According to foreign media reports recently, Japan's BUIDL company published a research paper "the arbitrage principle of mining ASIC equipment investment and call options." According to the study, for the mining business using ASIC, under certain conditions, the theoretically appropriate price of the ASIC device matches the option cost of the "call option" of the derivative transaction. Based on the theoretical and reasonable price of ASIC equipment, it is proved that the incentive of mining business is affected by the volatility of cryptocurrency price. At the same time, it indicates that the current price of ASIC equipment is not affected by the long-term trend of cryptocurrency prices. It also pointed out that miners may not agree with the policy of stabilizing the price of cryptocurrencies because the income of miners increases with the volatility of cryptocurrency prices.