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Decentralized Mining in Centralized Pools
[Concentrating on the fall of the labor share]

Citations

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Cited by:

  1. Bruno, August & Weber, Paige & Yates, Andrew J., 2023. "Can Bitcoin mining increase renewable electricity capacity?," Resource and Energy Economics, Elsevier, vol. 74(C).
  2. Hanna Halaburda & Guillaume Haeringer & Joshua Gans & Neil Gandal, 2022. "The Microeconomics of Cryptocurrencies," Journal of Economic Literature, American Economic Association, vol. 60(3), pages 971-1013, September.
  3. Hokkanen, Topi, 2023. "Externalities and market failures of cryptocurrencies," BoF Economics Review 4/2023, Bank of Finland.
  4. Aixing Li & Ke Gong & Jiashun Li & Li Zhang & Xueting Luo, 2025. "Is Monopolization Inevitable in Proof-of-Work Blockchains? Insights from Miner Scale Analysis," Computational Economics, Springer;Society for Computational Economics, vol. 66(3), pages 1825-1850, September.
  5. Shunya Noda & Kyohei Okumura & Yoshinori Hashimoto, 2026. "An Economic Analysis of Difficulty Adjustment Algorithms in Proof‐of‐Work Blockchain Systems," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(1), pages 259-285, February.
  6. Aysan, Ahmet Faruk & Caporin, Massimiliano & Cepni, Oguzhan, 2024. "Not all words are equal: Sentiment and jumps in the cryptocurrency market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
  7. Nikhil Malik & Manmohan Aseri & Param Vir Singh & Kannan Srinivasan, 2022. "Why Bitcoin Will Fail to Scale?," Management Science, INFORMS, vol. 68(10), pages 7323-7349, October.
  8. Charles Bertucci & Louis Bertucci & Jean-Michel Lasry & Pierre-Louis Lions, 2020. "Mean Field Game Approach to Bitcoin Mining," Papers 2004.08167, arXiv.org.
  9. Ferreira, Daniel & Li, Jin & Nikolowa, Radoslawa, 2023. "Corporate capture of blockchain governance," LSE Research Online Documents on Economics 115618, London School of Economics and Political Science, LSE Library.
  10. Guo, Li & Sang, Bo & Tu, Jun & Wang, Yu, 2024. "Cross-cryptocurrency return predictability," Journal of Economic Dynamics and Control, Elsevier, vol. 163(C).
  11. Lin William Cong & Xi Li & Ke Tang & Yang Yang, 2023. "Crypto Wash Trading," Management Science, INFORMS, vol. 69(11), pages 6427-6454, November.
  12. Dunbar, Kwamie & Owusu-Amoako, Johnson, 2022. "Cryptocurrency returns under empirical asset pricing," International Review of Financial Analysis, Elsevier, vol. 82(C).
  13. Zongxi Li & A. Max Reppen & Ronnie Sircar, 2019. "A Mean Field Games Model for Cryptocurrency Mining," Papers 1912.01952, arXiv.org, revised Jan 2022.
  14. Michael Sockin & Wei Xiong, 2021. "A Model of Cryptocurrencies," Working Papers 2021-67, Princeton University. Economics Department..
  15. A. Mantovi, 2021. "Bitcoin selection rule and foundational game theoretic representation of mining competition," Economics Department Working Papers 2021-EP02, Department of Economics, Parma University (Italy).
  16. Feng, Wenjun & Zhang, Zhengjun, 2023. "Currency exchange rate predictability: The new power of Bitcoin prices," Journal of International Money and Finance, Elsevier, vol. 132(C).
  17. Jung, Woosung & Park, Haerang, 2024. "Common factors in the returns on cryptocurrencies," Finance Research Letters, Elsevier, vol. 65(C).
  18. Jens Gudmundsson & Jens Leth Hougaard, 2020. "Enabling reciprocity through blockchain design," IFRO Working Paper 2020/14, University of Copenhagen, Department of Food and Resource Economics, revised 09 Feb 2021.
