Theoretical Analysis of Serial/Parallel Variations of Hash-Mining for Smaller Variance of Confirmation Time
Hiroaki Anada · 2024
In Bitcoin, the computational problem that miners try to solve is an equation described in terms of a hash function. The hash-mining time consumed for solving the problem is known to follow the exponential distribution. In this paper, we study two variations of computational problems that are constructed from the computational problem of Bitcoin. The first variation is a serial composition and the second variation is a parallel composition. We deduce the formulas of the variances of the hash-mining times of the variations in relation to the variance of the original Bitcoin. Also, we see the needed nonce data to be kept in the corresponding blockchains. We conclude that there is a trade-off between the decrease of variance and the data size of the nonce to be kept in the blockchain.