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110
LATEX/Chapter_III/Chapter_III.tex
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@ -193,10 +193,120 @@
\end{equation*}
}
\end{frame}
%%%%%%%%%%%%%%%%%%START HERE
\begin{frame}{Bitcoin mining model}
\only<1>{
\Large How sensitive are payments to oil companies depending on the price of bitcoin?
}
\only<2->{
\centering
\begin{figure}
\centering
\resizebox{\textwidth}{!}{
\begin{tikzpicture}[domain=0:45]
\def\qone{4}
\draw[very thin,color=gray] (-0.1,-0.1) grid (11.9,6.7);
\draw[- >,thick] (-0.2,0) -- (12,0) node[right] {$Hash$};
\draw[- >,blue,thick] (5.2,0.6) parabola (9,5.5) node[left] {Supply} ;
\draw[blue,thick] (0,0.3) -- (5.2,0.6) ;
\fill[black] (5.2,0.6) circle (2pt);
\draw (5.2,1) node[above] {Functional shift};
\draw[red] (6,3.5) node[left] {Total Revenue (\$)};
\draw[red] (5.5,3) node[left] {\(y=m\cdot x \)};
\draw[cyan] (8,1) node[above] {MR=m};
\draw[cyan] (10.5,2) node[above] {\(MR=m\cdot\)(1+x-k)};
\draw[- >,dashed,thick] (9.4,0) -- (9.4,5.8) node[above] {Capital Constraint (k)};
\draw[- >,thick] (0,-0.2) -- (0,6.9) node[above] {$\frac{\$}{BTC}$};
\draw[- >,thick, color=red] (0,0)--(11.5,5.5) ;
\draw[thick, color=cyan] (0,1)--(9.4,1) ;
\draw[- >,thick, color=cyan] (9.4,1)--(11,2.0909) ;
\end{tikzpicture}
}
\caption{Short-run simplified hash supply}\label{SRS}
\end{figure}
}
\end{frame}
%%%%%%%%%%%%%%%%%
\begin{frame}{Bitcoin NARDL model}
\only<1>{The proposed model uses the estimations of \citep{shin2014} and can be written in a simple form as:
\begin{equation*}
h_{t}=\sum_{j=1}^{p}\phi_{j}h_{t-j}+\sum_{j=0}^{q}\left(\theta_{t-j}^{+} x_{t-j}^{+}+\theta_{t-j}^{-} x_{t-j}^{-}\right)+\epsilon_{t}
\end{equation*}
With \(h_{t}\) being the hash rate of all miners on day \(t\) and \(x_{t}\) as the total miner reward. A (\(+/-\)) indicating a positive or negative change in reward. \emph{P} is the autoregressive lags on hash, and \emph{q} is the lags on miner reward. The coefficients of the regression are \(\phi\) for lags on hash and \(\theta\) for lags on reward.}
\only<2>{
\begin{table}[!htbp] \centering
\label{REG}
\resizebox{0.4\textwidth}{!}
{\begin{tabular}{@{\extracolsep{0pt}}lcc}
\\[-1.8ex]\hline
\hline \\[-1.8ex]
% & \multicolumn{2}{c}{\textit{Dependent variable:}} \\
%\cline{2-3}
\\[-1.8ex] & \multicolumn{2}{c}{hash} \\
\\[-1.8ex] & Short Run & Long Run\\
\hline \\[-1.8ex]
\(hash_{t-1}\) &-0.015$^{**}$ & \\
& (0.01) & \\
& & \\
\(Rev^{+}\) & 0.286$^{***}$ & 18.89$^{**}$ \\
& (0.006) & (8.42) \\
& & \\
\(Rev_{t-1}^{+}\) & $-$0.348$^{***}$ & $-$22.95$^{**}$ \\
& (0.058) & (10.48) \\
& & \\
\(Rev_{t-1}^{+}\) & 0.0847$^{**}$ & 5.59$^{**}$ \\
& (0.038) & (3.27) \\
& & \\
\(Rev^{-}\) & 0.331$^{***}$ & 21.88$^{*}$\\
& (0.038) & (9.62) \\
& & \\
\(Rev_{t-1}^{-}\) & $-$0.321$^{***}$ & $-$21.21$^{**}$ \\
& (0.037) & (9.30) \\
& & \\
\(trend\) & $-$0.001 & $-$0.040$^{**}$ \\
& (0.001) & (0.04) \\
& & \\
\(Const\) & 0.454$^{**}$ & \\
& (0.185) & \\
& & \\
\hline
& \bf{Asymmetry} & \\
\hline \\[-1.8ex]
W-stat & 0.5021178 & 2187.54 $^{***}$ \\
\hline \\[-1.8ex]
\hline \\[-1.8ex]
Observations & \multicolumn{2}{c}{323}\\
R$^{2}$ & \multicolumn{2}{c}{0.4104}\\
Adjusted R$^{2}$ & \multicolumn{2}{c}{0.3977}\\
Residual Std. Error (df = 323) & \multicolumn{2}{c}{0.0504} \\
F Statistic (df = 7; 323) & \multicolumn{2}{c}{32.18$^{***}$} \\
\hline \\[-1.8ex]
\multicolumn{2}{l}{\textit{Note:} $^{*}$p$ < $0.1; $^{**}$p$ < $0.05; $^{***}$p$ < $0.01} \\
\end{tabular} }
\end{table}
}
\only<3>{
A shock of less than 18\% is approximately the same whether the price increase is negative or positive
}
\end{frame}
\begin{frame}{Results}
\begin{itemize}
\item{Average U.S. oil output increase of \(\frac{\$0.0605\cdot P_{gas}}{BBL}\)}
\item{Response is \emph{not sensitive} to bitcoin price}
\item{Response is sensitive to natural gas price}
\end{itemize}
\end{frame}
%%%%%%%%%%%%%%%%%
\begin{frame}[plain]
\huge
Conclusion

19
LATEX/Defense.tex
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@ -1,6 +1,7 @@
\documentclass{beamer}
\usepackage[style=apa,natbib=true]{biblatex}
\usepackage{appendixnumberbeamer}
\usepackage{tikz}
\usepackage{subfig}
\usepackage{cleveref}
\usepackage{setspace}
@ -50,7 +51,7 @@
\bibliography{./Supporting/FinalThesis}
\setbeamercovered{transparent=25}
%Information to be included in the title page:
\title[Resource Management: Thesis Defense]{Natural Resource Managment with Intitutional Shifts}
\title[Resource Management: Thesis Defense]{Natural Resource Management with Institutional Shifts}
\subtitle{Case Studies from Agriculture and Bitcoin}
\author{Alexander Gebben}
\titlegraphic{\includegraphics[width=0.5\textwidth]{Supporting/Mines-Logo-side-stack-CO-school-of-blue.png}}
@ -87,14 +88,14 @@
\printbibliography
\end{frame}
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%APPENDIX
\appendix
\section{A1: COLLECTIVE ACTION TO MANAGE AGRICULTURAL GROUNDWATER: DRIVERS AND OUTCOMES}
\label{Appendix: Chapter I}
\begin{frame}
\centering
\hyperlink{appendix-label}{\beamerbutton{Button}}
Test
\end{frame}
%\appendix
%\section{A1: COLLECTIVE ACTION TO MANAGE AGRICULTURAL GROUNDWATER: DRIVERS AND OUTCOMES}
%\label{Appendix: Chapter I}
%\begin{frame}
% \centering
% \hyperlink{appendix-label}{\beamerbutton{Button}}
% Test
%\end{frame}
%%%%%%%%%%%%%%%%%%%%
\end{document}