@article{jfe2019715,
author={Adjei, Frederick},
title={Determinants of <i>Bitcoin</i> Expected Returns},
journal={Journal of Finance and Economics},
volume={7},
number={1},
pages={42--47},
year={2019},
url={http://pubs.sciepub.com/jfe/7/1/5},
issn={2328-7276},
abstract={In this study, we investigate the relationship between <i>Bitcoin</i> mining technology variables and <i>Bitcoin</i> returns, using a GARCH-M model. Additionally, we examine the predictive power of the mining technology variables on future <i>Bitcoin</i> returns. We find that <i>mining difficulty</i><i> </i>and<i> block size</i> are inversely related to <i>Bitcoin</i> returns. Additionally, our findings signifying that the higher the <i>block size</i> the lower the <i>Bitcoin</i> price and consequently the lower the expected return. Second, our findings show that<i> mining difficulty</i><i> and block size</i><i> </i>are robust predictors of future <i>Bitcoin</i> returns.},
doi={10.12691/jfe-7-1-5}
publisher={Science and Education Publishing}
}