Visual Analytics of Bitcoin Mining Pool Evolution: On the Road Toward Stability?

Tovanich, Natkamon; Soulié, Nicolas; Isenberg, Petra

doi:10.1109/ntms49979.2021.9432675

Cited by 9 publications

(6 citation statements)

References 12 publications

(21 reference statements)

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“…Specifically, China and the USA were the largest Bitcoin mining countries in the last few years (Statista, 2022). However, until 2015 most Bitcoin mining industries were located in Europe and the USA (Tovanich, Soulié & Isenberg, 2021). Apart from that, China accounts for almost a third of the MSCI Emerging Markets Index.…”

Section: Resultsmentioning

confidence: 99%

Is Bitcoin an emerging market? A market efficiency perspective

Skwarek

2023

Central European Economic Journal

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Despite recent studies focused on comparing the dynamics of market efficiency between Bitcoin and other traditional assets, there is a lack of knowledge about whether Bitcoin and emerging markets efficiency behave similarly. This paper aims to compare the market efficiency dynamics between Bitcoin and the emerging stock markets. In particular, this study indicates whether the dynamics of Bitcoin market efficiency mimic those of emerging stock markets. Thus, the paper's contribution emerges from the combination of Bitcoin and emerging markets in the field of dynamics of market efficiency. The dynamics of market efficiency are measured using the Hurst exponent in the rolling window. The study uses daily data for the MSCI Emerging Markets Index and the Bitcoin market over the period 2011–2022. Our results show that there is at most a moderate correlation between the dynamics of Bitcoin and emerging stock markets’ efficiency over the entire study period. The strongest correlations occur mainly in periods of high economic policy uncertainty in the largest Bitcoin mining countries. Therefore, the association between Bitcoin market efficiency and emerging stock markets’ efficiency may strengthen with an increase in economic policy uncertainty. These findings may be useful for investors and portfolio managers in constructing better investment strategies.

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Section: Resultsmentioning

confidence: 99%

Is Bitcoin an emerging market? A market efficiency perspective

Skwarek

2023

Central European Economic Journal

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“…However, since a majority attack would damage the trust in the financial aspect of any cryptocurrency, we assume that the censor does not control more than half of the mining power of the network. Recent research [63] has shown that no country or mining pool controls 51% of the mining power in Bitcoin. Further, we assume that the censor cannot block the access of honest clients, to all the nodes with access to an honest pool.…”

Section: Claim 1 a Blockchain-based Censorship Resistant System That ...mentioning

confidence: 99%

Toward Uncensorable, Anonymous and Private Access Over Satoshi Blockchains

Recabarren¹,

Cărbunar²

2021

Preprint

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Providing unrestricted access to sensitive content such as news and software is difficult in the presence of adaptive and resourceful surveillance and censoring adversaries. In this paper we leverage the distributed and resilient nature of commercial Satoshi blockchains to develop the first provably secure, censorship resistant, cost-efficient storage system with anonymous and private access, built on top of commercial cryptocurrency transactions. We introduce max-rate transactions, a practical construct to persist data of arbitrary size entirely in a Satoshi blockchain. We leverage max-rate transactions to develop UWeb, a blockchain-based storage system that charges publishers to self-sustain its decentralized infrastructure. UWeb organizes blockchainstored content for easy retrieval, and enables clients to store and access content with provable anonymity, privacy and censorship resistance properties. We present results from UWeb experiments with writing 268.21 MB of data into the live Litecoin blockchain, including 4.5 months of live-feed BBC articles, and 41 censorship resistant tools. The max-rate writing throughput (183 KB/s) and blockchain utilization (88%) exceed those of state-of-the-art solutions by 2-3 orders of magnitude and broke Litecoin's record of the daily average block size. Our simulations with up to 3,000 concurrent UWeb writers confirm that UWeb does not impact the confirmation delays of financial transactions.

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“…If a pool member discovers the solution, the resulting reward is distributed among all pool members based on the pool's policy. It's worth noting that mining pools may levy a fee on each member [10]. Figure 3 displays some popular mining pools for the year 2021 [11].…”

Section: Introductionmentioning

confidence: 99%

Preventing 51% Attack by Using Consecutive Block Limits in Bitcoin

Mahmood Babur,

Ur Rehman Khan,

Yang

et al. 2024

IEEE Access

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In permissionless blockchain systems, Proof of Work (PoW) is utilized to address the issues of doublespending and transaction starvation. When an attacker acquires more than 50% of the hash power of the entire network, they gain the ability to engage in double-spending activities, posing a significant threat to the PoW consensus algorithm. This research focuses on the consensus algorithm employed in the Bitcoin system, explaining how it operates and the security challenges it faces. The proposed modification to the PoW algorithm imposes a restriction on miners: they are not allowed to accept consecutive blocks from the same miner into the final local blockchain to prevent the 51% attack problem. This modification supports transactions that require six confirmations. In the event an attacker attempts a 51% attack with a private chain that consists of fewer than 6 blocks, it becomes easier to detect a double-spending attack before accepting the attacker's private chain. The modified algorithm introduces a "Safe Mode Detection Algorithm" that scrutinizes incoming blocks for adjustments at the top of the local blockchain. If inconsistencies are identified, the consensus algorithm proceeds cautiously by comparing the UTXO dictionaries from the attacker's chain with those from the miner's own blockchain. This meticulous comparison aims to detect instances of double-spending. If such instances are detected, the miner rejects the attacker's chain, establishing a double-spend-free environment and thwarting 51% attacks. 51% attack, bitcoin and consensus, blockchain, double spending, Proof of Work (PoW) INDEX TERMS

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Visual Analytics of Bitcoin Mining Pool Evolution: On the Road Toward Stability?

Cited by 9 publications

References 12 publications

Is Bitcoin an emerging market? A market efficiency perspective

Is Bitcoin an emerging market? A market efficiency perspective

Toward Uncensorable, Anonymous and Private Access Over Satoshi Blockchains

Preventing 51% Attack by Using Consecutive Block Limits in Bitcoin

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