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Last Notes

2024-06-05 15:04:46 GMT

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Recommendations for pools & miners:
Pools/Miners with frequent empty blocks and long switching intervals should investigate delays and reduce switching time to maximize revenue.
Further reading:
For an in-depth analysis, read the full report prepared for mempool research @npub18h0…ws8m
http://mempool.space/research.

2024-06-05 15:04:05 GMT

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Profitability:
Currently if miners switch to full templates within ~7 seconds, the empty+full strategy can be slightly more profitable. However, many miners struggle with timely switching.
(Values sensitive to networking conditions and fee proportions, see report.)
https://m.primal.net/IZij.png

2024-06-05 15:03:42 GMT

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Pool behavior:
Not all mining pools produce empty blocks. For example, Foundry and Mara produce none.
Of those pools that do find empty blocks, Spiderpool and Ocean have much higher empty block rates than average.
https://m.primal.net/IZii.png

2024-06-05 15:03:12 GMT

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Template Approach:
Each pool decides whether to send empty templates and follow up with full templates, or only send full templates.
Delayed switching to full templates means miners miss out on transaction fees. Only sending full templates causes a slight extra delay.
https://m.primal.net/IZif.png

2024-06-05 15:01:24 GMT

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Empty Bitcoin blocks occur when miners find a block using an empty template. Many pools send empty templates to miners because they’re faster to distribute, helping miners start work slightly sooner.
10.6% of all Bitcoin blocks to date were empty, the majority of which were in the early days when there were very few transactions.
Over time this rate has dropped significantly, and now ranges from 0.15% to 0.5% at the network levhttps://m.primal.net/IZiW.png el.

2024-06-05 14:59:04 GMT

Why do empty Bitcoin blocks exist?
Read the full report:
https://research.mempool.space/empty-block-report/