If GPU(time) == money: Sustainable crypto-asset market? Analysis of similarity among crypto-asset financial time series

This study conducts a formal analysis of the price creation mechanisms of Proof-of-Work (PoW) and non-PoW crypto assets revealing that the long-term market trend aligns with the rising production cost of Bitcoin supply. Enabling the utilization of computational power for solving real-world problems, similar to data centers, would facilitate the sustainability of the crypto-asset market. On the other hand, Proof-of-Stake crypto assets may serve as a practical tool for managing the collaboration between startups and venture capitalists. The second part of the analysis pro-poses a co-movement measure, which might be more efficient than correlation metrics for analyzing the similarity between financial time series of returns.