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 We thank Foteini Baldimtsi, Joseph Bonneau, Matthieu Bouvard, Bhagwan Chowdhry, Douglas Diamond, Wei Jiang, Evgeny Lyandres, Ye Li, Richard Lowery, Maureen O'Hara, George Panayotov, Fahad Saleh, Katrin Tinn, Liyan Yang, David Yermack, and Xin Wang for helpful discussions; Zhenping Wang, Xiao Yin, and Xiao Zhang provided excellent research assistance. We also thank seminar audiences at Ant Financial, Chicago, Cleveland Fed, Columbia, Cornell, CUNY Baruch, Duke, George Mason, Houston, Maryland, Michigan, NYU, Tsinghua PBC, Princeton, Rice, Stanford, 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$\times$AI Workshop, ASSA Econometric Society Meeting, Harvard CMSA Blockchain Conference, Georgia State FinTech Conference, ISB Summer Conference, SAIF Summer Institute, NFA, and SFS Cavalcade Asia- Pacific for helpful comments and discussions. We are grateful for funding from the Center of Initiative on Global Markets, the Stigler Center, and the Center for Research in Security Prices at the University of Chicago Booth School of Business, and from the Multidisciplinary Research (MDR) Initiative in Modeling, Simulation and Data Analytics at George Mason. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes.
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