Vztah mezi tržní cenou Bitcoinu a náklady na jeho těžbu

This bachelor’s thesis examines the factors influencing the market price of Bitcoin. The aim of the thesis is to empirically test whether selected variables—specifically Bitcoin mining costs, inflation in the United States (CPI), the development of the U.S. stock market (S&P 500), and the price of gold—have a statistically significant relationship with the market price of Bitcoin. The analysis is based on time series data with daily frequency from 2014 to 2026, while inflation data were transformed from monthly to daily frequency. To ensure appropriate model properties, the variables are tested for the presence of a unit root using the Augmented Dickey-Fuller test. Subsequently, linear regression models are estimated using the ordinary least squares method, both in levels and in first differences of logarithms. The results of the thesis show that the only statistically significant variable exhibiting a linear relationship with the market price of Bitcoin is cumulative returns of Bitcoin mining costs. However, no statistically significant linear relationship was found for U.S. inflation, the development of the U.S. stock market, or the market price of gold. There remains scope for further research on this topic.