Rudimentary Analysis of

Bitcoin Network

Zehady Abdullah Khan

Lab of Professor Hidetoshi ShimodairaBachelor 4th year,

Mathematical Science Course,

Department of Information and Computer Sciences,

School Of Engineering Science,

Osaka University.

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Bitcoin

• Bitcoin is the first decentralized, widely adopted digital

currency.

• Bitcoin generation process is called Bitcoin Mining.

• Mined in the form of Bitcoin blocks (1 Block = 25 bitcoin).

• Requires immense computational power from dedicated

Bitcoin Miners connecting through internet protocols.

• Each Bitcoin block contains bitcoin transactions.

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Bitcoin Transaction

Bitcoin Miner

Sender

Receiver

Chain of Bitcoin Blocks

0.5 BTC

Sample Bitcoin Address : 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX

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Transaction Diagram3/30/2015

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Transaction Network

#Vertices : 974,520

#Directed Edges: 1,558,854

Transaction Graph Data : A directed acyclic graph (no loop, no multi edge)

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Transaction Network 3/30/2015

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User Network

#Vertices : 1,253,054

#Directed Edges: 4,929,950

User Graph Data : Multi edges, loops and directed cycles exist.

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User Network3/30/2015

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User Clustering Heuristics 1 [2]

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Result of Heuristics 1 :

Unique users : 86,641

Isolated Vertices: 795,037

Clustering by Input Addresses

User Clustering Heuristics 2 [1]

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Clustering by Change Addresses

• Currently working on this for more robust clustering

What can we do ? [2]

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References

1. A Fistful of Bitcoins: Characterizing Payments Among Men with No Names.

ACM Internet Measurement Conference - Sarah Meiklejohn, Marjori Pomarole, Grant Jordan,Kirill, Levchenko

Damon, McCoyy Geoffrey, M. Voelker, Stefan Savage

2. An Analysis of Anonymity in the Bitcoin System.

Fergal Reid, Martin Harrigan

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Thank you

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