Selfish Mining Definition
Selfish Mining is a strategy in the blockchain network where a miner or a pool of miners keep their block discoveries private to the rest of the network. The selfish miners aim to gain an unfair advantage over other miners by secretly mining new blocks and creating a private chain, which is then released to the network, invalidating the other miners’ work and earning the selfish miners more rewards.
Selfish Mining Key Points
- Selfish Mining is a strategy used by miners to gain an unfair advantage in the blockchain network.
- It involves keeping block discoveries private and secretly mining new blocks.
- The selfish miners then release their private chain to the network, invalidating the work of other miners.
- This strategy allows selfish miners to earn more rewards than they would in a fair mining process.
What is Selfish Mining?
Selfish Mining is a term used to describe a strategy in the blockchain network where a miner or a group of miners, also known as a mining pool, keep their block discoveries hidden from the rest of the network. This strategy is used to gain an unfair advantage over other miners, as it allows the selfish miners to earn more rewards.
Why is Selfish Mining used?
Selfish Mining is used as a strategy by miners to increase their profits. By keeping their block discoveries private and secretly mining new blocks, selfish miners can invalidate the work of other miners when they release their private chain to the network. This allows the selfish miners to earn more rewards than they would in a fair mining process.
Who uses Selfish Mining?
Selfish Mining is used by individual miners or mining pools in the blockchain network. These miners use this strategy to gain an unfair advantage over other miners and increase their profits.
When is Selfish Mining used?
Selfish Mining can be used at any time by miners in the blockchain network. However, it is most effective when the selfish miners control a significant portion of the network’s total computational power.
Where is Selfish Mining used?
Selfish Mining is used in the blockchain network. It is a strategy that can be used in any blockchain that relies on Proof of Work (PoW) for its consensus mechanism.
How does Selfish Mining work?
In Selfish Mining, a miner or a pool of miners keep their block discoveries private instead of broadcasting them to the entire network. They continue to mine on their private chain while the rest of the network mines on the public chain. When the public chain catches up to the length of the private chain, the selfish miners broadcast their private chain to the network. This causes the blocks on the public chain to be discarded, and the rewards for mining those blocks are lost. The selfish miners, having mined more blocks, earn more rewards.
