Mind the Mining

@article{Goren2019MindTM,
  title={Mind the Mining},
  author={G. Goren and A. Spiegelman},
  journal={Proceedings of the 2019 ACM Conference on Economics and Computation},
  year={2019}
}
  • G. Goren, A. Spiegelman
  • Published 2019
  • Business, Computer Science
  • Proceedings of the 2019 ACM Conference on Economics and Computation
  • In this paper we revisit the mining strategies in Proof of Work based cryptocurrencies and propose two strategies, which we call smart and smarter mining, that in many cases strictly dominate honest mining. In contrast to other known attacks, such as selfish mining, which induce zero-sum games among the miners, the strategies proposed in this paper increase miners' profit by reducing their variable costs (i.e., electricity). Moreover, the proposed strategies are viable for much smaller miners… CONTINUE READING
    14 Citations

    Figures and Topics from this paper

    Explore Further: Topics Discussed in This Paper

    Profit lag and alternate network mining
    • PDF
    Selfish Mining Re-Examined
    • 7
    • PDF
    Pricing ASICs for Cryptocurrency Mining
    • 3
    • PDF
    SquirRL: Automating Attack Discovery on Blockchain Incentive Mechanisms with Deep Reinforcement Learning
    • 12
    • PDF
    Blockchain Competition Between Miners: A Game Theoretic Perspective
    • 2
    • PDF
    Just Enough Security: Reducing Proof-of-Work Ecological Footprint
    • 3
    • PDF
    HEB: Hybrid Expenditure Blockchain.
    • 4
    • PDF
    Double-Spend Counterattacks: Threat of Retaliation in Proof-of-Work Systems
    • 4
    • PDF

    References

    Bitcoin: A peer-to-peer electronic cash
    • 2008