论文标题
比特币的系统动力学模型：采矿作为一个有效的市场和“峰值哈希”的可能性
A System Dynamics Model of Bitcoin: Mining as an Efficient Market and the Possibility of "Peak Hash"
论文作者
论文摘要
使用系统动力学对比特币的采矿进行了建模，表明网络哈希速率的过去发展可以通过应用于块挖掘的有效市场假设在很大程度上解释。如果比特币的价格和交易费用的收入将保持在当前级别，则可能会从下一个减半事件（2020年5月）降低网络哈希速率（2020年5月）的可能性。
The mining of bitcoin is modeled using system dynamics, showing that the past evolution of the network hash rate can be explained to a large extent by an efficient market hypothesis applied to the mining of blocks. The possibility of a decrease in the network hash rate from the next halving event (May 2020) is exposed, implying that the network may be close to 'peak hash', if the price of bitcoin and the revenues from transaction fees will remain at approximately the present level.
