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MiningVis: visual analytics of the Bitcoin mining economy

Author

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  • Natkamon Tovanich

    (IRT SystemX, AVIZ - Analysis and Visualization - Inria Saclay - Ile de France - Inria - Institut National de Recherche en Informatique et en Automatique - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - IaH - Interaction avec l'Humain - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique)

  • Nicolas Soulié

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

  • Nicolas Heulot

    (IRT SystemX)

  • Petra Isenberg

    (AVIZ - Analysis and Visualization - Inria Saclay - Ile de France - Inria - Institut National de Recherche en Informatique et en Automatique - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - IaH - Interaction avec l'Humain - LISN - Laboratoire Interdisciplinaire des Sciences du Numérique - Inria - Institut National de Recherche en Informatique et en Automatique - CentraleSupélec - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique)

Abstract

We present a visual analytics tool, MiningVis, to explore the long-term historical evolution and dynamics of the Bitcoin mining ecosystem. Bitcoin is a cryptocurrency that attracts much attention but remains difficult to understand. Particularly important to the success, stability, and security of Bitcoin is a component of the system called "mining.'' Miners are responsible for validating transactions and are incentivized to participate by the promise of a monetary reward. Mining pools have emerged as collectives of miners that ensure a more stable and predictable income. MiningVis aims to help analysts understand the evolution and dynamics of the Bitcoin mining ecosystem, including mining market statistics, multi-measure mining pool rankings, and pool hopping behavior. Each of these features can be compared to external data concerning pool characteristics and Bitcoin news. In order to assess the value of MiningVis, we conducted online interviews and insight-based user studies with Bitcoin miners. We describe research questions tackled and insights made by our participants and illustrate practical implications for visual analytics systems for Bitcoin mining.

Suggested Citation

  • Natkamon Tovanich & Nicolas Soulié & Nicolas Heulot & Petra Isenberg, 2022. "MiningVis: visual analytics of the Bitcoin mining economy," Post-Print hal-03348145, HAL.
    • Handle: RePEc:hal:journl:hal-03348145
    DOI: 10.1109/TVCG.2021.3114821
    Note: View the original document on HAL open archive server: https://hal.science/hal-03348145
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    References listed on IDEAS

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    1. Natkamon Tovanich & Nicolas Soulié & Nicolas Heulot & Petra Isenberg, 2022. "The evolution of mining pools and miners’ behaviors in the Bitcoin blockchain," Post-Print hal-03610424, HAL.

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    More about this item

    Keywords

    Visual analytics; Bitcoin; Bitcoin mining; Mining pools; Pool hopping;
    All these keywords.

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