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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, Selfish Mining Another theoretical attack on Bitcoin is selfish mining. As Vitalik Buterin describes, instead of publishing blocks to the network immediately, “miners [could] selectively publish blocks, publishing many blocks all at once and thus forcing the rest of the network to discard blocks and lose revenue.”55 Once an attacker gains momentum with a few blocks ahead of the pack, neutral nodes join to increase their own revenue. Once this group scales to a majority, Bitcoin’s network no longer is secure or decentralized.56 In practice, we believe selfish mining has not been and is unlikely to be an attack vector. Bitcoin miners understand that such behavior might maximize profits in the short term but will decrease their revenue and security in the long term. Additionally, miners aiming to engage in such attacks have to announce their plans and persuade other miners to participate. In response, miners could redirect their hashrate to other pools. Quantum Computing Quantum computers could become a threat to Bitcoin’s security model and impact public- key cryptography as well as symmetric cryptography like hash functions.57 They excel at the computations necessary to reverse one-way hash functions and to break public-key cryptography. As a result, they could render private keys insecure and help miners find new Bitcoin blocks much faster. If it were to compromise public key cryptography, quantum computing would endanger all existing use cases: cryptocurrencies, SSL certificates, messaging apps, data storage, and more. That said, quantum computing has been ten years away from commercialization for the last 15 years, so we question how effectively during the next 10 years it will be able break public-key cryptography at all.58 We believe if quantum computers do become a legitimate threat, an emergency soft fork could enable the Bitcoin protocol to run on quantum-resistant algorithms. Post-quantum cryptography is an active field59 of research,60 with many proposals and research efforts underway. 55 Buterin, Vitalik. “Selfish Mining: A 25% Attack Against the Bitcoin Network.” Bitcoin Magazine, 7 Nov. 2019, bitcoinmagazine.com/articles/ selfish-mining-a-25-attack-against-the-bitcoin-network-1383578440. 56 Eyal, and Emin Gun. “Majority Is Not Enough: Bitcoin Mining Is Vulnerable.” ArXiv.org, 15 Nov. 2013, arxiv.org/abs/1311.0243. 57 “Schneier on Security.” Blog, www.schneier.com/blog/archives/2018/09/quantum_computi_2.html. 58 Kim, Mark H., and Quanta Magazine. “Why Quantum Computers Might Not Break Cryptography.” Quanta Magazine, www.quantamagazine. org/why-quantum-computers-might-not-break-cryptography-20170515/. 59 Stewart, I., et al. Committing to Quantum Resistance: A Slow Defence for Bitcoin against a Fast Quantum Computing Attack. Centre for Cryptocurrency Research and Engineering Imperial College London, London, United Kingdom, eprint.iacr.org/2018/213.pdf. 60 Aggarwal, Divesh & Brennen, Gavin & Lee, Troy & Santha, Miklos & Tomamichel, Marco. (2017). Quantum Attacks on Bitcoin, and How to Protect Against Them. Ledger. 3. 10.5195/LEDGER.2018.127. 23PDF Image | Bitcoin Mining
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