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Visual analytics of bitcoin mining pool evolution : on the road toward stability?

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  • Natkamon Tovanich

    () (IRT SystemX - IRT SystemX, AVIZ - Analysis and Visualization - Inria Saclay - Ile de France - Inria - Institut National de Recherche en Informatique et en Automatique - LRI - Laboratoire de Recherche en Informatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique, LRI - Laboratoire de Recherche en Informatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique)

  • Nicolas Soulié

    () (DEFI - Département Droit, Economie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School, LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - UEVE - Université d'Évry-Val-d'Essonne)

  • Petra Isenberg

    () (AVIZ - Analysis and Visualization - Inria Saclay - Ile de France - Inria - Institut National de Recherche en Informatique et en Automatique - LRI - Laboratoire de Recherche en Informatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique, LRI - Laboratoire de Recherche en Informatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique)

Abstract

We present our work on visual analytics tools to support the analysis of Bitcoin mining pool evolution. Mining blocks are a critical component of the Bitcoin ecosystem, helping to keep the system secure, valid, and stable. At the same time, mining is a resource-intensive activity that continues to get more and more difficult. Mining pools have emerged to address this issue and to ensure a more stable and predictable income by sharing computing power. Yet, increased centralization of the mining power is also not without dangers (e. g., the 51% attack), and, thus, it is important to better understand and analyze mining pool activities in Bitcoin. Here, we report three contributions: our extensive data collection on Bitcoin mining pools, our development of two custom visualizations, and our first exploratory data analysis leading to hypotheses and documented activities about pools' main features such as market share, reward rules, or location.

Suggested Citation

  • Natkamon Tovanich & Nicolas Soulié & Petra Isenberg, 2021. "Visual analytics of bitcoin mining pool evolution : on the road toward stability?," Post-Print hal-02902465, HAL.
  • Handle: RePEc:hal:journl:hal-02902465
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-02902465v2
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    References listed on IDEAS

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    1. Michel Rauchs & Garrick Hileman, 2017. "Global Cryptocurrency Benchmarking Study," Cambridge Centre for Alternative Finance Reports, Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge, number 201704-gcbs.
    2. Rainer Böhme & Nicolas Christin & Benjamin Edelman & Tyler Moore, 2015. "Bitcoin: Economics, Technology, and Governance," Journal of Economic Perspectives, American Economic Association, vol. 29(2), pages 213-238, Spring.
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    Keywords

    Index Terms-Bitcoin; Visual analytics; Mining pools; Bitcoin;
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