Corpus ID: 43928742

On profitability of selfish mining

@article{Grunspan2018OnPO,
  title={On profitability of selfish mining},
  author={C. Grunspan and R. P{\'e}rez-Marco},
  journal={ArXiv},
  year={2018},
  volume={abs/1805.08281}
}

C. Grunspan, R. Pérez-Marco

Published 2018

Computer Science, Mathematics

ArXiv

We review the so called selfish mining strategy in the Bitcoin network and compare its profitability to honest mining.We build a rigorous profitability model for repetition games. The time analysis of the attack has been ignored in the previous literature based on a Markov model,but is critical. Using martingale's techniques and Doob Stopping Time Theorem we compute the expected duration of attack cycles. We discover a remarkable property of the bitcoin network: no strategy is more profitable… CONTINUE READING

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