TY  - CHAP
U1  - Konferenzveröffentlichung
A1  - Strehle, Elias
A1  - Ante, Lennart
T1  - Exclusive Mining of blockchain transactions
T2  - Konferenzband zum Scientific Track der Blockchain Autumn School 2020
N2  - After creating a new blockchain transaction, the next step usually is to make miners aware of it by having it propagated through the blockchain’s peer-to-peer network. We study an unintended alternative to peer-to-peer propagation: Exclusive mining. Exclusive mining is a type of collusion between a transaction initiator and a single miner (or mining pool). The initiator sends transactions through a private channel directly to the miner instead of propagating them through the peerto-peer network. Other blockchain users only become aware of these transactions once they have been included in a block by the miner. We identify three possible motivations for engaging in exclusive mining: (i) reducing transaction cost volatility (“confirmation as a service”), (ii) hiding unconfirmed transactions from the network to prevent frontrunning and (iii) camouflaging wealth transfers as transaction costs to evade taxes or launder money. We further outline why exclusive mining is difficult to prevent and introduce metrics which can be used to identify mining pools engaging in exclusive mining activity.
KW  - Blockchain
KW  - Cryptocurrency
Y1  - 2020
SN  - 1437-7624
SS  - 1437-7624
U6  - https://doi.org/10.48446/opus-11870
DO  - https://doi.org/10.48446/opus-11870
SP  - 87
EP  - 95
S1  - 9
PB  - Hochschule Mittweida
CY  - Mittweida
ER  -