Bitcoin pricing mechanism is a complex system of interactions between factors that are not standard for traditional financial assets. Its understanding is essential for assessing specific topics, most prominently the interaction between Bitcoin price and network’s hashrate as it directly translates into its power demand and consumption and thus also environmental implications. We examine an intertwined system of equations, controlling for various statistical caveats connected to such system, providing a coherent picture of the system dynamics and thus delivering the most rigorous and complex approach in explaining the pricing dynamics of the Bitcoin system up to date. We shown that the whole system is very well structured and delivers economically and logically sound results, pointing at the network security narrative in the Bitcoin price–hashrate nexus.

比特币定价机制是一个复杂的系统，由非传统金融资产标准的因素之间相互作用。它的理解对于评估特定主题至关重要，最突出的是比特币价格和网络哈希率之间的相互作用，因为它直接转化为电力需求和消耗，从而也转化为环境影响。我们研究了一个相互交织的方程系统，控制了与该系统相关的各种统计警告，提供了系统动态的连贯图，从而提供了最严格和最复杂的方法来解释最新的比特币系统的定价动态。我们展示了整个系统的结构非常好，并提供了经济和逻辑上合理的结果，