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alex 2022-10-27 10:17:49 -06:00
parent 48c27c2672
commit b211d8357e
4 changed files with 52 additions and 4 deletions
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5
Bitcoin/Bitcoin_and_Oil.tex
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@ -4,6 +4,7 @@
\documentclass[aspectratio=169,xcolor=dvipsnames]{beamer} \usetheme{SimpleDarkBlue} \usepackage{hyperref}
\usepackage{graphicx} % Allows including images
\usepackage{framed}
\usepackage{bm}
\usepackage{amssymb}
\usepackage{booktabs} % Allows the use of \toprule, \midrule and \bottomrule in tables
\usepackage{textpos}
@ -35,7 +36,6 @@
%------------------------------------------------
\section{Introduction \& Overview}
\input{./Sections/Intro.tex}
\input{./Sections/Background.tex}
\input{./Sections/Key_Questions.tex}
\input{./Sections/Bitcoin_Incentives.tex}
\input{./Sections/Mining_Structure.tex}
@ -43,6 +43,9 @@
\input{./Sections/Mining_elast.tex}
\input{./Sections/Reg_elas.tex}
\input{./Sections/Wyoming_Hookup.tex}
\input{./Sections/Oil_Structure.tex}
\input{./Sections/Oil_Econometrics.tex}
\section{Theory}
\section{History}
%\subsection{Key Events}

7
Bitcoin/Sections/Background.tex
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@ -37,7 +37,7 @@
\end{frame}
%------------------------------------------------
\begin{frame}{Relvance to Wyoming}
\begin{frame}{Relevance to Wyoming}
\begin{columns}[c] % The "c" option specifies centered vertical alignment while the "t" option is used for top vertical alignment
\column{.45\textwidth} % Left column and width
@ -46,8 +46,9 @@
\item Increasing flaring rates
\item Regulatory concerns about emissions
\item Most Bitcoin miner friendlily regulations in the US
\item Period of low temperature
\item Major basins have diffrent GOR
\item Cyclical low temperatures
\item On grid prices
\item Major basins with diffrent GOR
\end{itemize}
\column{.5\textwidth} % Right column and width

28
Bitcoin/Sections/Oil_Econometrics.tex Normal file
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\begin{frame}{Oil and Gas Production: Assumption's }
\textbf{Assumptions}
\begin{enumerate}
\item{Engineer probabilistically knows the production path of each well }
\item{Marginal production choice is to drill a new well in a particular location}
\item{Future production is modeled by a best fit Arps model}
\item{Constant discount rate of 4.5\%}
\end{enumerate}
\end{frame}
\begin{frame}{Oil and Gas Production: Econometric Model }
\begin{block}{Estimated model}
\begin{equation}
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 Henery Hub spot market,\(\theta_{t}\) is a month dummy ,and \(\gamma_{b,t}\) is a variable that represents the amount of monitray damage from natural disasters.
2SLS is used, with insturments 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}

16
Bitcoin/Sections/Oil_Structure.tex Normal file
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\begin{frame}{Oil and Gas Production }
\begin{block}{Well Profitablity Before 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}\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.
\begin{block}{Well Profitablity 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 subisdy 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.
\end{frame}