Abstract We analyze the Bitcoin protocol for electronic peer-to-peer payments and the operations that support the “blockchain” that underpins it. It is shown that the protocol maps formally into a dynamic game that is an extension of standard models of R&D racing. The model provides a technical foundation for any economic analysis of ‘proof-of-work’ protocols. … Continue reading Market Structure in Bitcoin Mining by June Ma, Joshua S. Gans, Rabee Tourky :: SSRN