Selfish Mining Strategy Publication
2014
Showed that strategic withholding can increase expected revenue above honest MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. at certain hash-share thresholds.
Academy Node
Mining and Subsidy
⚙️ Mechanism
Type: MechanismDifficulty: 2/4mining-and-subsidyVerified: 2026-02-12
Summary
MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. convert electricity and hardware cost into chain security, earning Coinbase PayoutThe first transaction output set in a block, paying block subsidy plus collected transaction fees. composed of Block SubsidyProtocol-defined new bitcoin issuance in each block, halving every 210,000 blocks. plus transaction fees.Story
A MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. assembles a candidate block from MempoolNode-local pool of valid, unconfirmed transactions awaiting block inclusion. transactions and starts hashing trillions of times per second. There is no shortcut puzzle to solve; only repeated hash attempts until one header falls below the target threshold. The winning MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. broadcasts the block, receives Coinbase PayoutThe first transaction output set in a block, paying block subsidy plus collected transaction fees., and everyone else verifies it. This process creates two crucial outcomes at once: transaction ordering and economic deterrence against rewriting history. Over time, Block SubsidyProtocol-defined new bitcoin issuance in each block, halving every 210,000 blocks. halves while fee revenue becomes increasingly important. That transition is why fee-market literacy matters for both users and operators. MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. is not just issuance; it is the cost anchor that makes censorship and deep ReorgChain tip replacement when a competing branch with more accumulated work becomes the best chain. attempts expensive.
Deep Dive
Revenue model
- Coinbase PayoutThe first transaction output set in a block, paying block subsidy plus collected transaction fees. = protocol Block SubsidyProtocol-defined new bitcoin issuance in each block, halving every 210,000 blocks. + aggregated transaction fees.
- Block SubsidyProtocol-defined new bitcoin issuance in each block, halving every 210,000 blocks. halves every 210,000 blocks and trends toward zero.
- Fee pressure can dominate MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. revenue during congestion spikes.
Security function
- Proof-of-WorkConsensus mechanism where miners expend hashpower to find valid blocks below the target threshold. makes chain rewrite attempts computationally and economically costly.
- MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. competition aligns toward valid blocks because invalid blocks are rejected by Full NodeSoftware that independently validates blocks and transactions against consensus rules..
- Hashpower concentration increases governance and censorship risk.
Real Data
Network Hashrate
Loading...
3-day average hashrate proxy from public mining telemetry.
Blocks to Halving
Loading...
Remaining blocks before subsidy epoch transition.
Key Takeaways
- MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. secures ordering and settlement, not just issuance.
- Block SubsidyProtocol-defined new bitcoin issuance in each block, halving every 210,000 blocks. declines while fees matter more over long horizons.
- Full NodeSoftware that independently validates blocks and transactions against consensus rules. enforce validity even when MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. produce blocks.
Security Notes
- Higher hashrate raises the cost of deep ReorgChain tip replacement when a competing branch with more accumulated work becomes the best chain. attacks.
- Pool centralization can weaken censorship resistance assumptions.
Node Security Panel
Vulnerabilities (1)
Attacks (1)
Assumptions (0)
Policy vs Consensus (0)
Policy vs Consensus
Consensus RulesNetwork-wide validation rules every full node enforces to determine valid blocks and transactions. bounds payout and block validity; MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. policy governs which valid transactions are included first.
Consensus Rules
- ConsensusCoinbase PayoutThe first transaction output set in a block, paying block subsidy plus collected transaction fees. must not exceed Block SubsidyProtocol-defined new bitcoin issuance in each block, halving every 210,000 blocks. plus collected fees.
- ConsensusProof-of-WorkConsensus mechanism where miners expend hashpower to find valid blocks below the target threshold. target must be met for block acceptance.
Policy Rules
- PolicyTransaction template selection is a MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. policy decision.
- PolicyPolicy can influence fee market outcomes without changing Consensus RulesNetwork-wide validation rules every full node enforces to determine valid blocks and transactions. validity.
Security Research Panel
Explorer Deep Links
Some sources are external. When an internal Raw Block view is available, we'll surface it here.
Claim Sources
Coinbase payout is subsidy plus fees and subsidy halves every 210,000 blocks.
- Developer block subsidy reference (dev-guide)
- BIP 42 (BIP)
Proof-of-work underpins costly chain rewrite resistance.
- Bitcoin Whitepaper (whitepaper)
- Developer Guide Block Chain (dev-guide)
Claim Registry Links
Bitcoin Block SubsidyProtocol-defined new bitcoin issuance in each block, halving every 210,000 blocks. halves every 210,000 blocks.
Verified: 2026-02-12
Source
Further Reading
bitcoin-dev MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain. discussions
Open sourceEyal & Sirer Selfish MinerParticipant that assembles candidate blocks and performs proof-of-work to extend the chain.
Open source
Graph Neighbors
| Direction | Relation | Node |
|---|---|---|
| Outgoing | DEPENDS_ON | Difficulty Adjustment (2016) |
| Incoming | DEPENDS_ON | Blocks and Headers |