“区块链没有黑夜。在2019年的第一天，希望新的一年币圈内能擦出更多价值的火花。星星之火，可以燎原。值此元旦之际，谨以此文献给每一个坚守在行业内的人们。”

Abstract

The concept of Bitcoin first appeared in the world in 2008 and Bitcoin first appeared in the world in 2019. Now after 10 years, Bitcoin starts to move gradually from the geek world towards the mass capital markets. Especially in the recent two years, the real value of Bitcoin has been the centre of an increasingly vibrant discussion in the market. Even practitioners and academia are debating on how to value Bitcoin appropriately.

With the burst of financial bubbles in 2017 and 2018, the real intrinsic value of Bitcoin is still highly debated. Based on data from July 2016 to December 2018, this research paper aims to explain the relationships between Bitcoin price and its intrinsic value based on the market equilibrium in the mining industry. The model has significantly explanatory power on some recent cryptocurrency events through microeconomics cost analysis method. We concede the needs to consider the endogeneity of themodel and will analyse retail trading activities in a subsequent research paper.

为方便各位读者，在英文版后附有中文翻译

（本文共10000字，阅读全文约需25分钟）

以下为中文版本：

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