An Intelligent Strategy to Gain Profit for Bitcoin Mining Pools

Liu, Yi; Chen, Xiayang; Zhang, Lei; Tang, Chaojing; Kang, Hoon

doi:10.1109/iscid.2017.184

Cited by 18 publications

(7 citation statements)

References 8 publications

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“…Blockchain require 10 min to confirm a single transaction (Tian, 2017). On the contrary, it takes only a few seconds to confirm a transaction on the Visa-card system while Bitcoin need 10 min processing time per transaction (Liu et al, 2017). Such performance is not practicable for business environment.…”

Section: Literature Riviewmentioning

confidence: 99%

Enhanced Blockchain Transaction: A Case of Food Supply Chain Management

Amin¹,

Zuhairi²,

Saadat³

2019

J. Eng. Appl. Sci.

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Distributed ledger technology is an immutable data storage and transparent system, which is a constituent component that empowers the Food supply Chain Management (FSCM). Due to the immutable data feature, the scalability of blockchain technology is quite a challenge. In essence, blockchain data may grow rapidly as compared to the existing approach, and such circumstances is an issue that need to be addressed. Also, high volumes of data process for each transaction verification couple with long period of time for computation, lead to high overhead and resource consumption. This study discusses improved methods to reduce the amount of data generated by system. The proposed method employs the header verification system for transaction to reduce data growth and data processing time. During transaction, this method will verify only the header file information with using Merkle tree. This system is able to store each transaction of a node and form blockchain. Subsequently, each node is capable to verify valid transactions only by use of header data without maintaining full data of blockchain. The expected outcome of the scheme is the significant decrease of data growth in blockchain.

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Section: Literature Riviewmentioning

confidence: 99%

Enhanced Blockchain Transaction: A Case of Food Supply Chain Management

Amin¹,

Zuhairi²,

Saadat³

2019

J. Eng. Appl. Sci.

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“…First, in terms of incentive strategies for mining pools, articles [15,23,24] aim to encourage honest mining, reduce the waste of computational resources due to miners' malicious behavior, and address the problems of inefficient mining and unfair returns by providing miners with a game to think about to encourage honest and cooperative mining to improve returns. In paper [25,26], mining strategies that can improve the profits and reduce dishonest miners' profits are proposed to enhance the overall mining profits of the mining pool.…”

Section: Related Workmentioning

confidence: 99%

Selection Strategy of Mining Pool under Various Different Payment Mechanisms

Xing-Hong

Lu-Xia

Zhuang

et al. 2022

Security and Communication Networks

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Blockchain is becoming increasingly popular and has received extensive attention in various fields. In a proof-of-work-based blockchain, miners usually choose to join a mining pool for mining to gain revenue. Different mining pools may use other payment mechanisms, and each miner can earn different revenues in different pools. There are currently four common payment mechanisms used by mining pools to distribute mining revenue, namely, PPS, PPLNS, PPS+, and FPPS, and there are no relevant research results on the selection strategies of these four payment mechanisms. To this end, this paper models the pool selection problem as a risky decision problem and proposes the selection strategies of these four mining pool payment mechanisms. Firstly, miners’ income under the four payment mechanisms is given; then, a mining pool selection strategy based on the change of computing power is constructed based on the Laplace criterion; finally, the proposed strategy is verified and analyzed by simulation. The experiments show that the proposed mining pool selection strategy is effective. The results of this paper can provide an essential reference for miners when making pool selection decisions.

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“…For this reason, in order to obtain a high income from Bitcoin production, the energy unit price should be low. Some Bitcoin manufacturers prefer a more efficient mining pool system rather than individual production, because they cannot afford the energy unit costs [18]. Moreover, the data centers where Bitcoin is produced have to be cooled to work efficiently, and the energy required to cool data centers is also quite high [19][20].…”

Section: Fig 3 Comparison Of Energy Consumed Formentioning

confidence: 99%

The Detection of Illicit Cryptocurrency Mining Farms in Electrical Distribution Systems with Innovative Approaches

Gül¹

2021

Preprint

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Since the most important constituent of the cost of cryptocurrency production is energy bills, use of illegal electricity in cryptocurrency mining farms is very common. For this reason, many countries prohibit cryptocurrency production or restrict it with some legal regulations. This situation raises the problem of how to detect illicit cryptocurrency mining. Therefore, innovative approaches are needed to detect illicit cryptocurrency mining farms. In this study, it has been shown that unique noise and/or harmonic characteristics of machines producing cryptocurrency can be used to detect illicit cryptocurrency mining farms. The unique harmonic characteristics formed by data centers on neutral line have been detected by field measurements performed. Electricity distribution companies can make risk assessments with this approach by monitoring energy quality data. As a result, the necessary legal permissions can be obtained to investigate suspicious high-risk consumers. Illicit cryptocurrency mining farms can be detected by investigating at high-risk consumer facilities.

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An Intelligent Strategy to Gain Profit for Bitcoin Mining Pools

Cited by 18 publications

References 8 publications

Enhanced Blockchain Transaction: A Case of Food Supply Chain Management

Enhanced Blockchain Transaction: A Case of Food Supply Chain Management

Selection Strategy of Mining Pool under Various Different Payment Mechanisms

The Detection of Illicit Cryptocurrency Mining Farms in Electrical Distribution Systems with Innovative Approaches

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