Analysis of Selfish Bitcoin Mining Strategies

19 Pages Posted: 27 Jun 2015

Date Written: June 25, 2015

Abstract

Bitcoin is a decentralized peer-to-peer payment system that has the potential to disrupt the financial industry. In order for the Bitcoin network to function properly, people within the network need to follow the protocol and contribute computing power. However, selfish strategies can be used to disproportionately increase one’s payoff relative to their computational power. Three approaches are used to analyze selfish mining strategies in the Bitcoin network in order to determine when this strategy will dominate.

Keywords: Bitcoin, Networks

Suggested Citation

Elkington, Joshua, Analysis of Selfish Bitcoin Mining Strategies (June 25, 2015). Available at SSRN: https://ssrn.com/abstract=2623322 or http://dx.doi.org/10.2139/ssrn.2623322

Joshua Elkington (Contact Author)

Harvard University, Students ( email )

Cambridge, MA
United States

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