132 sats \ 4 replies \ @ek 17 Oct 2022 \ parent \ on: 85 minute block interval following last weeks difficulty adjustment bitcoin
Would it? Yes, more and more transactions would come in with higher fees.
But do miners consistently include the transactions with the highest fees while mining?
So the block template pretty much changes all the time while mining a block?
For some reason, this feels weird even though I am sure this is no different than just enumerating a number until a correct hash is found while keeping the included transactions fixed ...
The answer to most of these questions, given is Bitcoin’s design, is the same as: would I do this if I were a miner or writing mining software? I’m 95% certain miners put the highest fee txs in their block template as they come in. They’re doing the work anyway, why not maximize your returns? In PoW your likelihood of mining a block is independent of the last hash you made, so incrementing the nonce, replacing a tx, or replacing all txs before you hash the header again, all have the same odds of finding the block. Ie you don’t make progress as you mine, you merely exhaust a very very tiny few of possible losing blocks as you go - all that matters is you don’t choose the exact same block again. Eg if I flip a coin and it’s tails, the odds of it being tails on the next flip is still 50% regardless of whether I flip it tomorrow, or on the moon, or on a hill, or in a valley.
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Thanks, @k00b! Nicely articulated.
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In PoW your likelihood of mining a block is independent of the last hash you made, so incrementing the nonce, replacing a tx, or replacing all txs before you hash the header again, all have the same odds of finding the block.
Ah, I see. Thanks for confirming that this is indeed the case. I wasn't so sure even though I read something similar already.
Probability is not so intuitive sometimes, haha
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+1000 sats to whoever can give a satisfactory (to me) answer to the above! I'll check back tomorrow..
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