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International audience ; We analyzed 23 mining pools and explore the mobility of miners throughout Bitcoin's history. Mining pools have emerged as major players to ensure that the Bitcoin system stays secure, valid, and stable. Many questions remain open regarding how mining pools have evolved throughout Bitcoin's history and when and why miners join or leave the pools. We investigated the reward payout flow of mining pools and characterized them based on payout irregularity and structural complexity. Based on our proposed algorithm, we identified miners and studied their mobility in the pools over time. Our analysis shows that Bitcoin mining is an industry that is sensitive to external events (e.g., market price and government policy). Over time, competition between pools involving reward schemes and pool fees motivated miners to migrate between pools (i.e., pool hopping and cross pooling). These factors converged toward optimal scheme and values, which made mining activities more stable.

International audience ; We analyzed 23 mining pools and explore the mobility of miners throughout Bitcoin's history. Mining pools have emerged as major players to ensure that the Bitcoin system stays secure, valid, and stable. Many questions remain open regarding how mining pools have evolved throughout Bitcoin's history and when and why miners join or leave the pools. We investigated the reward payout flow of mining pools and characterized them based on payout irregularity and structural complexity. Based on our proposed algorithm, we identified miners and studied their mobility in the pools over time. Our analysis shows that Bitcoin mining is an industry that is sensitive to external events (e.g., market price and government policy). Over time, competition between pools involving reward schemes and pool fees motivated miners to migrate between pools (i.e., pool hopping and cross pooling). These factors converged toward optimal scheme and values, which made mining activities more stable.

International audience ; We analyzed 23 mining pools and explore the mobility of miners throughout Bitcoin's history. Mining pools have emerged as major players to ensure that the Bitcoin system stays secure, valid, and stable. Many questions remain open regarding how mining pools have evolved throughout Bitcoin's history and when and why miners join or leave the pools. We investigated the reward payout flow of mining pools and characterized them based on payout irregularity and structural complexity. Based on our proposed algorithm, we identified miners and studied their mobility in the pools over time. Our analysis shows that Bitcoin mining is an industry that is sensitive to external events (e.g., market price and government policy). Over time, competition between pools involving reward schemes and pool fees motivated miners to migrate between pools (i.e., pool hopping and cross pooling). These factors converged toward optimal scheme and values, which made mining activities more stable.

International audience ; We analyzed 23 mining pools and explore the mobility of miners throughout Bitcoin's history. Mining pools have emerged as major players to ensure that the Bitcoin system stays secure, valid, and stable. Many questions remain open regarding how mining pools have evolved throughout Bitcoin's history and when and why miners join or leave the pools. We investigated the reward payout flow of mining pools and characterized them based on payout irregularity and structural complexity. Based on our proposed algorithm, we identified miners and studied their mobility in the pools over time. Our analysis shows that Bitcoin mining is an industry that is sensitive to external events (e.g., market price and government policy). Over time, competition between pools involving reward schemes and pool fees motivated miners to migrate between pools (i.e., pool hopping and cross pooling). These factors converged toward optimal scheme and values, which made mining activities more stable.

The aim of this thesis is to expose the new growing reality of the BTC. In turn, there is a detailed development of the legal nature and, more specifically, the tax regulation of this virtual currency. For a better understanding of the legal aspects that are planned on the BTC its necessary to expose a series of basic concepts: birth, operation, management, use in operations, distinction of the other figures, advantages and disadvantages. The nature of the BTC is set out by setting them in civil, financial and accounting regulations. BTC reserves are also fundamentally developed in Spanish tax 7 El bitcoin: posible tributación en España de una realidad disruptiva. Gracia Miguel, Ana legislation, differentiating between direct and indirect taxation. There are outlined aspects about tax control that in the future will end up being part of the Spanish legal system. ; El presente Trabajo Fin de Máster tiene por objeto exponer la nueva realidad creciente que es el BTC. A su vez, se plantea un desarrollo pormenorizado de la naturaleza jurídica y, más en concreto, de la regulación tributaria de esta moneda virtual. Para una mejor comprensión de los aspectos jurídicos que planean sobre el BTC es necesario exponer una serie de conceptos básicos: nacimiento, funcionamiento, gestión, utilización en operaciones, distinción de otras figuras, ventajas e inconvenientes. Se expone la naturaleza de los BTC encuadrándolos en la normativa civil, financiera y contable. También se desarrolla de manera primordial el encaje del BTC en la normativa tributaria española diferenciando imposición directa e indirecta. Quedan reseñados aspectos sobre el control tributario que en el futuro acabarán formando parte del ordenamiento jurídico español.

