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  "authorName": "Cipher Mining",
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  "presentationDate": "2021-03-01 00:00:00",
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  "notes": "The slide explains the economic relationship between spot price, miner margins, and network hash rate.",
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      "text": "Network Hash Rate is Related to Spot Price Based on Rational Economic Decisions of Miners: Rising spot prices expand margins and attract more miners, driving hash rates higher and market share lower. Margins have an upper bound limited by competition and a lower bound limited by miners' required minimum return",
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      "text": "A new block of transactions (a Block Reward) is created every ~10 minutes, each consisting of 6.25 Bitcoin (as of May 2020). Miners are awarded Block Rewards in proportion to their processing contribution of the overall network",
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      "text": "The processing power of the Bitcoin network is expressed in Hash Rate (hashes, or calculations, per second or H/s). Hash rate is often measured in Exa hashes per second (EH/s) or Tera hashes per second (TH/s)",
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      "text": "Source: Coin Metrics. Note: Bitcoin market data from 12/1/18 to 12/31/20. (1) 1-day average",
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