From 466ea0e18e6f37fde417a6ad5ee8e81b32b30e23 Mon Sep 17 00:00:00 2001 From: Chuck Date: Sun, 30 Oct 2022 23:01:03 -0600 Subject: [PATCH] Grammar --- Bitcoin/Bitcoin_and_Oil.tex | 7 ++++--- Bitcoin/Sections/Background.tex | 6 +++--- Bitcoin/Sections/Bitcoin_Incentives.tex | 2 +- Bitcoin/Sections/Key_Questions.tex | 4 ++-- Bitcoin/Sections/Mining_Structure.tex | 2 +- Bitcoin/Sections/Mining_elast.tex | 2 +- Bitcoin/Sections/Oil_Econometrics.tex | 9 ++++----- Bitcoin/Sections/Oil_Structure.tex | 6 +++--- 8 files changed, 19 insertions(+), 19 deletions(-) diff --git a/Bitcoin/Bitcoin_and_Oil.tex b/Bitcoin/Bitcoin_and_Oil.tex index c288f74..9380aee 100644 --- a/Bitcoin/Bitcoin_and_Oil.tex +++ b/Bitcoin/Bitcoin_and_Oil.tex @@ -13,19 +13,20 @@ %---------------------------------------------------------------------------------------- % TITLE PAGE %---------------------------------------------------------------------------------------- -\title[Bitcoin Mining a Coproduct of Oil Production]{Bitcoin Mining a Coproduct of Oil Production} % The short title appears at the bottom of every slide, the full title is only on the title page +\title[Bitcoin Mining, a Coproduct of Oil Production]{Bitcoin Mining, a Coproduct of Oil Production} % The short title appears at the bottom of every slide, the full title is only on the title page \subtitle{An Estimation of Long Run Regional Welfare Effects} \author[Alex Gebben] {Alexander Gebben} \institute[Colorado School of Mines] % Your institution as it will appear on the bottom of every slide, may be shorthand to save space { - Department of Mineral And Energy Economics \\ + Department of Mineral and Energy Economics \\ Colorado School of Mines \vskip 3pt } -\date{\today} % Date, can be changed to a custom date +\date{November 3, 2022} + % \date{\today} % Date, can be changed to a custom date %---------------------------------------------------------------------------------------- diff --git a/Bitcoin/Sections/Background.tex b/Bitcoin/Sections/Background.tex index 0f1cc65..b4fd460 100644 --- a/Bitcoin/Sections/Background.tex +++ b/Bitcoin/Sections/Background.tex @@ -7,7 +7,7 @@ \textbf{Natural Gas Flaring} \begin{itemize} \item By-product of oil production - \item Remote and high gas oil ratio (GOR) reservoirs + \item Remote and high gas/oil ratio (GOR) reservoirs \item Pipelines are expensive \item Free disposal \end{itemize} @@ -23,7 +23,7 @@ \textbf{Bitcoin Mining} \begin{itemize} \item Bitcoin miners use electricity to earn profit - \item No need for to ship to market + \item No need to ship to market \item Paying oil producers for waste gas \item Contracts are about \(\frac{1}{3}\) wholesale price \end{itemize} @@ -45,7 +45,7 @@ \begin{itemize} \item Increasing flaring rates \item Regulatory concerns about emissions - \item Most Bitcoin miner friendly regulations in the US + \item Most Bitcoin miner friendly regulations in the U.S. \item Cyclical low temperatures \item On grid prices \item Major basins with different GOR diff --git a/Bitcoin/Sections/Bitcoin_Incentives.tex b/Bitcoin/Sections/Bitcoin_Incentives.tex index 22d3a96..58a42a8 100644 --- a/Bitcoin/Sections/Bitcoin_Incentives.tex +++ b/Bitcoin/Sections/Bitcoin_Incentives.tex @@ -19,7 +19,7 @@ %The incentive can also be funded with transaction fees. If the output value of a transaction is less than its input value, the difference is a transaction fee that is added to the incentive value of the block containing the transaction. Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees and be completely inflation free. ``The incentive can also be funded with transaction fees\ldots Once a predetermined number of coins have entered circulation, the incentive can transition entirely to transaction fees'' \begin{list}{$-$} - \item{Satoshi Nakomoto} + \item{Satoshi Nakamoto} \end{list} \end{formal} \end{center} diff --git a/Bitcoin/Sections/Key_Questions.tex b/Bitcoin/Sections/Key_Questions.tex index daa5a89..742741a 100644 --- a/Bitcoin/Sections/Key_Questions.tex +++ b/Bitcoin/Sections/Key_Questions.tex @@ -1,12 +1,12 @@ %------------------------------------------------ \begin{frame}{Key Questions} - \textbf{What are the long run regional welfare changes that can be expected as Bitcoin mining becomes a co-product of oil?} + \textbf{What are the long run regional welfare changes that can be expected as Bitcoin mining becomes a coproduct of oil?