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Séminaire Calcul stochastique

organisé par l'équipe Probabilités

  • Bilel Tounsi

    Mining pool network and decentralization of a PoW blockchains

    19 mai 2026 - 10:45Salle de séminaires IRMA

    Proof-of-Work blockchains rely on miners who continuously spend resources in exchange for uncertain rewards. To reduce this uncertainty, many miners join Pay-Per-Share mining pools where they receive regular payments while the pool manager absorbs the risk. This creates a natural question: how should miners choose between competing pools, and how should pools set their fees and payout policies? This talk discusses a stochastic model for this problem in which the surplus of a mining pool is described by a two-sided jump process. The first part presents a mean-variance approach to miners' allocation across pools and explains how this leads to a Nash equilibrium between competing pool managers. The second part turns to the pool manager's dividend problem, formulated in an expected discounted dividend framework. Using ideas from actuarial risk theory, it is shown how barrier strategies arise naturally, under which conditions they are optimal, and how the optimal barrier can be computed numerically. The aim is to understand the economic incentives behind mining pools, and their possible impact on the decentralization of Proof-of-Work blockchains.