On August 17, a lone miner independently mined block #910,440 in the network of the first cryptocurrency, receiving 3,137 BTC (~$371,576) in rewards and commissions. CK Pool administrator Con Kolivas spoke about this.
According to him, the miner mined coins on equipment with a hashrate of 9 TH/s. The probability of such an event is approximately 1 in 800 per day.
There were 4900 transactions in the block. Of these, about 3,300 had a commission of less than a satoshi per virtual byte (sat/vB). The additional income from such operations amounted to only 0.0018 BTC (~$220) – 0.06% of the block reward.
Moreover, each such transaction created new UTXOs, increasing the load on the network without significant benefit for the miner.
Kolivas noted that the inclusion of low-fee transactions was an experiment. Network members like F2Pool had already begun processing them, and abandoning this practice put solo miners at a disadvantage when mining new blocks.
The creator of CK Pool concluded that the potential harm from mass creation of new UTXOs exceeds the “negligible financial benefit.” Now the pool will only track such transactions, but will not include them in blocks.
“For transactions with such low fees to become even meaningful for mining pools, the block reward must be reduced to extremely small values. I would only consider them if they increase revenue by at least 1%. However, this will require the total block reward to fall below 0.2 BTC – we are unlikely to reach such values in the coming decades,” the expert emphasized.
Kolivas urged other pools to reconsider their policies, as such transactions could negatively impact their fee structure in the long term.
Community reaction
Users thanked the creator of CK Pool for the analysis. Fedora project founder Warren Togami called the UTXO extension “a negative factor that has been ignored by most for years.”
“Mining blocks that increase UTXOs with fees that are too low privatizes the profits, passing the costs on to everyone else,” he wrote.
July 27, another solo miner managed to earn $372,773 for mining block #907,283.
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