Does a higher hashrate strengthen Bitcoin network security?  

作　　者：Daehan Kim Doojin Ryu Robert I.Webb 

机构地区：[1]nd Infantry Division,Republic of Korea Army,Goseong,Korea [2]Department of Economics,Sungkyunkwan University,Seoul,Korea [3]McIntire School of Commerce,University of Virginia,Charlottesville,VA,USA [4]Global Finance Research Center,Sungkyunkwan University,Seoul,Korea

出　　处：《Financial Innovation》2024年第1期1032-1046,共15页金融创新(英文)

基　　金：supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(NRF-2022S1A5A2A01044485).

摘　　要：In the blockchain world,proof-of-work is the dominant protocol mechanism that determines the consensus of the ledger.The hashrate,a measure of the computational power directed toward securing a blockchain through proof-of-work consensus,is a fundamental measure of preventing various attacks.This study tests the causal relationship between the hashrate and the security outcome of the Bitcoin blockchain.We use vector error correction modeling to analyze the endogenous relationships between the hashrate,Bitcoin price,and transaction fee,revealing the need for an additional variable to achieve our aim.Employing a measure summarizing the growth of demand factors in the Bitcoin ecosystem indicates that hashrate fluctuations significantly influence security level changes.This result underscores the importance of the hashrate in ensuring the security of the Bitcoin blockchain.

关 键 词：Bitcoin Blockchain security Blockchain sustainability Financial innovation Proof-of-work 

分 类 号：TP3[自动化与计算机技术—计算机科学与技术]