XBTJames on Nostr: Interesting to think about empty blocks in this kind of fee environment. Conventional ...
Interesting to think about empty blocks in this kind of fee environment.
Conventional wisdom suggests that once a block is found, while pools construct new block templates, just mine empty block templates until you have a real one.
This assumption relies on the idea that tx fees represent a relatively small part of the block reward.
What about when tx fees represent the majority of the block reward?
We almost saw this earlier. Block 778703 was mined by ViaBTC less than a minute after the previous block. The next block came two minutes following, and had 5.90btc of fees.
In the future, as subsidies get smaller and block rewards represent a larger part of miner revenue, its highly likely that, in addition to responding to bitcoin and electricity prices, miners will turn on and off depending on unconfirmed tx fees
Conventional wisdom suggests that once a block is found, while pools construct new block templates, just mine empty block templates until you have a real one.
This assumption relies on the idea that tx fees represent a relatively small part of the block reward.
What about when tx fees represent the majority of the block reward?
We almost saw this earlier. Block 778703 was mined by ViaBTC less than a minute after the previous block. The next block came two minutes following, and had 5.90btc of fees.
In the future, as subsidies get smaller and block rewards represent a larger part of miner revenue, its highly likely that, in addition to responding to bitcoin and electricity prices, miners will turn on and off depending on unconfirmed tx fees