Posouzení ziskovosti těžby kryptoměn za vybraných podmínek

Abstract

The goal of the diploma thesis is to assess the profitability of bitcoin mining under selected conditions. The problem is solved using methods of financial modeling, simulation of the random price development of a financial asset and Monte Carlo simulation. The principle of net present value is used to assess the profitability as a criterion for evaluating the overall efficiency of mining. The first chapter describes Bitcoin from a historical and technical point of view. The beginning is devoted to the development of Bitcoin between 2009 and 2018, followed by the characteristics of this currency and the mining principle followed by the last part where the current mining possibilities are written. The third chapter, devoted to methodology, describes the used methods of financial modeling and methods used in investment decision making. In the practical part, profitability is assessed for three selected variants of bitcoin and hash rate. Within each variation, the simulated development of the bitcoin and hash rate is first described, and the results are reported in terms of net present value for the possibility of one- and two-off mining. The work ends with a summary of the results.