How the interplay between power concentration, competition, and propagation affects the resource efficiency of distributed ledgers

Bitcoin's hidden weakness lies in natural forking, computational chaos wasting resources and threatening security. This research cracks the mathematical code behind fork formation, revealing how mining consolidation has secretly transformed Bitcoin over the past decade.

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The study unveils a predictive model exposing the balance between miner competition and network speeds, discovering pools have shrunk threefold with "rich-get-richer" dynamics. It demonstrates how hash rate consolidation paradoxically strengthens Bitcoin, providing architects tools for predicting network fractures determining decentralised mining's future.

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