Il fenomeno consistente nella realizzazione di transazioni mediante l'utilizzo di valute virtuali rappresenti, ad oggi, una realtà in costante crescita, suscettibile di generare conseguenze certamente positive ma, al contempo, caratterizzata da una intrinseca "pericolosità" che, in assenza di una specifica regolamentazione, può essere sfruttata per il perseguimento di finalità illecite. Sebbene siano stati adottati alcuni accorgimenti, sia a livello europeo, sia a livello nazionale, grazie soprattutto al recepimento della IV Direttiva Antiriciclaggio, sarebbe quanto mai opportuno che, allo stato attuale, il legislatore provvedesse ad una sistemazione organica del fenomeno anche, e soprattutto, sotto il profilo fiscale. Difatti, sebbene risulti senz'altro pregevole l'attività interpretativa svolta dall'Amministrazione finanziaria in occasione delle numerose istanze di interpello che, negli ultimi anni, sono state sottoposte al sue esame, tuttavia si ritiene che le conclusioni da essa raggiunte, in merito ad alcuni particolari aspetti, peraltro di estrema rilevanza, non possano essere condivise. La (presunta) equiparazione, fortemente sostenuta dall'Amministrazione, fra criptovalute e valute estere, per la verità, sembra priva di reale fondamento. Sarebbe opportuno che fosse realizzato un intervento legislativo in tal senso, attraverso l'introduzione di una norma "di interpretazione autentica" al fine di fugare definitivamente tutte le incertezze che, allo stato attuale, continuano a caratterizzare il fenomeno.

De plus en plus d'individus et d'États utilisent les cryptomonnaies pour outrepasser les réseaux financiers préexistants et leurs restrictions. En cela, elles deviennent des enjeux géopolitiques de première importance, en redessinant les réseaux de pouvoir sur l'argent et certains rapports de force internationaux. Cet article propose, avec un focus sur Bitcoin, de définir les contours et la place qu'occupe dans l'espace cette infrastructure numérique multidimensionnelle. Cette démarche permet alors de mieux cerner différents enjeux au sein de Bitcoin et de certains espaces, et d'analyser les dynamiques internes à Bitcoin. Ensuite, l'article présente certaines données numériques et leurs limites, qui peuvent venir compléter cette approche. Elles permettent de visualiser certains phénomènes, notamment de concentration (de richesse, de pouvoir) au sein d'une infrastructure pourtant originellement conçue autour du concept de décentralisation.

Bitcoin is the first decentralised, peer-to-peer network that allows for the proof and transfer of ownership of virtual currencies without the need for a trusted third party. It has created a platform for tremendous financial innovation, but at the same time the role of traditional regulatable financial intermediaries is bypassed. The purpose of this article is to address the important policy question of how we can capture Bitcoin's potential benefits for the economy while addressing new regulatory challenges. To do so, we first conceptualise the Bitcoin ecosystem through the layered model of internet architecture. Second, we apply the layers principle of internet governance to identify control points and guidelines for regulation that respect the integrity of the layers. Third, we conclude with the need for governments to adopt an adaptive and novel regulatory approach to ensure that society can benefit from Bitcoin's revolutionary potential. This work forms a baseline for further understanding of the governance of Bitcoin and the various actors within the ecosystem based on the layers principle of internet architecture.

PurposeTo show that when volume of trades is taken into consideration, Bitcoin does not seem as volatile as it claimed. Further, to study the relationship between Bitcoin trading volume, volatility and returns, and the asymmetry in response to economic information for the period from July 2010 to November 2017.Design/methodology/approachComparison of Bitcoin price volatility with that of six currencies and gold. We repeat the analysis using returns divided by volume. We examine the relationship between volume, returns and volatility, and the asymmetry of the reaction of the volatility to economic news using asymmetric models (EGARCH) run for four meaningful distinct time periods/subsamples.FindingsPositive and significant relationship between (1) volume and volatility after 2013 (year Bitcoin became popular) and (2) volume and returns before the Mt. Gox hack. During the euphoric period, starting at the beginning of 2013 until the Mt. Gox hack, unexpected increases in Bitcoin returns increased Bitcoin volatility more than unexpected, equally sized decreases (asymmetry).Originality/valueWe take into consideration the volume of trades to show that Bitcoin volatility seems high because of the low volume of trades. We study an extended time period, not covered by other studies. We divide our sample into four meaningful time periods based on important events in Bitcoin market history. This is important for a new market such as the Bitcoin market; the relationships under study are very important in markets where participants rely on technical analysis in the absence of reliable fundamental methodology to measure the intrinsic value of the asset.

In the world finance and technological development in finance, along with innovative financial instruments, have attracted investors. The most popular of these developments is undoubtedly Bitcoin, which is an output of the blockchain infrastructure .Bitcoin that is not connected to a central authority and contains cryptographic features, is one of the crypto moneys. The fact that Bitcoin does not depend on Central Authority and disclose the factors affecting its price by supply and demand have resulted in high volatility. In this study, firstly blockchain technology will be explained briefly and time-dependent price estimates for Bitcoin which is one of the important outputs of this technology, will be made. Artificial Neural Networks (YSA), which has become increasingly popular among estimation methods in recent years, has been used in the study and compared with ARIMA in traditional estimation methods. The sample of the study was created using daily closing prices between 02.02.2012 - 09.01.2018 dates. As a result of this study, both directions and values of estimated prices by artificial neural networks MPL (6-3-1) model between 10.01.2018 - 18.01.2018 have been more successful than ARIMA (1.1.6) model.