicurrency mining and identify conditions for stable transaction speeds. Bitcoin's algorithm requires hash supply elasticity 1 for stability, while ASERT remains stable for any elasticity and can be interpreted as a form of stochastic gradient descent. Interactions with other currencies can relax Bitcoin's stability requirements. Using a halving event, we estimate miners' hash supply elasticity and conduct counterfactual simulations. Our findings reveal Bitcoin's heavy reliance on low hash supply elasticity and interactions with smaller cryptocurrencies, urging an algorithm upgrade for stability.