Abstract:What are the optimal times for an Internet of Things (IoT) device to act as a blockchain miner? The aim is to minimize the energy consumed by low-power IoT devices that log their data into a secure (tamper-proof) distributed ledger. We formulate the energy-efficient blockchain mining for IoT devices as a multiple-stopping time partially observed Markov decision process (POMDP) to maximize the probability of adding a block in the blockchain; we also present a model to optimize the number of stops (mining instan… Show more
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