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Bitcoin is a "crypto currency", a decentralized electronic payment schemebased on cryptography. Bitcoin economy grows at an incredibly fast rate and isnow worth some 10 billions of dollars. Bitcoin mining is an activity whichconsists of creating (minting) the new coins which are later put intocirculation. Miners spend electricity on solving cryptographic puzzles and theyare also gatekeepers which validate bitcoin transactions of other people.Miners are expected to be honest and have some incentives to behave well.However. In this paper we look at the miner strategies with particularattention paid to subversive and dishonest strategies or those which could putbitcoin and its reputation in danger. We study in details several recentattacks in which dishonest miners obtain a higher reward than their relativecontribution to the network. In particular we revisit the concept of blockwithholding attacks and propose a new concrete and practical block withholdingattack which we show to maximize the advantage gained by rogue miners.  RECENT EVENTS: it seems that the attack was recently executed, see SectionXI-A.

On Subversive Miner Strategies and Block Withholding Attack in Bitcoin Digital Currency