Profit from Two Bitcoin Mining Tactics: Towing and Shutdown
This addresses the challenge of maximizing profits for Bitcoin miners, but appears incremental as it introduces specific tactics without broader innovation.
The paper tackles the problem of improving profitability in Bitcoin mining by proposing two new strategies, towing and shutdown, to optimize resource-intensive mining operations, though no concrete numerical results are provided.
Since Bitcoin's inception in 2008, it has became attractive investments for both trading and mining. To mine Bitcoins, a miner has to invest in computing power and pay for electricity to solve cryptographic puzzles for rewards, if it becomes the first to solve a puzzle, paid in Bitcoin. Given that mining is such a resource intensive effort, miners seek new strategies trying to make the mining process more profitable.