MiningVis: Visual Analytics of the Bitcoin Mining Economy

Natkamon Tovanich, Nicolas Soulié, Nicolas Heulot, Petra Isenberg

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View presentation:2021-10-28T14:00:00ZGMT-0600Change your timezone on the schedule page
2021-10-28T14:00:00Z
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MiningVis is a visual analytics tool to explore the long-term historical evolution and dynamics of the Bitcoin mining ecosystem. Mining is a critical activity in cryptocurrencies that involves multiple longitudinal factors, both internal and external to the Bitcoin ecosystem. MiningVis allows analysts to relate measures in a multi-coordinated view, including mining market statistics, multi-measure mining pool rankings, and pool hopping behavior. Each of these features can be compared to external data concerning pool characteristics and Bitcoin news. The tool helped our economist collaborator discover new findings and is currently used to develop an economic model.
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Abstract

We present a visual analytics tool, MiningVis, to explore the long-term historical evolution and dynamics of the Bitcoin mining ecosystem. Bitcoin is a cryptocurrency that attracts much attention but remains difficult to understand. Particularly important to the success, stability, and security of Bitcoin is a component of the system called "mining.'' Miners are responsible for validating transactions and are incentivized to participate by the promise of a monetary reward. Mining pools have emerged as collectives of miners that ensure a more stable and predictable income. MiningVis aims to help analysts understand the evolution and dynamics of the Bitcoin mining ecosystem, including mining market statistics, multi-measure mining pool rankings, and pool hopping behavior. Each of these features can be compared to external data concerning pool characteristics and Bitcoin news. In order to assess the value of MiningVis, we conducted online interviews and insight-based user studies with Bitcoin miners. We describe research questions tackled and insights made by our participants and illustrate practical implications for visual analytics systems for Bitcoin mining.