Some OCEAN’s miners are now using the Coin Age Priority algorithm during block template construction using DATUM. Originally, Bitcoin Core They chose the transactions they wanted to block based on their first impressions of what was in their memory pool. This In the end, logic gave way to the preference of older coins. It was decided to prioritize coins that were older and had not been spent for a longer period of time. This The term was only used to describe a portion of blockspace and eventually, around the year of Segwit. It’s still maintained in Bitcoin Knots.
I can only speculate as to the motives of the miners doing this, but given OCEAN’s rhetoric I can guess that it has something to do with prioritizing “financial” transactions over others. Even If not, then it’s just as irrational, even if the only reason is to assist owners of UTXOs with a low value.
You As a miner, you can divide blockspace however you like and order transactions in any way you choose within these partitions. However, it doesn’t change the fact blockspace is an open-market fungible product. If You will lose money if you decide to use other criteria than the feerate to select transactions. The The only case where this would not apply is if the criteria used were identical with deciding on feerate. This would make it a pointless criterion.
Creating a subsection of blockspace selected for by other criteria ultimately accomplishes two things: 1) leaving money on the table as a miner, as definitionally any meaningful non-feerate criteria results in collecting less fees, and 2) create a bucket of blockspace submitted to competitive “fee” pressures according to whatever different criteria is used, without any of that pressure creating direct revenue increases for miners using this new criteria.
The new subsection of blockspace doesn’t ultimately reduce fee pressure, it simply leaves them making less money and users taking advantage of this new transaction selection criteria subjected to different competitive pressures miners do not directly benefit from.
You can’t hide from the reality that blockspace is a fungible good priced on the open market. You Accept it, otherwise you could lose money. The only alternative is to futilely try to censor classes of transactions you don’t like, and if you happen to succeed, you destroy a core property of Bitcoin The process is the key.
Mining It is important to stay decentralized and widely distributed, with many small operators. Bitcoin’s censorship resistance. It’s a shame to see signs like this of such smaller miners being economically irrational, given that it has huge implications for their success long term.
This Article is an Take. Opinions expressed are entirely the authThe following are some examples of how to use's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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