**3. Related Work**

In modeling and simulation of the economics of mining in the Bitcoin market (Cocco and Marchesi 2016), authors have discussed how a miner is impacted by BTC prices (Cocco and Marchesi 2016). The goal of this artificial market model is to model the economy of the mining process from the inception of the Graphics Processing Units (GPU) generation. The important findings for this computational experiment encompass the ability to reproduce the unit root property, the fat tail phenomenon, and the volatility clustering of the BTC prices (Cocco and Marchesi 2016). Research on Bitcoin price forecasting are mainly based on two approaches: machine learning and time series methods.
