As the first proof-of-work (PoW) permissionless blockchain, Bitcoin aims at maintaining a decentralized yet consistent transaction ledger as protocol participants (“miners”) join and leave as they please. This is achieved by means of a subtle PoW difficulty adjustment mechanism that adapts to the perceived block generation rate, and important steps have been taken in previous work to provide a rigorous analysis of the conditions (such as bounds on dynamic participation) that are sufficient for Bitcoin’s security properties to be ascertained.