} \pause \begin{itemize} \item What type of incentives are created? \begin{itemize} - \item{Micro model of Bitcoin mining \& oil production choices} + \item{Microeconomics model of Bitcoin mining \& oil production choices} \end{itemize} \pause \item What is the regional distribution of these incentives? diff --git a/Bitcoin/Sections/Mining_Structure.tex b/Bitcoin/Sections/Mining_Structure.tex index 77f8713..0c9a353 100644 --- a/Bitcoin/Sections/Mining_Structure.tex +++ b/Bitcoin/Sections/Mining_Structure.tex @@ -2,7 +2,7 @@ \begin{frame}{Bitcoin Mining} \begin{columns}[t] % The "c" option specifies centered vertical alignment while the "t" option is used for top vertical alignment \column{.45\textwidth} % Left column and width - \textbf{Rewards and Fees} + \textbf{Rewards and fees} \begin{enumerate} \item{Awarded by ``lottery''} \item{Lottery completes \(\approx \) every 10 minutes} diff --git a/Bitcoin/Sections/Mining_elast.tex b/Bitcoin/Sections/Mining_elast.tex index 506532c..bd29bc3 100644 --- a/Bitcoin/Sections/Mining_elast.tex +++ b/Bitcoin/Sections/Mining_elast.tex @@ -13,5 +13,5 @@ Where \(R_{i,t}\) is the revenue of miner \(i\in I\), at time t. \(q_{i}\) is th \%\Delta R=\%\Delta P_{btc}(1-\epsilon) \end{align*} \end{block} -If the bitcoin price elasticity of hash \(\epsilon\) is elastic, than a decrease in price will \textbf{\emph{increase}} revenue, for low marginal cost producers. +If the Bitcoin price elasticity of hash \(\epsilon\) is elastic, than a decrease in price will \textbf{\emph{increase}} revenue, for low marginal cost producers. \end{frame} diff --git a/Bitcoin/Sections/Oil_Econometrics.tex b/Bitcoin/Sections/Oil_Econometrics.tex index 7e723f0..b50947e 100644 --- a/Bitcoin/Sections/Oil_Econometrics.tex +++ b/Bitcoin/Sections/Oil_Econometrics.tex @@ -1,4 +1,4 @@ -\begin{frame}{Oil and Gas Production: Assumption's } +\begin{frame}{Oil and Gas Production: Assumptions } \textbf{Assumptions} \begin{enumerate} \item{Engineer probabilistically knows the production path of each well } @@ -14,15 +14,14 @@ Q_{O,b,t}=\beta_{1} Q_{O,b,t-1}+\beta_{2} P_{WTI,t-1}+\beta_{3} P_{HH,t-1}+\beta_{4}\theta_{t}+\gamma_{t,b}+\epsilon_{b,t} \end{equation} \end{block} -Where \(Q_{O,b,t}\) the net present oil produced in a basin state pair b, at time t, \(P_{WTI}\) is the West Texas International futures price, \(P_{HH}\) is the futures price of the Henry Hub spot market,\(\theta_{t}\) is a month dummy ,and \(\gamma_{b,t}\) is a variable that represents the amount of monetary damage from natural disasters. +Where \(Q_{O,b,t}\) is the net present oil produced in a basin state pair b, at time t, \(P_{WTI}\) is the West Texas Intermediate futures price, \(P_{HH}\) is the futures price of the Henry Hub spot market, \(\theta_{t}\) is a month dummy, and \(\gamma_{b,t}\) is a variable that represents the amount of monetary damage from natural disasters.\newline -\textbf{2SLS is used, with instruments of :} + +\textbf{2SLS is used, with instruments of:} \begin{enumerate} \item{VAR model residuals of oil refinery volumes, and gas storage} \item{Regional population weighted cooling and heating degree days} \item{Sum of the standard of each instrument over the last 12 months} \end{enumerate} - - \end{frame} diff --git a/Bitcoin/Sections/Oil_Structure.tex b/Bitcoin/Sections/Oil_Structure.tex index 9be86ff..905d5d3 100644 --- a/Bitcoin/Sections/Oil_Structure.tex +++ b/Bitcoin/Sections/Oil_Structure.tex @@ -4,13 +4,13 @@ \pi_{w}=\int_{t=0}^{\infty}\left[e^{-rt}\left(P_{o,t}\cdot q_{o,t}+\theta_{GL}\cdot P_{g,t}\cdot q_{g,t}-C(t)\right)\right]dt \end{equation} \end{block} -Where \(P{t} \) is price of the oil (o) or gas (g) at time t, \(q_{t}\) is the volume of the product produced, C(t) is the cost function, and \(\theta_{GL}\) is a dummy that is one if a gas hookup line attached to the well. +Where \(P_{t} \) is price of the oil (o) or gas (g) at time t, \(q_{t}\) is the volume of the product produced, C(t) is the cost function, and \(\theta_{GL}\) is a dummy that is one if a gas hookup line is attached to the well. \begin{block}{Well Profitability Post Bitcoin Mining} \begin{equation} \pi_{w}=\int_{t=0}^{\infty}\left[e^{-rt}\left(P_{o,t}\cdot q_{o,t}+(\theta_{GL}\cdot P_{g,t}+\bm{\right|\theta_{GL}-1\left|\cdot P_{g,btc}})\cdot q_{g,t}-C(t)\right)\right]dt \end{equation} \end{block} -Allowing a Bitcoin miner to purchase gas is equivalent to subsidy to oil production. -The size of the subsidy depends on the path of the GOR, the discount rate, decline rate of the well , and the max willingness to pay for gas of Bitcoin miners. +Allowing a Bitcoin miner to purchase gas is equivalent to a subsidy for oil production. +The size of the subsidy depends on the path of the GOR, the discount rate, decline rate of the well, and the maximum willingness to pay for gas of Bitcoin miners. \end{frame}