  19. Soria, Jorge & Moya, Jorge & Mohazab, Amin, 2023. "Optimal mining in proof-of-work blockchain protocols," Finance Research Letters, Elsevier, vol. 53(C).
  20. Sun, Xiaotong & Stasinakis, Charalampos & Sermpinis, Georgios, 2024. "Decentralization illusion in Decentralized Finance: Evidence from tokenized voting in MakerDAO polls," Journal of Financial Stability, Elsevier, vol. 73(C).
  21. Don M. Autore & Nicholas Clarke & Danling Jiang, 2021. "Blockchain speculation or value creation? Evidence from corporate investments," Financial Management, Financial Management Association International, vol. 50(3), pages 727-746, September.
  22. Zhen Liu & Tzuhui Wu & Fenghong Wang & Mohamed Osmani & Peter Demian, 2022. "Blockchain Enhanced Construction Waste Information Management: A Conceptual Framework," Sustainability, MDPI, vol. 14(19), pages 1-35, September.
  23. Daniele Bianchi & Mykola Babiak, 2021. "A Factor Model for Cryptocurrency Returns," CERGE-EI Working Papers wp710, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  24. Wenpin Tang, 2022. "Stability of shares in the Proof of Stake Protocol -- Concentration and Phase Transitions," Papers 2206.02227, arXiv.org.
  25. Crépellière, Tommy & Pelster, Matthias & Zeisberger, Stefan, 2023. "Arbitrage in the market for cryptocurrencies," Journal of Financial Markets, Elsevier, vol. 64(C).
  26. Vasilios Plakandaras & Elie Bouri & Rangan Gupta, 2019. "Forecasting Bitcoin Returns: Is there a Role for the U.S. – China Trade War?," Working Papers 201980, University of Pretoria, Department of Economics.
  27. Can, Burak & Leth Hougaard, Jens & Pourpouneh, Mohsen, 2022. "On reward sharing in blockchain mining pools," Games and Economic Behavior, Elsevier, vol. 136(C), pages 274-298.
  28. Hinzen, Franz J. & John, Kose & Saleh, Fahad, 2022. "Bitcoin’s limited adoption problem," Journal of Financial Economics, Elsevier, vol. 144(2), pages 347-369.
  29. José Parra-Moyano & Gregor Reich & Karl Schmedders, 2024. "A Note on the Non-proportionality of Winning Probabilities in Bitcoin," Computational Economics, Springer;Society for Computational Economics, vol. 64(3), pages 1697-1714, September.
  30. Matteo Benetton & Giovanni Compiani, 2024. "Investors’ Beliefs and Cryptocurrency Prices," The Review of Asset Pricing Studies, Society for Financial Studies, vol. 14(2), pages 197-236.
  31. Li Guo & Wolfgang Karl Härdle & Yubo Tao, 2024. "A Time-Varying Network for Cryptocurrencies," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 42(2), pages 437-456, April.
  32. Pourpourides, Panayiotis, 2023. "Long-Term Nexus of Macroeconomic and Financial Fundamentals with Cryptocurrencies," Cardiff Economics Working Papers E2023/23, Cardiff University, Cardiff Business School, Economics Section.
  33. Li, Dengjia & Ma, Chaoqun & Li, Hao & Yang, Jinglan, 2024. "The adoption of blockchain and financing constraints: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 96(PB).
  34. Tomas Pečiulis & Nisar Ahmad & Angeliki N. Menegaki & Aqsa Bibi, 2024. "Forecasting of cryptocurrencies: Mapping trends, influential sources, and research themes," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 43(6), pages 1880-1901, September.
  35. Nicola Borri, 2025. "Corporate Finance in the Age of Fintech: Scenarios and Challenges," Papers 2503.18675, arXiv.org.
  36. Zhang, Zehua & Zhao, Ran, 2023. "Good volatility, bad volatility, and the cross section of cryptocurrency returns," International Review of Financial Analysis, Elsevier, vol. 89(C).
