How Present Bias and Memorylessness Shape Miner Behavior in Blockchain Algorithms

This section explores how present bias, memorylessness, and heterogeneous miner strategies affect optimal allocation algorithms in blockchain systems. It shows that while semi-myopic, memoryless algorithms can achieve deterministic upper bounds, their simplicity limits adaptability across varying discount factors (λ). The discussion also considers implications for miner coordination, discount interpretation, and alternative time-dependent models that could redefine blockchain efficiency and fairness.