BitcoinBTC) is a digital currency that is renowned for its durability, security, and dependability. Each block added to the network is updated on average every ten minute. The miner who creates the block successfully is awarded 6.25 Bitcoin. This is approximately $130,000.
However, both observers and players are sometimes surprised by the Bitcoin blockchain.
Nodes on the network confirmed that there was an empty block at 776,339 blocks high. It was a block that was uploaded to Bitcoin’s network with no transactions. This caused a lot of confusion among cryptocurrency industry professionals. What is meant by “empty blocks” and how did this happen?
While it may seem strange that an empty block is visible on the network, this type of thing is actually quite common. It happened at block 774486 a little more then two weeks ago.
Miners are encouraged not to wait too long to mine blocks. In this way, they might mine a block even without receiving any transactions. The block will remain empty until this happens.
This justification can be found in Bitcoin mempool. It is the main location for conducting research on Bitcoin blockchain. This will allow them the fastest possible start to search for the next blocks. They transmit immediately a block template with all transactions. However, a complete template is larger and takes miners a bit longer to reach.
“Miners can sometimes be lucky and find a new block using the empty template during this brief interim period which is usually no longer than one to two second.”
Mining a template was, in essence, a case where miners “got lucky”. The Bitcoin block with a height 776,389 was added just seconds after the block before it. This block had a height 776,488. Block 776,388, however, received an additional 0.08 BTC in fees. This is approximately $1854. This amount was added on to the block reward of 6.25 BTC which is about $135,247.
As part of the block reward, the miner still gets freshly created bitcoins even though there aren’t any transactions in an empty block. Therefore, Block 776,389 received 6.25 Bitcoin as a reward and there was no transaction fee. Binance Pool was the winner of Block 776,389 and contributed up to 12% to overall hash rates.
Empty blocks don’t pose a threat to the network. This is why it is so important to highlight the fact. Still, mining empty blocks results in the creation of the coin-creation transaction, also known as the coinbase transaction. This transaction makes sure that Bitcoin meets its goal to have 21 million Bitcoins in circulation.
According to BitInfoCharts statistics, the proportion of empty blocks on the network ranges from 1% to 2%. This statistic is shocking considering the current state of Bitcoin’s “ordinals”, also known for the ability to permanently carve data, photos, and marks onto the blockchain.
The Bitcoin community has been awash with questions and anxiety about the increase in order numbers. Only recently, the first documented cases of pornography have been reported.
As image enthusiasts vie for inclusion in the Bitcoin blockchain, it has become more congested and block space has become a contentious resource.