Many of the recent works on the profitability of rogue mining strategies hinge on a parameter called gamma (γ) that measures the proportion of the honest network attracted by the attacker to mine on top of his fork. These works, see [6] and [5], have surmised conclusions based on premises that erroneously treat γ to be constant. In this paper, we treat γ as a stochastic process and attempt to find its distribution through a Markov analysis. We begin by making strong assumptions on gamma's

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... our and proceed to translate them mathematically in order to apply them in a Markov setting. The aforementioned is executed in two separate occasions for two different models. Furthermore, we model the Bitcoin network and numerically derive a limiting distribution whereby the relative accuracy of our models is tested through a likelihood analysis. Finally, we conclude that even with control of 20% of the total hashrate, honest mining is the strongly dominant strategy.