Slow and Empty Blocks With a Mysterious Message – ABC’s New Chain Off to a Ro...
On November 15, 2020, the Bitcoin Cash blockchain experienced a network upgrade and a bifurcation of the chain as well. While the Bitcoin Cash network continued on smoothly, the ABC pro infrastructure funding plan (IFP) side of the chain had a rocky and extremely slow start. Since the 15th, the nameless ABC chain has seen 197 blocks processed to-date, as a few miners are pointing hashrate at the network keeping the new blockchain going. Just recently Bitcoin Cash (BCH) endured a network upgrade and a consensus split when the full node project Bitcoin ABC decided to keep the IFP baked into....
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Empty blocks have turned into a controversial topic in the Bitcoin community over the past few months. This renewed attention on the topic has been sparked by the number of nearly-empty blocks mined by Antpool recently. An empty block is one that only contains a coinbase transaction. This may seem counterproductive, but there are incentives in place that make mining empty blocks a practical endeavor from the perspective of a miner. Why Do Miners Mine Empty Blocks? According to Bitcoin Core contributor Matt Corallo, there are three main reasons as to why empty blocks have been mined in the....
Blocks on the Bitcoin blockchain have a maximum size of 1 MB. Proof of work difficulty is calibrated so 1 block is created every 10 minutes. It is generally accepted a miner would want to maximise the number of transactions it includes in a block as it collects the transaction fees. Logically, with the growing popularity of Bitcoin, the average block size is getting closer to its limit. In this environment, it is surprising to see a number of empty blocks being mined. An empty block is not entirely empty, it has 1 transaction : the coinbase transaction which allocates the mining reward to....
According to various reports, the Bitcoin ABC pro-IFP chain has been under ‘attack’ for a number of consecutive days now. The mystery miner has been mining a great number of sequential blocks, but almost all of them have been empty. The miner who calls himself ‘Voluntarism.dev’ says the mining operation is a group of “old-guard miners,” and claims they can mess with the minority ABC chain for years. ** This article has been updated at 6:15 p.m. (EST) on November 28, in order to reflect recent comments from Blockchair’s founder, Nikita Zhavoronkov,....
Gavin Andresen, Chief Scientist at the Bitcoin Foundation and Lead Developer of Bitcoin until 2014, held an extensive Q&A session with the Chinese bitcoin community yesterday. Answering a range of questions from a diverse array of topics, the session focused on the most pressing issue in bitcoin, transaction capacity. Acknowledging the Beijing meeting between miners and industry in a number of answers, Andresen’s response to what seems to be the biggest worry, the co-existence of two-chains, was: “BIP109 does not hard fork at 75%, it hard forks 28 days after 75% has been reached– so....
BTC China, logo. Have you always been curious about how messages can be imprinted on the block chain, and what it can be used for, and how it can be easily done? It is now possible for anyone to do it for a relatively small sum of money (0.1BTC, around $23 at current rates.) In return, a message not to exceed 60 letters or 20 characters in some languages will live on forever in the block chain. This makes use of the coinbase feature of blocks that are published, with Satoshi's original coinbase containing an excerpt from the Financial Times. BTCChina has done this to celebrate their fourth....