Skip to Main content Skip to Navigation
Conference papers

An empirical analysis of pool hopping behavior in the Bitcoin blockchain

Abstract : We provide an empirical analysis of pool hopping behavior among 15 mining pools throughout Bitcoin's history. Mining pools have emerged as major players to ensure that the Bitcoin system stays secure, valid, and stable. Individual miners join mining pools to benefit from a more predictable income. Many questions remain open regarding how mining pools have evolved throughout Bitcoin's history and when and why miners join or leave mining pools. We propose a heuristic algorithm to extract the payout flow from mining pools and detect the pools' migration of miners. Our results showed that payout schemes and pool fees influence miners' decisions to join, change, or exit from a mining pool, thus affecting the dynamics of mining pool market shares. Our analysis provides evidence that mining activity becomes an industry as miners' decisions follow classical economic rationale.
Complete list of metadata


https://hal.archives-ouvertes.fr/hal-03163006
Contributor : Natkamon Tovanich <>
Submitted on : Friday, April 2, 2021 - 1:43:37 AM
Last modification on : Friday, May 7, 2021 - 10:35:08 AM

Files

An_Empirical_Analysis_of_Bitco...
Files produced by the author(s)

Identifiers

  • HAL Id : hal-03163006, version 3

Citation

Natkamon Tovanich, Nicolas Soulié, Nicolas Heulot, Petra Isenberg. An empirical analysis of pool hopping behavior in the Bitcoin blockchain. IEEE ICBC 2021 : IEEE International Conference on Blockchain and Cryptocurrency, IEEE Communications Society (ComSoc), May 2021, Sydney (Virtual conference), Australia. ⟨hal-03163006v3⟩

Share

Metrics

Record views

95

Files downloads

253