Bitcoin

Bitcoin SV Miner Address Blocked For Creating ‘Empty Block’

Bitcoin SV Miner Address Blocked For Creating 'Empty Block'

During an apparent continuous “empty block” onslaught, the Bitcoin Association has urged crypto exchanges and miners to blacklist a miner of Bitcoin SV, a cryptocurrency generated from a hard split of Bitcoin Cash.

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According to the Bitcoin Association, the miner was creating empty blocks on Bitcoin SV. The miner, who goes by the address 1KPSTuJMCMRXrTWHfCwpiRZg1ALbJzh844, updates their Coinbase string with a continually changing string.

Empty blocks are blocks created on any blockchain network that do not store any transactional data other than the data necessary to generate that transaction and consume the same compute resources as a regular block. Empty blocks are frequently denounced as bad conduct, as they provide minimal value to the network by hastening deflation and stealing from honest miners.

According to the Bitcoin Association, the miner is disregarding tens of millions of broadcasted fee-paying transactions in favor of mining empty blocks, causing network load.

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Some members of the BSV community claimed that miners were within their rights to empty mine blocks and were merely doing so because an economical choice had led them to believe that the block subsidy alone was adequate compensation.

Todd Price, a curriculum specialist at Bitcoin Association, wrote:

“They wouldn’t bother with the workload of validating millions of transactions because the fees are too cheap to justify including them even in aggregate.”

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The Bitcoin Association for BSV is a non-profit organization established in Switzerland that promotes the growth of BSV and BSV-centric companies and organizations. BSV is a split, or splinter currency, of the Bitcoin Cash fork, with block size set by market forces rather than being fixed.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.