Teburin Abubuwan Ciki
1. Gabatarwa
Wannan binciken yana magance wata muhimmiyar gibi a cikin tattalin arzikin kripto-kudin ta hanyar nazarin alaƙar dalili tsakanin farashin bitcoin da kudaden hakar ma'adinai. Yayin da yawancin bincike suka mayar da hankali kan hasashen farashin bitcoin, kaɗan ne suka yi nazari bisa tsari kan dalilin da yasa kudaden hakar ma'adinai ke bin sauye-sauyen farashi maimakon su ƙayyade su.
Sauyin Farashi
Bitcoin ta sami haɓakar kashi 800% a cikin 2017 sannan ta faɗi kashi 80% a cikin 2018
Gibin Bincike
Ƙananan bincike kan dalilin kudin hakar ma'adinai da farashi duk da yawan binciken hasashen farashi
2. Bita na Adabi
2.1 Abubuwan Tattalin Arziki da Farashin Bitcoin
Samfuran tattalin arziki na gargajiya kamar Ka'idar Yawan Kuɗi (QTM) da Daidaiton Ƙarfin Saye (PPP) sun tabbatar da rashin isasshe don binciken bitcoin. Kamar yadda Baur et al. (2018) suka lura, bitcoin ba ta da yaduwar amfani a matsayin ma'auni ko hanyar musayar kuɗi, wanda ke iyakance aikace-aikacen ka'idar kuɗi ta gargajiya.
2.2 Ka'idojin Kudin Hakar Ma'adinai
Sanannen ra'ayi cewa kudaden hakar ma'adinai suna ba da ƙa'idar farashi an ƙalubalance shi ta hanyar binciken tattalin arziki. Kristofek (2020) da Fantazzini & Kolodin (2020) sun nuna cewa kudaden hakar ma'adinai suna bin sauye-sauyen farashi maimakon gabatar da su, kodayake ainihin hanyoyin tattalin arziki ba a bayyana su ba.
3. Hanyar Bincike
3.1 Tsarin Tattalin Arziki
Muna amfani da samfurin tattalin arziki mai yawan abubuwa wanda ya haɗa da daidaitawar wahalar hakar ma'adinai, kudaden makamashi, da yanayin kasuwa. Tsarin ya ginu akan samfurin farashin samarwa na Hayes (2019) amma ya ƙara shi da hanyoyin daidaitawa masu ƙarfi.
3.2 Binciken Dalili
Ta amfani da gwaje-gwajen dalilin Granger da samfuran vector autoregression (VAR), muna nazarin alaƙar lokaci tsakanin farashin bitcoin da kudaden hakar ma'adinai a cikin zagayowar kasuwa da yawa daga 2017-2022.
4. Sakamako
4.1 Dangantakar Farashi da Kudin Hakar Ma'adinai
Bincikenmu ya tabbatar da cewa sauye-sauyen farashin bitcoin suna haifar da sauye-sauyen kudin hakar ma'adinai tare da mahimmancin ƙididdiga (p < 0.01), yayin da juzu'in alaƙar bai nuna wata muhimmiyar alaƙa ba.
4.2 Shaidar Ƙididdiga
Binciken ya gano jinkiri na makonni 2-3 tsakanin manyan sauye-sauyen farashi da daidaitawar kudaden hakar ma'adinai da suka dace, daidai da lokacin daidaitawar wahala na cibiyar sadarwar bitcoin.
Muhimman Fahimta
- Kudaden hakar ma'adinai suna daidaitawa da sauye-sauyen farashi, ba akasin haka ba
- Hanyar daidaitawar wahala ta haifar da jinkiri na asali
- Yanayin kasuwa yana haifar da saurin canjin farashi na ɗan lokaci
- Ka'idojin farashin samarwa suna buƙatar bita mai mahimmanci
5. Bincike na Fasaha
5.1 Samfuran Lissafi
Ana iya wakiltar aikin kudin hakar ma'adinai kamar haka:
$C_t = \frac{E_t \cdot P_{e,t} \cdot D_t}{H_t \cdot R_t}$
Inda $C_t$ shine kudin hakar ma'adinai a lokacin t, $E_t$ shine amfani da makamashi, $P_{e,t}$ shine farashin wutar lantarki, $D_t$ shine wahalar hakar ma'adinai, $H_t$ shine ƙimar hash, kuma $R_t$ shine ladan toshe.
5.2 Tsarin Bincike
Nazarin Shari'a: Kasuwar Bijimin Bitcoin ta 2021
A lokacin Maris 2020-Maris 2021 lokacin da farashin bitcoin ya karu sau 11, kudaden hakar ma'adinai da farko sun kasance a baya, kawai sun kama bayan kusan lokutan daidaitawar wahala 3 (makonni 6). Wannan tsari yana nuna yanayin amsawar kudaden hakar ma'adinai ga siginonin farashi.
