The Game Theory Behind Miner Centralization | Bitcoin 2026

What does coalitional game theory actually say about Bitcoin mining centralization? At the Bitcoin 2026 Conference Energy stage, University of Oregon mathematician Micah Warren delivers a rigorous academic walk-through of Nash equilibria, weighted majority games, and the "Grand Decentralized Coalition" that makes Bitcoin work in theory. He introduces the C/D ratio: the value of centralized vs. decentralized Bitcoin and shows the precise conditions under which game theory predicts miners will defect, collude, or stay honest.

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🔶 Micah Warren - University of Oregon

Chapters:
01:30 — Nash Equilibrium, Solution Concepts & The Bargaining Game
03:30 — Coalitional Games Explained: The Odd Man Out Bitcoin Example
05:30 — The Core, Stable Sets & Why Some Games Have No Equilibrium
07:30 — Objection vs. Counter-Objection: How Stability Really Forms
09:30 — Weighted Majority Games & The Grand Decentralized Coalition
11:30 — The C/D Ratio: Centralized vs. Decentralized Bitcoin Profits
14:00 — Why The 2014 GHash.io Sell-Off Assumption May No Longer Hold
16:00 — The Transition Phase: When Game Theory Stops Protecting Decentralization
18:00 — The Black-Pill Takeaway: TradFi Indifference & The Future Of Mining

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