BibTex format

author = {Zamyatin, A and Wolter, K and Werner, S and Mulligan, CEA and Harrison, PG and Knottenbelt, WJ},
doi = {10.1109/MASCOTS.2017.22},
publisher = {IEEE},
title = {Swimming with fishes and sharks: beneath the surface of queue-based ethereum mining pools},
url = {},
year = {2017}

RIS format (EndNote, RefMan)

AB - Cryptocurrency mining can be said to be the modernalchemy, involving as it does the transmutation of electricityinto digital gold. The goal of mining is to guess the solutionto a cryptographic puzzle, the difficulty of which is determinedby the network, and thence to win the block reward andtransaction fees. Because the return on solo mining has a veryhigh variance, miners band together to create so-called miningpools. These aggregate the power of several individual miners,and, by distributing the accumulated rewards according to somescheme, ensure a more predictable return for participants.In this paper we formulate a model of the dynamics of a queue-based reward distribution scheme in a popular Ethereum miningpool and develop a corresponding simulation. We show that theunderlying mechanism disadvantages miners with above-averagehash rates. We then consider two-miner scenarios and show howlarge miners may perform attacks to increase their profits at theexpense of other participants of the mining pool. The outcomes ofour analysis show the queue-based reward scheme is vulnerableto manipulation in its current implementation.
AU - Zamyatin,A
AU - Wolter,K
AU - Werner,S
AU - Mulligan,CEA
AU - Harrison,PG
AU - Knottenbelt,WJ
DO - 10.1109/MASCOTS.2017.22
PY - 2017///
TI - Swimming with fishes and sharks: beneath the surface of queue-based ethereum mining pools
UR -
UR -
UR -
ER -