Abstract
The aim of this work is to evaluate the impact of node churn –nodes leaving and rejoining the network– on the Bitcoin network. We provide a comprehensive analytical model for the churning process. We use a Continuous Time Markov Chain (CTMC) to describe the behavior of a node, and then apply the results to model the changes in connectivity and the impact on network performance. We analyze the time needed to resynchronize a node upon rejoining the network and find that sleep times of the order of hours require synchronization times limited by a minute. We estimate the impact of sleep and synchronization time on overall network connectivity and block/transaction distribution time. Our results show that networks with less than 4000 nodes are sensitive to churn. This occurs due to opposing impact of decrease in network size (and diameter) due to sleep time and increase of communication load per node. However, the impact of churn on network with more than 4000 nodes is noticeable but small enough to make a large Bitcoin network fairly resilient to churn.
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