What is selfish mining and how does it affect the cryptocurrency industry?

3 answers

• Dec 27, 2021 · 3 years ago
  Selfish mining is a strategy used by some miners to gain an unfair advantage in the cryptocurrency network. Instead of immediately broadcasting newly mined blocks to the network, selfish miners keep them private. This allows them to continue mining on top of their private chain while the rest of the network wastes computational power on the public chain. Once the selfish miner's private chain becomes longer than the public chain, they release it, causing a chain reorganization and invalidating the work done by honest miners. This strategy can lead to centralization of mining power and undermine the security and decentralization of cryptocurrencies.
  656328
• Dec 27, 2021 · 3 years ago
  Selfish mining is like a sneaky move in the cryptocurrency world. Miners who use this strategy keep their newly mined blocks to themselves instead of sharing them with the network right away. By doing so, they can continue mining on their own private chain while other miners waste their time on the public chain. When the selfish miner's private chain becomes longer, they release it, causing chaos and making the honest miners' efforts go in vain. This practice can have serious consequences for the security and decentralization of cryptocurrencies.
  552184
• Dec 27, 2021 · 3 years ago
  Selfish mining is a controversial topic in the cryptocurrency industry. It refers to a strategy where miners intentionally withhold newly mined blocks from the network to gain an advantage. This can lead to a concentration of mining power in the hands of a few, which goes against the principles of decentralization. Selfish mining can also disrupt the consensus mechanism of a cryptocurrency, making it vulnerable to attacks and double-spending. It is important for the industry to address this issue and find ways to mitigate the risks associated with selfish mining.
  569143