6. Aikace-aikace na Gaba
Burbushin suna da muhimman tasiri ga samfuran ƙimar kripto-kudin, yanke shawarar saka hannun jari na hakar ma'adinai, da tsarin tsari. Bincike na gaba yakamai ya bincika:
- Samfuran hasashen kudin hakar ma'adinai na ainihi-lokaci
- Haɓaka ingantaccen amfani da makamashi a cikin ayyukan hakar ma'adinai
- Haɗa abubuwan ESG cikin binciken kudin hakar ma'adinai
- Nazarin kwatancen sarkar na tattalin arzikin tabbatar da aiki
Binciken Kwararre: Muhimman Fahimta da Tasirin Kasuwa
Babban Fahimta: Babban kuskure a cikin kasuwannin kripto-kudin shine ɗaukar kudaden hakar ma'adinai a matsayin mai ƙayyade farashi maimakon sakamako. Bincikenmu ya nuna cewa ƙimar bitcoin ta samo asali ne daga tasirin cibiyar sadarwa da buƙatun hasashe, tare da kudaden hakar ma'adinai suna taka rawar gani, mai daidaitawa. Wannan yana ƙalubalantar samfuran farashin kayayyaki na gargajiya kuma ya yi daidai da tattalin arzikin kayan cibiyar sadarwa, kama da dandamali kamar Facebook ko Uber inda ƙimar ke daidaitawa tare da amfani da mai amfani maimakon farashin samarwa.
Kwararren Motsi: Sarkar dalili tana aiki ta hanyar bayyananniyar hanya: hawan farashi yana ƙara ribar hakar ma'adinai, yana jawo sabbin masu hakar ma'adinai waɗanda ke haɓaka ƙimar hash da wahalar cibiyar sadarwa, wanda daga baya yana haɓaka kudaden hakar ma'adinai. Wannan yana haifar da zagayowar ƙarfafawa inda haɓakar farashi ke tabbatarwa maimakon haifar da sauye-sauyen farashi. Jinkirin makonni 2-3 ya yi daidai da algorithm ɗin daidaitawar wahala na bitcoin, yana haifar da tsarin lokaci mai iya hasashe wanda ƙwararrun masu saka hannun jari zasu iya amfani da shi.
Ƙarfi & Aibobi: Babban ƙarfin binciken shine rushe kuskuren farashin samarwa wanda ya ɓatar da masu saka hannun jari da masu hakar ma'adinai da yawa. Duk da haka, bai jaddada rawar amincewa da ci gaban tsari ba, waɗanda suka zama mahimman masu haifar da farashi bayan 2020. Idan aka kwatanta da kadarorin kuɗi na gargajiya, gano farashin bitcoin ya kasance na farko, ba shi da ƙwararrun abubuwan da ake samu da hanyoyin ciniki waɗanda ke daidaita kasuwanni na al'ada.
Fahimta Mai Aiki: Masu saka hannun jari yakamata su saka idanu kan ƙimar hash da daidaitawar wahala a matsayin alamun ja da baya maimakon na gaba. Ayyukan hakar ma'adinai dole ne su ba da fifikon sassauƙan aiki da sarrafa farashin makamashi don tsira daga zagayowar sauyi. Masu tsari yakamata su mai da hankali kan inganta tsarin kasuwa maimakon ƙoƙarin yin tasiri ga farashi ta hanyar dokokin hakar ma'adinai. Burbushin sun nuna cewa canjin bitcoin daga kayan hasashe zuwa kayan ajiyar ƙima mai ƙarfi yana buƙatar zurfin ruwa da ƙwararrun kayan aikin sarrafa haɗari, kama da waɗanda aka ƙera don kasuwannin zinariya tsawon ƙarnuka.
7. Nassoshi
Hayes, A. (2019). Farashin Bitcoin da farashin samarwarsa. Applied Economics Letters, 26(14), 1137-1141.
Kristofek, M. (2020). Hakar Bitcoin da kudinta. Journal of Digital Banking, 4(4), 342-351.
Fantazzini, D., & Kolodin, N. (2020). Shin hashrate yana shafar farashin bitcoin? Journal of Risk and Financial Management, 13(11), 263.
Baur, D. G., Hong, K., & Lee, A. D. (2018). Bitcoin: Hanyar musayar kuɗi ko kadarorin hasashe? Journal of International Financial Markets, 54, 177-189.
Meynkhard, A. (2019). Ƙimar kasuwa mai adalci na bitcoin: tasirin rabawa. Investment Management and Financial Innovations, 16(4), 72-85.