The Bitcoin mining game

When processing transactions in a block, a miner increases his reward but also decreases his probability to earn any reward because the time needed for his block to reach consensus depends on its size. We show that this leads to a game situation between miners. We analytically solve this game for two miners. Then, we […]

System on Chip Implementation of a Bitcoin Miner

Development of a complete System on Chip Bitcoin Miner using Vivado HLS and the Zedboard SoC development board. Including basic Bitcoin miner design requirements and techniques for improving hash rate. Developing the SHA-256 process and mining core in Vivado HSL using AutoESL and the effects of Vivado HLS’s built in hardware optimizations. Comparison of the […]

Nonoutsourceable Scratch-Off Puzzles to Discourage Bitcoin Mining Coalitions

An implicit goal of Bitcoin’s reward structure is to diffuse network influence over a diverse, decentralized population of individual participants. Indeed, Bitcoin’s security claims rely on no single entity wielding a sufficiently large portion of the networks overall computational power. Unfortunately, rather than participating independently, most Bitcoin min- ers join coalitions called mining pools in […]

Optimal Pool Abuse Strategy

Bitcoin mining is in an essence a lottery. All the bitcoin miners independently try to find a winning ticket (block) defined as a hash lower than the current threshold. The bitcoin network adjusts this target based on the global hashing speed… Currently, and even more in the future, given the bitcoin network growth, this bitcoin […]