The rewards a blockchain miner earns vary with time. Most of the time is spent mining
without receiving any rewards, and only occasionally the miner wins a block and earns a …

Having enabled numerous applications, blockchains have attracted not only much attention,
in the past decade, but also huge amount of resources: talent, capital, energy, etc. Focusing …

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 …

We study the strategic considerations of miners participating in the bitcoin's protocol. We
formulate and study the stochastic game that underlies these strategic considerations. The …

In a Bitcoin market, miners participate in blockchain mining with an aim to make profits. Until
reaching consensus, PoW-valid blocks (including validated transactions and proper PoW …

Conventional wisdom in blockchain-based cryptocurrencies suggests that centralization of
mining power undermines the credibility of cryptocurrencies. It does so by enhancing the risk …

We provide an empirical analysis of pool hopping behavior among 15 mining pools
throughout Bitcoin's history. Mining pools have emerged as major players to ensure that the …

The success of blockchain-based applications, most notably cryptocurrencies, has brought
the allocation of mining resources at the epicenter of academic and entrepreneurial …

In this paper we introduce a game-theoretic model for reward functions in Bitcoin mining
pools. Our model consists only of an unordered history of reported shares and gives …

In cryptocurrencies, the block reward is meant to serve as the incentive mechanism for
miners to commit resources to create blocks and in effect secure the system. Existing …