Propagation Delay and Mining Centralization: Modeling Stale Rates

The blog post focuses on a significant update to the analysis of miner revenue changes in relation to block propagation time within the Bitcoin network. Originally, the study depicted how each miner's share of total blocks found varied with block propagation times, using absolute values presented as percentages. Following a suggestion from a Bitcoin Core contributor, @stickies-v, a pivotal adjustment was made to present this data in terms of the proportional change in revenue for each miner, offering a more nuanced perspective on the impact of block propagation times on mining competitiveness.

This methodological shift aims to provide a clearer understanding of the dynamics at play, highlighting not just the raw change in block discovery shares among miners but how these changes proportionally affect their revenues. It's an effort to distill complex interactions within the network into more digestible insights that can better inform discussions and decisions in the cryptocurrency community.

Accompanying this conceptual update, a modification was implemented in the script responsible for generating the relevant graphs, ensuring accuracy and relevance in the visual representation of these findings. The code adjustments made to reflect this new approach are openly accessible, detailed in a commit to the project's GitHub repository, available here. This transparency not only fosters further review and collaboration but also enriches the discourse around Bitcoin mining strategies and efficiency, underscoring the importance of continuous iteration and feedback in analytical projects.