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Bitcoin Selfish Mining and Dyck Words

02/05/2019

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by Cyril Grunspan, et al.

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We give a straightforward proof for the formula giving the long-term apparent hashrate of the Selfish Mining strategy in Bitcoin using only elementary probabilities and combinatorics, and more precisely, Dyck words. There is no need to compute stationary probabilities on Markov chain nor stopping times for Poisson processes as it was previously done. We consider also several other block withholding strategies.

Cyril Grunspan
13 publications
Ricardo Pérez-Marco
13 publications

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