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Proof-of-Work mining is intended to provide blockchains with robustness against double-spend attacks. However, an economic analysis that follows from Budish (2018), which considers free entry conditions together with the ability to rent…

Conventional double-spending attack models ignore the revenue losses stemming from the orphan blocks. On the other hand, selfish mining literature usually ignores the chance of the attacker to double-spend at no-cost in each attack cycle.…

Mining processes of Bitcoin and similar cryptocurrencies are currently incentivized with voluntary transaction fees and fixed block rewards which will halve gradually to zero. In the setting where optional and arbitrary transaction fee…

Nakamoto double spend strategy, described in Bitcoin foundational article, leads to total ruin with positive probability and does not make sense from the profitability point of view. The simplest strategy that can be profitable incorporates…

Bitcoin uses blockchain technology to maintain transactions order and provides probabilistic guarantee to prevent double-spending, assuming that an attacker's computational power does not exceed %50 of the network power. In this paper, we…

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…

We present and validate a novel mathematical model of the blockchain mining process and use it to conduct an economic evaluation of the double-spend attack, which is fundamental to all blockchain systems. Our analysis focuses on the value…

We describe and analyze perishing mining, a novel block-withholding mining strategy that lures profit-driven miners away from doing useful work on the public chain by releasing block headers from a privately maintained chain. We then…

In this paper we revisit the mining strategies in proof of work based cryptocurrencies and propose two strategies, we call smart and smarter mining, that in many cases strictly dominate honest mining. In contrast to other known attacks,…

We revisit the fundamental question of Bitcoin's security against double spending attacks. While previous work has bounded the probability that a transaction is reversed, we show that no such guarantee can be effectively given if the…

The fundamental attack against blockchain systems is the double-spend attack. In this tutorial, we provide a very detailed explanation of just one section of Satoshi Nakamoto's original paper where the attack's probability of success is…

The consensus protocol named proof of work (PoW) is widely applied by cryptocurrencies like Bitcoin. Although security of a PoW cryptocurrency is always the top priority, it is threatened by mining attacks like selfish mining. Researchers…

The Bitcoin cryptocurrency records its transactions in a public log called the blockchain. Its security rests critically on the distributed protocol that maintains the blockchain, run by participants called miners. Conventional wisdom…

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…

In 2008, Satoshi Nakamoto proposed an electronic cash system (bitcoin) that is completely realized by peer-to-peer technology. The core value of this scheme is that it proposes a solution based on Proof-of Work, so that the cash system can…

Bitcoin-NG, a scalable blockchain protocol, divides each block into a key block and many micro blocks to effectively improve the transaction processing capacity. Bitcoin-NG has a special incentive mechanism (i.e. splitting transaction fees…

Cryptocurrencies have gained popularity due to their transparency, security, and accessibility compared to traditional financial systems, with Bitcoin, introduced in 2009, leading the market. Bitcoin's security relies on blockchain…

Mining attacks allow adversaries to obtain a disproportionate share of the mining reward by deviating from the honest mining strategy in the Bitcoin system. Among them, the most well-known are selfish mining (SM), block withholding (BWH),…

The Bitcoin cryptocurrency has received much attention recently. In the network of Bitcoin, transactions are recorded in a ledger. In this network, the process of recording transactions depends on some nodes called miners that execute a…

In the last few years several papers investigated selfish mine attacks, most of which assumed that every miner that is not part of the selfish mine pool will continue to mine honestly. However, in reality, remaining honest is not always…