论文标题
具有动态资产分配的区块链矿工的均衡
Equilibrium of Blockchain Miners with Dynamic Asset Allocation
论文作者
论文摘要
我们对试图最大化采矿业务的复合回报的区块链矿工进行建模和分析。对最佳策略的分析发现了矿工和采矿池之间的新均衡点，这预测了每个矿工或采矿池的市场份额。采矿成本决定了平衡处每个矿工或采矿池的份额。我们得出的结论是，如果所有人的采矿成本达到同一水平，矿工和试图最大化其复合回报率的矿工和采矿池都不会占有财务激励。但是，如果有一个高效的矿工，那么该矿工的市场份额在平衡中可能会超过50％，这可能威胁到整个生态系统的生存能力。
We model and analyze blockchain miners who seek to maximize the compound return of their mining businesses. The analysis of the optimal strategies finds a new equilibrium point among the miners and the mining pools, which predicts the market share of each miner or mining pool. The cost of mining determines the share of each miner or mining pool at equilibrium. We conclude that neither miners nor mining pools who seek to maximize their compound return will have a financial incentive to occupy more than 50% of the hash rate if the cost of mining is at the same level for all. However, if there is an outstandingly cost-efficient miner, then the market share of this miner may exceed 50% in the equilibrium, which can threaten the viability of the entire ecosystem.
