Özet:

Blockchain is distributed database provides encrypted transaction tracking. Similarly, Crypto money or cryptocurrency can be defined as digital currency or asset designed as alternative exchange tool, which uses cryptography to secure transactions based on blockchain database systematic is traded like cash. Moreover, without having central control system and authority, Bitcoin attracts investors more and more with this feature. In this context, the importance of this study may well explain factors affecting cryptocurrency prices in Bitcoin specific. It is used while choosing variables that determine Bitcoin prices, not only financial and economic factors, but also Bitcoin mining and Bitcoin Google Trend Index. While electricity unit costs from variables are included in model design; It is thought that electrical energy costs consumed by CPUs and GPUs of computers used by Bitcoin miners may have impact on Bitcoin prices In this study, bitcoin prices were modeled primarily with Box-Jenkins method with using between 2015-2020 daily data. In this study, it has been conducted with chosen control variables which are Gold unit prices, oil prices, Euro / Dollar parity, S&P 500 Index, LIBOR, Bitcoin Google Trend Index and electricity unit costs were determined as control variables and their effect on bitcoin prices was analyzed based on the Box-Jenkins model. Box-Jenkins modelling is chosen because this model has more power on forecasting future values with using AR and MA process together. 

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