Related papers: Undetectable Selfish Mining
We make several contributions that quantify the real-time hash rate and therefore the consensus of a blockchain. We show that by using only the hash value of blocks, we can estimate and measure the hash rate of all miners or individual…
Mining pools, the main components of the Bitcoin network, dominate the computing resources and play essential roles in network security and performance aspects. Although many existing measurements of the Bitcoin network are available,…
In a Proof-of-Work blockchain such as Bitcoin mining hashrate is increasing in the block reward. An increase in hashrate reduces network vulnerability to attack (a reduction in security cost) while increasing carbon emissions and…
Proof-of-work computation used in cryptocurrencies has witnessed significant growth in the U.S. and many other regions around the world. One of the most significant bottlenecks for the scalable deployment of such computation is its energy…
The dramatic adoption of Bitcoin and other cryptocurrencies in the USA has revolutionized the financial landscape and provided unprecedented investment and transaction efficiency opportunities. The prime objective of this research project…
We study to what extent the Bitcoin blockchain security permanently depends on the underlying distribution of cryptocurrency market outcomes. We use daily blockchain and Bitcoin data for 2014-2019 and employ the ARDL approach. We test three…
Our aim in this paper is to investigate the profitability of double-spending (DS) attacks that manipulate an a priori mined transaction in a blockchain. It was well understood that a successful DS attack is established when the proportion…
As cryptocurrency evolved, new financial instruments, such as lending and borrowing protocols, currency exchanges, fungible and non-fungible tokens (NFT), staking and mining protocols have emerged. A financial ecosystem built on top of a…
Bitcoin already faces a quantum threat through Shor attacks on elliptic-curve signatures. This paper isolates the other component that public discussion often conflates with it: mining. Grover's algorithm halves the exponent of brute-force…
Since Bitcoin's inception in 2008, it has became attractive investments for both trading and mining. To mine Bitcoins, a miner has to invest in computing power and pay for electricity to solve cryptographic puzzles for rewards, if it…
The arisen of Bitcoin has led to much enthusiasm for blockchain research and block mining, and the extensive existence of mining pools helps its participants (i.e., miners) gain reward more frequently. Recently, the mining pools are proved…
We model and analyze blockchain miners who seek to maximize the compound return of their mining businesses. The analysis of the optimal strategies finds a new equilibrium point among the miners and the mining pools, which predicts the…
Traffic monetization is a crucial component of running most for-profit online businesses. One of its latest incarnations is cryptocurrency mining, where a website instructs the visitor's browser to participate in building a cryptocurrency…
Grover's algorithm confers on quantum computers a quadratic advantage over classical computers for searching in an arbitrary data set, a scenario that describes Bitcoin mining. It has previously been argued that the only side-effect of…
Bitcoin derives a verifiable temporal order from probabilistic block discovery and cumulative proof-of-work rather than from a trusted global clock. We show that block arrivals exhibit stable exponential behavior across difficulty epochs,…
Researchers have discovered a series of theoretical attacks against Bitcoin's Nakamoto consensus; the most damaging ones are selfish mining, double-spending, and consistency delay attacks. These attacks have one common cause: block…
We study efficiency in a proof-of-work blockchain with non-zero latencies, focusing in particular on the (inequality in) individual miners' efficiencies. Prior work attributed differences in miners' efficiencies mostly to attacks, but we…
Proof of work cryptocurrencies began with the promise of a more egalitarian future with a decentralized monetary system with no powerful entities in charge. While this vision is far from realized, these cryptocurrencies are still touted to…
Bitcoin is a digital currency designed to rely on a decentralized, trustless network of anonymous agents. Using a pseudonymous-address-linking procedure that achieves >99% sensitivity and >99% specificity, we reveal that between launch…
All public blockchains are secured by a proof of opportunity cost among block producers. For example, the security offered by proof-of-work (PoW) systems, like Bitcoin, is due to spent computation; it is work precisely because it cannot be…