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Yet Another Note on Block Withholding Attack on Bitcoin Mining Pools

Lookup NU author(s): Dr Samiran Bag

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Abstract

In this paper we provide a short quantitative analysis of Bitcoin Block Withholding (BWH) Attack. In this study, we investigate the incentive earned by a miner who either independently or at the diktat of a separate mining pool launches Block Withholding attack on a target mining pool. The victim pool shares its earned revenue with the rogue attacker. We investigate the property revenue function of the attacker and find parameters that could maximize the gain of the attacker. We then propose a new concept that we call "special reward". This special rewarding scheme is aimed at discouraging the attackers by granting additional incentive to a miner who actually finds a block. A BWH attacker who never submits a valid block to the pool will be deprived from this special reward and her gain will be less than her expectation. Depending upon the actual monetary value of the special reward a pool can significantly reduce the revenue of a BWH attacker and thus can even ward off the threat of an attack.


Publication metadata

Author(s): Bag S, Sakurai K

Publication type: Conference Proceedings (inc. Abstract)

Publication status: Published

Conference Name: 19th International Conference on Information Security (ISC 2016)

Year of Conference: 2016

Pages: 167-180

Online publication date: 26/08/2016

Acceptance date: 02/04/2016

Publisher: Springer

URL: http://dx.doi.org/10.1007/978-3-319-45871-7_11

DOI: 10.1007/978-3-319-45871-7_11

Library holdings: Search Newcastle University Library for this item

Series Title: Information Security - Lecture Notes in Computer Science (LNCS)

ISBN: 9783319458700


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