Instruct: Identify the main and secondary category of Arxiv papers based on the titles and abstracts
Query: Equilibrium of Blockchain Miners with Dynamic Asset Allocation   We model and analyze blockchain miners who seek to maximize the compound
return of their mining businesses. The analysis of the optimal strategies finds
a new equilibrium point among the miners and the mining pools, which predicts
the market share of each miner or mining pool. The cost of mining determines
the share of each miner or mining pool at equilibrium. We conclude that neither
miners nor mining pools who seek to maximize their compound return will have a
financial incentive to occupy more than 50% of the hash rate if the cost of
mining is at the same level for all. However, if there is an outstandingly
cost-efficient miner, then the market share of this miner may exceed 50% in the
equilibrium, which can threaten the viability of the entire ecosystem.

20
The categories of this paper are: acc-phys
32
The categories of this paper are: atom-ph
29
The categories of this paper are: funct-an
25
The categories of this paper are: patt-sol
35
The categories of this paper are: mtrl-th
16
The categories of this paper are: stat
23
The categories of this paper are: solv-int
4
The categories of this paper are: cond-mat
37
The categories of this paper are: supr-con
12
The categories of this paper are: nucl-th
36
The categories of this paper are: cmp-lg
10
The categories of this paper are: q-bio
9
The categories of this paper are: nlin
24
The categories of this paper are: dg-ga
21
The categories of this paper are: adap-org
17
The categories of this paper are: q-fin