Does Miner Pooling Impact Bitcoin’s Ability to Stay Decentralized?

David Sheehan, Rob Gleasure, Joseph Feller, Phillip O’Reilly, Shanping Li, Jerry Cristiforo

Research output: Chapter in Book/Report/Conference proceedingArticle in proceedingsResearchpeer-review

Abstract

The Emerging Blockchain technologies have earned substantial attention in the area of Financial Technology in recent years. Its decentralized environment allows for the mining of Bitcoins by miners either independently or in groups. The community of miners have faith in the integrity of each other to sustain the network, through mining pools remaining at a reasonable level of mining power. Blockchain’s decentralized system is one of its main selling points and is a source of great attraction for users. However, when these mining pools start to grow and increase their mining power to dangerous levels it can result in a shift towards a centralized environment. This push goes against foundational principles of Bitcoin, leading to ongoing debate among various stakeholders.
Original languageEnglish
Title of host publicationProceedings of the 13th International Symposium on Open Collaboration, OpenSym 2017 : OpenSym
Number of pages4
Place of PublicationNew York
PublisherAssociation for Computing Machinery
Publication date2017
Article number25
ISBN (Print)9781450351874
ISBN (Electronic)9781450351874
DOIs
Publication statusPublished - 2017
Externally publishedYes
Event13th International Symposium on Open Collaboration. OpenSym 2017 - National University of Ireland, Galway, Ireland
Duration: 23 Aug 201725 Aug 2017
Conference number: 13
https://opensym.org/os2017/

Conference

Conference13th International Symposium on Open Collaboration. OpenSym 2017
Number13
LocationNational University of Ireland
CountryIreland
CityGalway
Period23/08/201725/08/2017
Internet address

Bibliographical note

CBS Library does not have access to the material

Keywords

  • Bitcoin
  • Blockchain
  • Mining
  • Mining pools
  • Decentralization

Cite this

Sheehan, D., Gleasure, R., Feller, J., O’Reilly, P., Li, S., & Cristiforo, J. (2017). Does Miner Pooling Impact Bitcoin’s Ability to Stay Decentralized? In Proceedings of the 13th International Symposium on Open Collaboration, OpenSym 2017: OpenSym [25] Association for Computing Machinery. https://doi.org/10.1145/3125433.3125462