  37. Lin William Cong & Xiang Hui & Catherine Tucker & Luofeng Zhou, 2023. "Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence," Management Science, INFORMS, vol. 69(12), pages 7306-7316, December.
  38. Stefan Scharnowski & Yanghua Shi, 2026. "Bitcoin Blackout: Proof-of-Work and the Risks of Mining Centralization," Working Papers EMS_2026_08, Research Institute, International University of Japan.
  39. Thaneshwar Bhusal & Keshav Kumar Acharya, 2024. "Five years of local democracy in federal Nepal (2017–2022)," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 11(2), May.
  40. Gryglewicz, Sebastian & Mayer, Simon & Morellec, Erwan, 2021. "Optimal financing with tokens," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1038-1067.
  41. Arash Aloosh & Jiasun Li, 2024. "Direct Evidence of Bitcoin Wash Trading," Management Science, INFORMS, vol. 70(12), pages 8875-8921, December.
  42. Fang, Yang & Chen, Cathy Yi-Hsuan & Jiang, Chunxia, 2025. "A flight-to-safety from Bitcoin to stock markets: Evidence from cyber attacks," International Review of Financial Analysis, Elsevier, vol. 103(C).
  43. Alon Benhaim & Brett Hemenway Falk & Gerry Tsoukalas, 2021. "Scaling Blockchains: Can Committee-Based Consensus Help?," Papers 2110.08673, arXiv.org, revised Dec 2022.
  44. Yang, Jen-Wei & Chiu, Shih-Yung & Yen, Kuang-Chieh, 2023. "Does the realized distribution-based measure dominate particular moments? Evidence from cryptocurrency markets," Finance Research Letters, Elsevier, vol. 51(C).
  45. Liu, Weiyi & Zhao, Xiaojuan & Li, Wenjia & Wang, Ye, 2025. "The effect of the cryptocurrency halving event," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
  46. Chun-Li Tsai & Mu-Yen Chen & Tsung-Yi Tsai & Jen-Wei Hu & Yi-Wei Lai, 2026. "Using Signal Decomposition Methods and Deep Learning Approaches to Forecast Bitcoin Price," Computational Economics, Springer;Society for Computational Economics, vol. 67(2), pages 1009-1041, February.
  47. Soumya Basu & David Easley & Maureen O’Hara & Emin Gün Sirer, 2023. "StableFees: A Predictable Fee Market for Cryptocurrencies," Management Science, INFORMS, vol. 69(11), pages 6508-6524, November.
  48. Jia, Yuecheng & Simkins, Betty & Yan, Shu & Zhang, Hongyu & Zhao, Jiangyu, 2026. "Psychological anchoring effect and cross section of cryptocurrency returns," Journal of Banking & Finance, Elsevier, vol. 182(C).
  49. Makarov, Igor & Schoar, Antoinette, 2020. "Trading and arbitrage in cryptocurrency markets," LSE Research Online Documents on Economics 100409, London School of Economics and Political Science, LSE Library.
  50. Podhorsky, Andrea, 2023. "Taxing bitcoin: Incentivizing the difficulty adjustment mechanism to reduce electricity usage," International Review of Financial Analysis, Elsevier, vol. 86(C).
  51. Yuxuan Lu & Qian Qi & Xi Chen, 2023. "A Framework of Transaction Packaging in High-throughput Blockchains," Papers 2301.10944, arXiv.org.
  52. Nick Arnosti & S. Matthew Weinberg, 2022. "Bitcoin: A Natural Oligopoly," Management Science, INFORMS, vol. 68(7), pages 4755-4771, July.
  53. Jonathan Chiu & Thorsten V. Koeppl, 2022. "The economics of cryptocurrency: Bitcoin and beyond," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(4), pages 1762-1798, November.
  54. Assamoi, Vincent K. & Ekponon, Adelphe & Guo, Zihan, 2025. "Are cryptocurrencies priced in the cross-section? A portfolio approach," Finance Research Letters, Elsevier, vol. 71(C).
