1912.01952 a mean field games model for cryptocurrency mining
Cryptocurrencies only exist in the digital world - which is why, from their creation to their distribution, each and every process is completed electronically. So, let's say the next miner to solve a block adds it to b's chain, creating b2. If b2 propagates across the entire network before a2 is found, then b's chain is the clear winner. These days, you need specialized mining hardware known as application-specific integrated circuits (asics) to have a chance when it comes to mining bitcoin profitably. Additionally, the miner is awarded the fees paid by users sending transactions. Aspiring cryptominers should also know that as cryptocurrencies have risen in both popularity and value, competition has increased substantially as well and now includes organizations and enterprises with more extensive resources than most individuals can compete with. Miners include transactions sent on the bitcoin network in their blocks. Miners, like full nodes, maintain a complete copy...