Rethinking selfish mining under pooled mining

Abstract

Bitcoin’s core security requires honest participants to control at least 51% of the total hash power. However, it has been shown that several techniques can exploit the fair mining in the Bitcoin network. This study focuses on selfish mining, which is based on the idea, ”keeping blocks secret.” Herein, we analyze selfish mining regarding competition between mining pools. We emphasize that mining-related information is shared between mining pools and participants. Based on shared information about selfish mining, we have developed an effective and practical counter strategy.