  55. Ms. Natasha X Che & Alexander Copestake & Davide Furceri & Tammaro Terracciano, 2023. "The Crypto Cycle and US Monetary Policy," IMF Working Papers 2023/163, International Monetary Fund.
  56. Johnson, William C., 2025. "Valuing cryptocurrencies: A model of price and hashrate," Finance Research Letters, Elsevier, vol. 86(PA).
  57. Lee, Geul & Ryu, Doojin, 2025. "Fear of missing out and cryptocurrency miners: Evidence from Dogecoin and Litecoin," Journal of Behavioral and Experimental Finance, Elsevier, vol. 46(C).
  58. John M. Griffin & Amin Shams, 2020. "Is Bitcoin Really Untethered?," Journal of Finance, American Finance Association, vol. 75(4), pages 1913-1964, August.
  59. Auer, Raphael & Monnet, Cyril & Shin, Hyun Song, 2025. "Distributed ledgers and the governance of money," Journal of Financial Economics, Elsevier, vol. 167(C).
  60. Li, Xiao & Wu, Ruoxi & Wang, Chen, 2024. "Impacts of bitcoin on monetary system: Is China's bitcoin ban necessary?," Research in International Business and Finance, Elsevier, vol. 69(C).
  61. Li, Zhicheng & Li, Jialong & Zhou, Ke, 2023. "Bitcoin transaction fees and the decentralization of Bitcoin mining pools," Finance Research Letters, Elsevier, vol. 58(PB).
  62. Fernando E. Alvarez & David Argente & Diana Van Patten, 2022. "Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador," NBER Working Papers 29968, National Bureau of Economic Research, Inc.
  63. Borri, Nicola & Shakhnov, Kirill, 2023. "Cryptomarket discounts," Journal of International Money and Finance, Elsevier, vol. 139(C).
  64. Michael Brolley & Marius Zoican, 2019. "Liquid Speed: On-Demand Fast Trading at Distributed Exchanges," Papers 1907.10720, arXiv.org.
  65. Shao, Enchuan & Rajapaksa, Danusha, 2024. "Miner competition and transaction fees," Journal of Economic Behavior & Organization, Elsevier, vol. 227(C).
  66. Jiahao He & Guangyuan Zhang & Jiheng Zhang & Rachel Q. Zhang, 2023. "Blockchain Operations in the Presence of Security Concerns," Manufacturing & Service Operations Management, INFORMS, vol. 25(3), pages 1117-1135, May.
  67. Kim, Daehan & Ryu, Doojin & Webb, Robert I., 2023. "Determination of equilibrium transaction fees in the Bitcoin network: A rank-order contest," International Review of Financial Analysis, Elsevier, vol. 86(C).
  68. Zongxi Li & A. Max Reppen & Ronnie Sircar, 2024. "A Mean Field Games Model for Cryptocurrency Mining," Management Science, INFORMS, vol. 70(4), pages 2188-2208, April.
  69. Roman Kräussl & Alessandro Tugnetti, 2024. "Non‐Fungible Tokens (NFTs): A Review of Pricing Determinants, Applications and Opportunities," Journal of Economic Surveys, Wiley Blackwell, vol. 38(2), pages 555-574, April.
  70. Agostino Capponi & Sveinn Ólafsson & Humoud Alsabah, 2023. "Proof-of-Work Cryptocurrencies: Does Mining Technology Undermine Decentralization?," Management Science, INFORMS, vol. 69(11), pages 6455-6481, November.
  71. Augustin, Patrick & Rubtsov, Alexey & Shin, Donghwa, 2022. "The impact of derivatives on spot markets: Evidence from the introduction of bitcoin futures contracts," LawFin Working Paper Series 41, Goethe University, Center for Advanced Studies on the Foundations of Law and Finance (LawFin).
