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Rest API for Bitcoin Network Querying
Žigo, Tomáš ; Veselý, Vladimír (referee) ; Pluskal, Jan (advisor)
This bachelor's thesis solves issues of Bitcoin network transformed data processing. The main aim of this thesis is to describe the details of Bitcoin network cryptocurrency principles and subsequently create an application which is able to process and allow access to historical data as well as actual data in the network. The solution was focused on fast synchronization and the ability to respond to requests in the shortest possible time. The problem was implemented using the NoSQL database system Cassandra with database import strategy where some data fields are updated only on request. Created solution is mostly able to compete with currently available tools.
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Exploring the relationship between Bitcoin price and the network's hashrate
Kubal, Jan ; Krištoufek, Ladislav (advisor) ; Šíla, Jan (referee)
The goal of the thesis is to identify factors that drive the price of Bitcoin and the hashrate of the Bitcoin network, which represents the total computing power dedicated to Bitcoin mining, and to explore the relationship between these two variables. In the Bitcoin system, four variables were assumed to be endogenous, thus for each of them, an equation was constructed. This was the case of the Bitcoin price, the hashrate of the Bitcoin network, the total transaction fees paid, and the search volume for the term "bitcoin". The system of four equations was then simultaneously estimated, utilizing the method of Two-stage least squares. Results revealed several statistically significant explanatory variables of the price and the hashrate, including the money supply of the United States dollar or the number of unique active addresses on the Bitcoin network. The hashrate was shown to drive the price positively, however, the estimated effect of the price on the hashrate was statistically insignificant. It was argued that it might have been caused by exogenous shocks affecting multiple variables, that could not be accounted for in the data. In addition, the factors affecting the hashrate were assessed from the environmental point of view, as the high environmental impact is one of the main points in the criticism...
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Dynamics of Bitcoin mining profitability and its break-even electricity costs
Pěnkavová, Markéta ; Krištoufek, Ladislav (advisor) ; Hronec, Martin (referee)
The aim of this thesis is to investigate the Bitcoin mining profitability throughout the years 2014 to 2020 with the focus on the year 2020. The analysis is based on the break-even electricity price estimates which are obtained by using a set of variables entering the Bitcoin mining process such as the block reward, transaction fees, network hash rate or power consumption. The calculations are performed under the assumption that miner owns the most efficient mining hardware available at the time while disregarding the original investments in the necessary hardware. To further examine the relationship between the estimated break-even electricity price and the Bitcoin market price the cointegration analysis is performed employing a vector error correction model as the series seem to be nonstationary. The final results illustrate the substantial effect the Bitcoin market price has on the break-even electricity price estimates to the extent that there is rather long-term reaction in the break-even electricity price values to the shocks in the Bitcoin market price. The findings from the research offer insights to the Bitcoin mining process suggesting that an access to extremely low electricity prices is needed to earn any profits from the Bitcoin mining activity in 2020.
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Rest API for Bitcoin Network Querying
Žigo, Tomáš ; Veselý, Vladimír (referee) ; Pluskal, Jan (advisor)
This bachelor's thesis solves issues of Bitcoin network transformed data processing. The main aim of this thesis is to describe the details of Bitcoin network cryptocurrency principles and subsequently create an application which is able to process and allow access to historical data as well as actual data in the network. The solution was focused on fast synchronization and the ability to respond to requests in the shortest possible time. The problem was implemented using the NoSQL database system Cassandra with database import strategy where some data fields are updated only on request. Created solution is mostly able to compete with currently available tools.
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