bitcoin mining



The economics of Bitcoin mining or Bitcoin in the presence of adversaries
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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

Tendermint: Consensus without mining
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For example, the depreciation costs of Bitcoin mining hardware in the event of a successful double-spend attack not be significant compared to the running costs of electricity 6. I. Eyal and EG Sirer, Majority is not Enough: Bitcoin Mining is Vulnerable, 2014

The bitcoin mining game: On the optimality of honesty in proof-of-work consensus mechanism
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We consider a game in which Bitcoin miners compete for a reward of each solved puzzle in a sequence of them. We model it as a sequential game with imperfect information, in which miners have to choose whether or not to report their success. We show that the game has a

A relative study on bitcoin mining
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This paper is a study on Bitcoin Mining process. Bitcoin mining is the method of adding transaction records to Bitcoins community ledger of earlier period transactions or blockchain. The mining practice is used to confirm and secure transactions. This method is

The economic cost of bitcoin mining
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Until recently, Bitcoins were mostly a topic for computer nerds. This has changed dramatically. Nowadays, Bitcoins and other crypto currencies are widely discussed as part of general payment systems and as speculative investments. The economic literature on cryptoGrovers algorithm confers on quantum computers a quadratic advantage over classical computers for searching in an arbitrary data set, a scenario that describes Bitcoin mining . It has previously been argued that the only side effect of quantum mining would be an

A simple algorithm for automatic hopping among pools in the bitcoin mining network
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Herein it is proposed a simple algorithm for automatic hopping among mining pools in peer- to-peer networks using the Bitcoin protocol. The hopping ceases to occur when the best pool to be mined is found. The choice of the best pool is based on statistical data generated and

Bitcoin Mining : A Game Theoretic Analysis.
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Bitcoin is a decentralized cryptocurrency payment system, working without a single administrator or a third party bank. A bitcoin is created by miners, using complex mathematical proof of work procedure by computing hashes. For each successful attempt

Optimising the SHA256 Hashing Algorithm for Faster and More Efficient Bitcoin Mining
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Since its inception in early 200 Bitcoin has attracted a substantial amount of users and the popularity of this decentralised virtual currency is rapidly increasing day by day. Over the years, an arms race for mining hardware has resulted with miners requiring more and more

The impact of transaction fees on bitcoin mining strategies
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There are two incentives for Bitcoin miners to mine Bitcoin blocks. The miners are rewarded both from the minting reward of creating a new block and from the transaction fees on the transactions included in the block. Traditionally, the minting reward has always been

Bitcoin as money
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The resource cost of bitcoin mining in contrast, is purely by design and not technically necessary. 20 See, for instance, Winklevosses: Bitcoin worth at least 100 times more http://www.cnbc.com/id/101190181 11 Page 12

How futures trading changed bitcoin prices
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Hayes (2015) estimated a bitcoin mining cost in 2015 of around $250, which was close to the bitcoin price at the More generally, however, the mining cost of bitcoin should not affect its value any more than the cost of printing regular currency affects its value basically not at all

SATcoin Bitcoin mining via SAT
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The main security properties of Bitcoin censorship resistance and an immutable historical ledger of transactions is enforced by its mining algorithm. By design this proof of work requires a large amount of computational power to verify transactions. While current mining

Near zero bitcoin transaction fees cannot last forever
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2014. N. Houy, The Bitcoin mining game , SSRN, preprint. JA Kroll, IC Davey, and EW Felten, The economics of Bitcoin mining or Bitcoin in the presence of adversaries , Proceedings of WEIS. vol. 201 2013. [10

Preventing the 51%-attack: a stochastic analysis of two phase proof of work in bitcoin
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This document provides a stochastic analysis of the Bitcoin mining protocol extended with 2P- PoW, modelled using CTMCs (continuous-time Markov chains) How to prevent the encouragement of large pools within Bitcoin mining [through two phase proof of work]

Bitcoin 2-phase immersion cooling and the implications for high performance computing
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Alex Kampl Allied Control Company alex@allied-control.com Abstract Recently, Bitcoin and Bitcoin mining have aroused international interest What is now known as the Bitcoin mining industry, moved through several hardware generations within two short years

Bitcoin and EU VAT
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7. Bitcoin Mining Not addressed in Hedqvistis the VAT treatment of bitcoin mining . Bitcoin mining is the process of having a com- puter make mathematical calculations for the Bitcoin network The mining and validation activities of bitcoin miners fall outside the scope of VAT

Bitcoin energy use in Iceland set to overtake homes, says local firm
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12 February 2018 Iceland is facing an exponential rise in Bitcoin mining that is gobbling up power resources, a spokesman for Icelandic energy firm HS Orka has said. This year, electricity use at Bitcoin mining data centres is likely to exceed that of all

An analysis of cryptocurrency, bitcoin and the future
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The source code makes solving the algorithm more difficult starting in June 201 increasing the cost of bitcoin mining . This is called a halving event , and it cuts the number of bitcoin returned to miners by half. This could effectively

Bitcoin : speculative bubble, financial risk and regulatory response
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The popularity of bitcoin mining and trading activities has raised legal and regulatory concerns pertaining to anti-money laundering, evasion of forex regulations, the illegal fundraising of start-ups by Initial Coin Offerings (ICOs), as well as a potential financial crisis