  72. Xiang, Lijin & Feng, Chao & Xiao, Zumian & Liu, Jianjian, 2024. "The impact of central bank digital currency on macroeconomic dynamics: A DSGE analysis," Economic Modelling, Elsevier, vol. 141(C).
  73. Nicolás Magner & Nicolás Hardy, 2022. "Cryptocurrency Forecasting: More Evidence of the Meese-Rogoff Puzzle," Mathematics, MDPI, vol. 10(13), pages 1-27, July.
  74. Jiri Chod & Nikolaos Trichakis & Gerry Tsoukalas & Henry Aspegren & Mark Weber, 2020. "On the Financing Benefits of Supply Chain Transparency and Blockchain Adoption," Management Science, INFORMS, vol. 66(10), pages 4378-4396, October.
  75. Tom Celig & Tim Alvaro Ockenga & Detlef Schoder, 2025. "Distributional equality in Ethereum? On-chain analysis of Ether supply distribution and supply dynamics," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-15, December.
  76. Griffin Msefula & Tony Chieh-Tse Hou & Tina Lemesi, 2024. "Financial and market risks of bitcoin adoption as legal tender: evidence from El Salvador," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.
  77. Mei Luo & Shuangchen Yu, 2024. "Financial reporting for cryptocurrency," Review of Accounting Studies, Springer, vol. 29(2), pages 1707-1740, June.
  78. Wenpin Tang, 2023. "Trading and wealth evolution in the Proof of Stake protocol," Papers 2308.01803, arXiv.org, revised Aug 2023.
  79. Zhang, Zhiming & Ren, Da & Lan, Yanfei & Yang, Shanxue, 2022. "Price competition and blockchain adoption in retailing markets," European Journal of Operational Research, Elsevier, vol. 300(2), pages 647-660.
  80. Bui, Mai & Pham, Huy & Nguyen Thanh, Binh & Tiwari, Aviral Kumar, 2024. "Revisiting the determinants of cryptocurrency excess return: Does scarcity matter?," International Review of Economics & Finance, Elsevier, vol. 96(PC).
  81. Jin, Minyue & Zhang, Xinxin & Yue, Xiaohang & Zuo, Qianzhou & Nie, Jiajia, 2025. "Consensus mechanism selection in Web 3.0 blockchain platforms: Proof of Work vs. Proof of Stake," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 200(C).
  82. Matteo Benetton & Giovanni Compiani, 2020. "Investors’ Beliefs and Asset Prices: A Structural Model of Cryptocurrency Demand," Working Papers 2020-107, Becker Friedman Institute for Research In Economics.
  83. Nishant Sapra & Imlak Shaikh & Ashutosh Dash, 2023. "Impact of Proof of Work (PoW)-Based Blockchain Applications on the Environment: A Systematic Review and Research Agenda," JRFM, MDPI, vol. 16(4), pages 1-29, March.
  84. Irresberger, Felix & Yang, Ruomei, 2023. "Coin concentration of Proof-of-Stake blockchains," Economics Letters, Elsevier, vol. 229(C).
  85. Lan, Tian & Frömmel, Michael, 2025. "Risk factors in cryptocurrency pricing," International Review of Financial Analysis, Elsevier, vol. 105(C).
  86. Michael Sockin & Wei Xiong, 2023. "Decentralization through Tokenization," Journal of Finance, American Finance Association, vol. 78(1), pages 247-299, February.
  87. Jia, Yuecheng & Wu, Yangru & Yan, Shu & Liu, Yuzheng, 2023. "A seesaw effect in the cryptocurrency market: Understanding the return cross predictability of cryptocurrencies," Journal of Empirical Finance, Elsevier, vol. 74(C).
  88. Choi, Hyung-Eun, 2025. "Transition to proof-of-stake and informed trading," Finance Research Letters, Elsevier, vol. 72(C).
  89. Yutian Wang & Luyao Zhang, 2026. "Sustainability by Design in Decentralized Autonomous Organizations: An Empirical Review of Governance, Innovation, and Institutional Design," Papers 2606.05667, arXiv.org.
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