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Analysis of institutional authors

Moya, JorgeAuthor

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May 30, 2025
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Optimal mining in proof-of-work blockchain protocols

Publicated to:Finance Research Letters. 53 103610- - 2023-03-14 53(), DOI: 10.1016/j.frl.2022.103610

Authors: Soria, Jorge; Moya, Jorge; Mohazab, Amin

Affiliations

Aalto Univ, Helsinki Grad Sch Econ, Dept Econ, Ekonominaukio 1, Espoo 02150, Uusimaa, Finland - Author
Univ Autonoma Madrid, Dept Econ Theory, Francisco Tomas y Valiente 5, Madrid 28049, Spain - Author
Univ Autonoma Madrid, EDEM Escuela Empresarios, Dept Econ Anal, Francisco Tomas y Valiente 5, Madrid 28049, Spain - Author
Univ Helsinki, Helsinki Grad Sch Econ, Dept Econ, Arkadiankatu 7, Helsinki 00100, Uusimaa, Finland - Author

Abstract

This paper examines the economic mechanism of cryptocurrency mining. By presenting a profit function, a maximization equilibrium is obtained. The model provides a formal approach to the demand for hashing power as a function of revenues, mining costs and the number of miners. We consider how the equilibrium is affected by passive miners. We use these results to introduce a formulation of the price elasticity of the demand for hashing power with respect to the cost of energy. The model is simulated using Reinforcement Learning algorithms that arrive to similar equilibrium results. The article concludes with implications of the model for policymaking.

Keywords

HashrateMachine learningMachine learning elasticityMiningProof-of-wor

Quality index

Bibliometric impact. Analysis of the contribution and dissemination channel

The work has been published in the journal Finance Research Letters due to its progression and the good impact it has achieved in recent years, according to the agency WoS (JCR), it has become a reference in its field. In the year of publication of the work, 2023, it was in position 7/233, thus managing to position itself as a Q1 (Primer Cuartil), in the category Business, Finance. Notably, the journal is positioned above the 90th percentile.

From a relative perspective, and based on the normalized impact indicator calculated from World Citations provided by WoS (ESI, Clarivate), it yields a value for the citation normalization relative to the expected citation rate of: 1.17. This indicates that, compared to works in the same discipline and in the same year of publication, it ranks as a work cited above average. (source consulted: ESI Nov 14, 2024)

This information is reinforced by other indicators of the same type, which, although dynamic over time and dependent on the set of average global citations at the time of their calculation, consistently position the work at some point among the top 50% most cited in its field:

  • Field Citation Ratio (FCR) from Dimensions: 10.86 (source consulted: Dimensions Jul 2025)

Specifically, and according to different indexing agencies, this work has accumulated citations as of 2025-07-05, the following number of citations:

  • WoS: 5
  • Open Alex: 9

Impact and social visibility

From the perspective of influence or social adoption, and based on metrics associated with mentions and interactions provided by agencies specializing in calculating the so-called "Alternative or Social Metrics," we can highlight as of 2025-07-05:

  • The use, from an academic perspective evidenced by the Altmetric agency indicator referring to aggregations made by the personal bibliographic manager Mendeley, gives us a total of: 33.
  • The use of this contribution in bookmarks, code forks, additions to favorite lists for recurrent reading, as well as general views, indicates that someone is using the publication as a basis for their current work. This may be a notable indicator of future more formal and academic citations. This claim is supported by the result of the "Capture" indicator, which yields a total of: 38 (PlumX).

With a more dissemination-oriented intent and targeting more general audiences, we can observe other more global scores such as:

  • The Total Score from Altmetric: 2.85.
  • The number of mentions on the social network X (formerly Twitter): 3 (Altmetric).

Leadership analysis of institutional authors

This work has been carried out with international collaboration, specifically with researchers from: Finland.