Analysis Of Block Data For Users And Miners In Bitcoin

Due to its weak centralization,tamper resistance,and collective maintenance,Bitcoin has gradually become the most popular and accepted cryptocurrency.The inherent characteristics of itself are also getting more and more attention.In Bitcoin,there are mainly two roles: users and miners.The former buys and sells bitcoin,while the latter generates bitcoin.Therefore,to have a deeper and deeper understanding of Bitcoin,we analyzes these two roles through the data of Bitcoin.The contribution of this thesis can be summarized as followsFirst,the main concern of users is the price of Bitcoin.Except from the government policy and security incidents,the most relevant factors to the price are the number of user addresses and the number of transactions.Hence,we study users' behavior by analyzing the state of bitcoin addresses and transactions.We find that users prefer to use Bitcoin to transfer value rather than store value by analyzing the balance of address.By fitting the growth curve of the number of addresses,the number of transactions,and the price,it is found that the trend of the total number of addresses is more correlated with the price,and the relatively large transactions over a period of time can drive large price fluctuations.Second,the miners are sensitive to the benefits that are consisted of two parts:cost and income.On the one hand,the cost can be represented by the difficulty.Greater difficulty values represent higher miners' costs.On the other hand,miners' income composed of the block reward and transaction fee,and this is our point of penetration.Since 2010,the difficulty of Bitcoin has been increasing,and there is nodownward trend.However,the transaction fee part is suddenly reduced due to the decrease in the transaction amount,which also needs to be considered for miners.Finally,from the perspective of users and miners,this paper analyzes the number of addresses,transactions,transaction fees which are related to bitcoin prices.Using this discovery,combined with various machine learning analysis,the bitcoin price prediction algorithm is designed with an accuracy of up to 80% to 90%.This price prediction algorithm provides a reference for the decision of users and miners in Bitcoin.