Research on the Pool Selection Strategy in Blockchain Mining
Qin, Rui1,2,3; Yuan, Yong1,2,3; Wang, Fei-Yue1,4,5
Source PublicationIEEE Transactions on Computational Social Systems
2018-09
Volume5Issue:3Pages:748-757
AbstractSince the increasing popularization of the emerging blockchain technology, blockchain mining has attracted more and more attention. Due to the difficulty of solo mining, typically miners choose to join a mining pool. As there are many mining pools and different mining pools may adopt different reward mechanisms, how to choose the appropriate mining pool has become one of the most important issues faced by miners, since miners can get different rewards in different pools. In practice, there are three commonly used reward mechanisms for the mining pools to distribute the reward among their miners, namely, the proportional mechanism, the pay-per-share mechanism, and the pay-per-last-N-share mechanism. In this paper, we study the pool selection problem faced by the miners, and model it as a risk decision problem since different reward mechanisms have different risks. We establish a pool selection model based on the maximum-likelihood criterion and also study the effect of N on the miners’ optimal pool selection decisions. By utilizing the computational experiments approach, we validate our proposed pool selection strategies. Our results can provide important managerial insights for miners when making their pool selection decisions.
KeywordBlockchain Mining Maximum-likelihood Criterion Pool Selection Reward Mechanism Risk Decision
DOI10.1109/TCSS.2018.2861423
Indexed ByEI
Citation statistics
Document Type期刊论文
Identifierhttp://ir.ia.ac.cn/handle/173211/21610
Collection复杂系统管理与控制国家重点实验室_先进控制与自动化
Corresponding AuthorQin, Rui
Affiliation1.The State Key Laboratory for Management and Control of Complex Systems, Institute of Automation, Chinese Academy of Sciences
2.Qingdao Academy of Intelligent Industries
3.Beijing Engineering Research Center of Intelligent Systems and Technology, Institute of Automation, Chinese Academy of Sciences
4.Research Center of Military Computational Experiments and Parallel System, National University of Defense Technology
5.Center of China Economic and Social Security, University of Chinese Academy of Sciences
First Author AffilicationInstitute of Automation, Chinese Academy of Sciences
Corresponding Author AffilicationInstitute of Automation, Chinese Academy of Sciences
Recommended Citation
GB/T 7714
Qin, Rui,Yuan, Yong,Wang, Fei-Yue. Research on the Pool Selection Strategy in Blockchain Mining[J]. IEEE Transactions on Computational Social Systems,2018,5(3):748-757.
APA Qin, Rui,Yuan, Yong,&Wang, Fei-Yue.(2018).Research on the Pool Selection Strategy in Blockchain Mining.IEEE Transactions on Computational Social Systems,5(3),748-757.
MLA Qin, Rui,et al."Research on the Pool Selection Strategy in Blockchain Mining".IEEE Transactions on Computational Social Systems 5.3(2018):748-757.
Files in This Item: Download All
File Name/Size DocType Version Access License
Research on the Pool(2239KB)期刊论文作者接受稿开放获取CC BY-NC-SAView Download
Related Services
Recommend this item
Bookmark
Usage statistics
Export to Endnote
Google Scholar
Similar articles in Google Scholar
[Qin, Rui]'s Articles
[Yuan, Yong]'s Articles
[Wang, Fei-Yue]'s Articles
Baidu academic
Similar articles in Baidu academic
[Qin, Rui]'s Articles
[Yuan, Yong]'s Articles
[Wang, Fei-Yue]'s Articles
Bing Scholar
Similar articles in Bing Scholar
[Qin, Rui]'s Articles
[Yuan, Yong]'s Articles
[Wang, Fei-Yue]'s Articles
Terms of Use
No data!
Social Bookmark/Share
File name: Research on the Pool Selection Strategy in Blockchain Mining.pdf
Format: Adobe PDF
All comments (0)
No comment.
 

Items in the repository are protected by copyright, with all rights reserved, unless otherwise indicated.