Selfish Mining

One miner or a group solves a hash, creates a new block, then withholds it from the public blockchain in the practice known as selfish mining. This causes a fork, which is then mined in order to surpass the open blockchain.

The group’s blockchain may introduce its most recent block to the network if it surpasses the honest blockchain in time. The group’s fork would replace the original blockchain because the network is designed only to acknowledge the most recent block. By changing the blockchain, the miners effectively stole cryptocurrency from other users.

The selfish miner desires to remain at least one block ahead of the rest of the network at all times. Nodes recognize the blockchain as valid when it has the most collected proof of work. The selfish miner is always able to divulge their chain. The current blocks will be rejected, and transactions will be reversed if it is longer than the one the rest of the network follows. The miner makes other parties waste resources while taking all of the rewards from these blocks. Selfish mining success largely depends on the miner’s access to hashing power, with a small amount of luck also playing a role.

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