₿itcoin miners sell block space. This conversation blows my mind especially with 1 digit sats per vbyte
Discussion
Miners do not sell block space…
They sell access to the available space to the highest bidder…
If the miners sold the block space there would only be 300kb blocks…
Bob talks about the futures market for block space where miners pre-sell block space as a commodity.
If I am a miner I might not need to include your 1000sats/vbyte transaction because I include a few out-of-scope transactions because it settles my company's internal books which is more valuable beyond just the Bitcoin that is moved.
As someone who’s minded bitcoin this makes no fucking sense to me?
Out of scope transactions?
Wtf is that even?
I will pay 1mill usd for you to put in my 50/vbyte transaction into the next block that you mine.
This is how some of the ordinals were being minted
Fuck that shit… I would the offer down… I am not ok with this at all…
Yeah I’m just gonna go ahead and say this now…
If this is what people actually want and it’s happening now…
All the more reason bitcoin is failing imho…
Just my 2 sats
I am glad we are part of the 30% of the rabbit miners keeping the others honest. What do you think marathon or hut 8 would say?
I am sorry to hear Bitcoin isn't keeping up to your expectations.
Corporate miners would suck our dicks for the bitcoin isn’t they could, that’s what I think…
You can always try and reject blocks that contain such transactions, if you have a way to identify them, but you would fork yourself off from anyone who didn't follow your lead.
Mining pools have always had and always will have complete authority to include or not include whatever valid transactions (according to consensus rules) they want. Don't like it? Get yourself more hash rate and include the transactions they won't in the blocks you mine.
This is an open protocol. Participants will act in their own interest and there is nothing any of us can do about it if it doesn't violate the consensus rules our nodes enforce.
Want another rule enforced? It better be a good enough idea to win over the majority of nodes.
This is what the nostr:nprofile1qqsrk63a8wentzpk5ex3eqpf9wtww6vwcddzuh9y2800567n4ulwhpqpzamhxue69uhhyetvv9ujumn0wd68ytnzv9hxgtcygedr2's Accelerator^TM offers: https://mempool.space/accelerator
Where can I access this futures market for bitcoin block space #asknostr?
GL. On now
Let's be specific here. Mining pools sell their expected block space, and they have always been able to decide what transactions they want to include in their block templates.
This has not really been an issue, since fees have generally been a smaller portion of the block reward than the subsidy, other than a few notable exceptions. But as miners begin to rely more heavily on fee revenue, they are likely to put a premium on prearranged, and even prepaid, fee income.
Right now the fee market is almost entirely handled via our nodes' mempools and is only interested in the fee rate to make it into the next several blocks, but that very well may change, and particularly institutions will be interested in locking in guaranteed fee rates for months into the future, if mining pools are willing to offer it to them.
Precisely
Thanks nostr:npub1f7p776fz3vlqnv9tcyw7m8nts5ceczmlaudqgjuwaxtsuwzyrqtssuvg6q if you're still around here