Bitcoin Network Analysis

1. Rudimentary Analysis of
Bitcoin Network
Zehady Abdullah Khan
Lab of Professor Hidetoshi Shimodaira
Bachelor 4th year,
Mathematical Science Course,
Department of Information and Computer Sciences,
School Of Engineering Science,
Osaka University.
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2. 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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3. Bitcoin Transaction
Bitcoin Miner
Sender
Receiver
Chain of Bitcoin Blocks
0.5 BTC
Sample Bitcoin Address : 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
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4. Transaction Diagram
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5. 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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6. Transaction Network
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7. 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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8. User Network
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9. 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

10. User Clustering Heuristics 2 [1]
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Clustering by Change Addresses
• Currently working on this for more robust clustering

11. What can we do ? [2]
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12. 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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13. Thank you
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