Preventing Bitcoin Selfish Mining Using Transaction Creation Time

Bitcoin is a cryptocurrency that is based on a blockchain technology. All transactions in bitcoin recorded in the blockchain and the transactions are validated through mining. When mining, honest miners are rewarded in proportion to their computing power. However, it has been proven that selfish mining can get more mining rewards beyond computing power. Selfish mining intentionally makes block fork of the blockchain and wastes the computing power of honest miners. In this paper, we analyze selfish mining and existing countermeasures, and propose a new method to prevent selfish mining by adding the transaction creation time to the transaction data structure. The proposed method is the highest threshold compared to existing methods, which is 33% threshold required for successful selfish mining. The threshold is also the most optimized result with the probability of an honest miner mining in selfish mining pools to zero.