Preventing Bitcoin Selfish Mining Using Transaction Creation Time

Abstract

Bit coin is a crypto-currency that is based on a block-chain technology. All transactions in bit coin recorded in the block-chain and the transactions are validated through mining. When mining, honest miners are rewarded in proportion to their computing power. However, it has been proven that selfish mining can get more mining rewards beyond computing power. Selfish mining intentionally makes block fork of the block-chain and wastes the computing power of honest miners. In this paper, we analyze selfish mining and existing countermeasures, and propose a new method to prevent selfish mining by adding the transaction creation time to the transaction data structure. The proposed method is the highest threshold compared to existing methods, which is 33% threshold required for successful selfish mining. The threshold is also the most optimized result with the probability of an honest miner mining in selfish mining pools to zero.