Author: Andrew 2018-09-01 00:11:19
Published on: 2018-09-01T00:11:19+00:00
Selfish mining is an attack where miners collude to mine at a lower hashrate than when all miners work independently. To prevent this, one idea is to modulate the block reward according to peak hashrate. The max block reward would be 0.5 r (1 + h/p), where p is the peak hashrate for 365 periods, h is the hashrate of the last 144 block period, and r is the base subsidy. If miners collude to mine at a lower than peak hashrate, they may be able to do it profitably for 144 blocks, but after that, the reward would get modulated and it wouldn't be so much in their interest to continue mining at the lower hashrate.However, this approach could be controversial due to easier mining present for early miners, so maybe it would have to be done in combination with a new more dynamic difficulty adjustment algorithm. Another issue is that hashrate can't continue rising indefinitely, so a solution should be made for selfish mining. When subsidies stop and a fee market is needed, a portion of the fees can be withheld for later if hashrate is not at peak.
Updated on: 2023-05-20T17:37:39.401902+00:00