Following the cryptographic security analyses of proof-of-work (PoW) blockchain protocols, a line of research has focused on their economic robustness. The two core questions asked are: How resilient is the system to rational attacks, and how profitable it is for miners to execute it. However, to our knowledge, no work to date has attempted to address them considering the full complexity of the blockchain protocol, including difficulty readjustment, which is needed to handle dynamic participatio