Author: Jonas Nick 2015-06-14 17:45:48
Published on: 2015-06-14T17:45:48+00:00
Pieter Wuille has created a Bitcoin mining simulator which supports different block sizes, difficulty adjustments, processing and mining delays, takes fees into account, simulates longer periods of time, and averages the result of many simulations running in parallel until the variance on the result is low enough. The simulation involves two groups of miners (one 80%=25%+25%+30%, one 20%=5%+5%+5%+5%), which are well-connected internally, but are only connected to each other through a slow 2 Mbit/s link. The group with the larger hashrate does profit overall, but the miners which are not directly connected to the small group lose. When fees become more important however, and half of a block's income is due to fees, the effect becomes even stronger. The simulator also shows the effects of larger blocks on centralization pressure of the system, without making any assumption of destructive behavior on the network - just simple profit maximization.
Updated on: 2023-06-09T22:50:45.640993+00:00