Bitcoin blackout: Proof-of-work and the risks of mining centralization
利用当地电力供应冲击，研究发现比特币等工作量证明网络的挖矿地理集中化会降低交易处理能力、大幅提高手续费，并加剧汇率波动和流动性下降，对系统构成短期但严重的风险。
Miners of proof-of-work networks like Bitcoin tend to gravitate towards regions with cheap energy. We analyze risks associated with this geographical centralization by exploiting a local electricity supply shock. Compared to a control group consisting of an energy-efficient proof-of-stake cryptocurrency, the blockchain’s capacity for processing transactions decreases while transaction fees increase substantially. The increased settlement latency on the blockchain also reduces secondary market quality as seen in higher exchange rate volatility, lower liquidity, and larger price differences between exchanges. Overall, our results suggest that geographical centralization poses short-lived but potentially severe system-wide risks to proof-of-work networks.