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The. Short. STOry. The Economics of Bitcoin Mining. Stefan Loesch. The Short STOry Podcast May v202009c

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(1)

Short The

STOry

The Economics of

Bitcoin Mining

Stefan Loesch

The Short STOry Podcast

May 2020

v202009c

(2)

Short The

STOry

Agenda

1. Background: The Halvening aka the mining reward will

drop by almost half. What will this do?

2. Microeconomic supply vs demand analysis as an

example (introducing cost curves).

3. Bitcoin mining cost vs reward analysis. The Bitcoin

mining cost curve.

(3)

Short The

STOry

Microeconomic

Supply / Demand

Analysis

(4)

Short The

STOry

Demand Curve

Quantity

Unit

Price Demand

(5)

Short The

STOry

Supply Curve

Quantity

Unit

Price

Supply

(Cost Curve)

(6)

Short The

STOry

Supply Demand Chart

Quantity

Unit

Price Demand

Supply

(Cost Curve)

(7)

Short The

STOry

Market Clearing Price

Quantity

Unit

Price

Clearing Price

Clearing

Quantity

(8)

Short The

STOry

Total Revenues

Quantity

Unit

Price

(9)

Short The

STOry

Total Costs

Quantity

Unit

Price

(10)

Short The

STOry

Total Profit

Quantity

Unit

Price

(11)

Short The

STOry

The Microeconomics

of Bitcoin Mining

(12)

Short The

STOry

Antminer S2 Equivalent

Hashrate

1 = 1 Tera Hash per

sec*

Antminer S2

equivalent

(13)

Short The

STOry

Mining Cost/Reward Chart

S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

Total Mining Capacity

(14)

Short The

STOry

Mining Reward Curve

Mining Reward

in Bitcoin

per Antminer S2 equivalent

per 10 minutes

Total Mining Capacity

S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(15)

Short The

STOry

Mining Cost Curve

S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

Total Mining Capacity

Mining Cost

in Bitcoin

per Antminer S2 equivalent

per 10 minutes

(16)

Short The

STOry

Mining Cost / Reward Chart

Mining Reward

Mining Cost

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(17)

Short The

STOry

Clearing Reward and Hashrate

Clearing Reward

(per 1 GHash per 10 min)

Mining Cost

Mining Reward

Clearing Hashrate

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(18)

Short The

STOry

Who’s in and who’s out?

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(19)

Short The

STOry

Total Mining Revenues

(=block reward)

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(20)

Short The

STOry

Total Mining Cost

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(21)

Short The

STOry

Total Mining Profit

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(22)

Short The

STOry

Mining Revenues Single Miner

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(23)

Short The

STOry

Cost & Profit Single Miner

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(24)

Short The

STOry

Without Steps

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(25)

Short The

STOry

Halving

(26)

Short The

STOry

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(27)

Short The

STOry

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

(28)

Short The

STOry

Total Mining Capacity S2 equivalent

hash rate*

Bitcoin

per

S2 equiv

hash rate

per 10min*

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