Game-Theoretic Approach to a Decision-Making Problem for Blockchain Mining

It is an important decision-making problem for a miner in the blockchain networks if he/she participates mining so that earns reward by creating new block earlier than other miners. We formulate this as noncooperative game, because probability of depends not only on one's own available computational resources, but also those Through theoretical and numerical analyses, we show hysteresis phenomenon Nash equilibria depending jump decisions slight change reward. which miners decide to participate becomes smaller number increases.