Corpus ID: 2794725

The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries

  title={The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries},
  author={Joshua A. Kroll and Ian C. Davey and E. Felten},
  • Joshua A. Kroll, Ian C. Davey, E. Felten
  • Published 2013
  • Economics
  • The Bitcoin digital currency depends for its correctness and stability on a combination of cryptography, distributed algorithms, and incentivedriven behavior. We examine Bitcoin as a consensus game and determine that it relies on separate consensus about the rules and about game state. An important aspect of Bitcoin’s design is the mining mechanism, in which participants expend resources on solving computational puzzles in order to collect rewards. This mechanism purportedly protects Bitcoin… CONTINUE READING
    417 Citations

    Figures from this paper

    Bitcoin vs. Bitcoin Cash: Coexistence or Downfall of Bitcoin Cash?
    • 25
    • PDF
    A Survey on Security and Privacy Issues of Bitcoin
    • 357
    • PDF
    On the Instability of Bitcoin Without the Block Reward
    • 192
    • PDF
    Majority is not enough
    • 414
    • PDF
    Game-Theoretic Analysis of DDoS Attacks Against Bitcoin Mining Pools
    • 132
    • PDF
    ZeroBlock: Preventing Selfish Mining in Bitcoin
    • 33
    • PDF
    Incentivizing Double-Spend Collusion in Bitcoin
    • 6
    • PDF
    Why buy when you can rent ? Bribery attacks on Bitcoin consensus
    • 32
    • PDF


    Double-spending fast payments in bitcoin
    • 357
    • PDF
    Zerocoin: Anonymous Distributed E-Cash from Bitcoin
    • 667
    • PDF
    Quantitative Analysis of the Full Bitcoin Transaction Graph
    • 715
    • PDF
    Can We Afford Integrity by Proof-of-Work? Scenarios Inspired by the Bitcoin Currency
    • 80
    • PDF
    Bitter to Better - How to Make Bitcoin a Better Currency
    • 482
    • PDF
    On Bitcoin and red balloons
    • 89
    • PDF
    Evaluating User Privacy in Bitcoin
    • 458
    • PDF
    \Proof-of-Work" Proves Not to Work
    • 154
    • PDF
    Hashcash - A Denial of Service Counter-Measure
    • 726
    • PDF
    Pricing via Processing or Combatting Junk Mail
    • 1,127
    • PDF