Tracking the circulation routes of fresh coins in Bitcoin: A way of identifying coin miners with transaction network structural properties

Zeng-Xian Lin and Xiao Fan Liu

Papers from arXiv.org

Abstract: Bitcoin draws the highest degree of attention among cryptocurrencies, while coin mining is one of the most important fashion of profiting in the Bitcoin ecosystem. This paper constructs fresh coin circulation networks by tracking the fresh coin transfer routes with transaction referencing in Bitcoin blockchain. This paper proposes a heuristic algorithm to identifying coin miners by comparing coin circulation networks from different mining pools and thereby inferring the common profit distribution schemes of Bitcoin mining pools. Furthermore, this paper characterizes the increasing trend of Bitcoin miner numbers during recent years.

Date: 2019-10, Revised 2022-04
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Published in Journal of Nanjing University of Information Science & Technology(Natural Science Edition), 2018(4): 450-455

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1911.06400

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