Nber Working Paper Series Decentralized Mining In
NBER WORKING PAPER SERIES DECENTRALIZED MINING IN CENTRALIZED POOLS Lin William Cong Zhiguo He Jiasun Li Working Paper 25592 http://www.nber.org/papers/w25592 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2019, Revised January 2019 We thank Foteini Baldimtsi, Joseph Bonneau, Matthieu Bouvard, Bhagwan Chowdhry, Douglas Diamond, Hanna Halaburda, Wei Jiang, Evgeny Lyandres, Ye Li, Richard Lowery, Maureen O'Hara, George Panayotov, Fahad Saleh, Katrin Tinn, Liyan Yang, David Yermack, and Xin Panayotov, Fahad Wang for helpful discussions, as well as Tianshu Lyu, Zhenping Wang, Xiao Yin, and Xiao Zhang for excellent research assistance. We also thank seminar audiences at Ant Financial, Chicago Booth, CKGSB, Cleveland Fed, Columbia GSB, Cornell, CUNY Baruch, Duke, George Mason, HKU, University of Houston, University of Maryland, Michigan University, NYU, Tsinghua PBC, Princeton, Rice University, Stanford, UNC (Microeconomic Theory), Yale, as well as conference participants at Asian Development Bank Conference on FinTech, Becker Friedman Institute Conference on Cryptocurrencies and Blockchains, CEPR Gerzensee ESSFM Workshop, CIFFP, Credit and the Future of Banking Conference (Rigi Kaltbad), DataYes & ACM KDD China FinTech AI Workshop, Econometric Society NA Meeting, Georgia State FinTech Conference, Harvard CMSA Blockchain Conference, ISB Summer Conference, Midwest Finance Association Meeting, Northern Finance Association Meeting, SAIF Summer Institute, Simons Institute for the Theory of Computing
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