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If GPU(time) == money: Sustainable crypto-asset market? Analysis of similarity among crypto-asset financial time series

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  • Zięba, Damian

Abstract

This study conducts a formal analysis of the price creation mechanisms of Proof-of-Work (PoW) and non-PoW crypto assets revealing that the long-term market trend aligns with the rising production cost of Bitcoin supply. Enabling the utilization of computational power for solving real-world problems, similar to data centers, would facilitate the sustainability of the crypto-asset market. On the other hand, Proof-of-Stake crypto assets may serve as a practical tool for managing the collaboration between startups and venture capitalists. The second part of the analysis proposes a co-movement measure, which might be more efficient than correlation metrics for analyzing the similarity between financial time series of returns.

Suggested Citation

  • Zięba, Damian, 2024. "If GPU(time) == money: Sustainable crypto-asset market? Analysis of similarity among crypto-asset financial time series," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 863-912.
    • Handle: RePEc:eee:reveco:v:89:y:2024:i:pb:p:863-912
    DOI: 10.1016/j.iref.2023.10.036
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    More about this item

    Keywords

    Cryptocurrency; Sustainability; Correlation; Co-movement; Network analysis;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • F3 - International Economics - - International Finance
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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