History

Insights from Block Height 897392

• Miner Change: The miner for this block is PWHITEPOOL.SMM, which marks a transition from the previous block's miner, ViaBTC. This introduces variability in the mining landscape and potentially different fee structures or transaction prioritization practices.

• Transaction Count: With a total of 3,507 transactions, this block exhibits a significant drop compared to the previous block, which had 4,217 transactions. This could indicate a period of reduced network activity or shifts in transaction volume patterns.

• Coinbase Value: The block's coinbase value is reported at 318,289,486 satoshis, slightly higher than the previous block's 315,705,640 satoshis. This incremental increase could reflect changes in miner rewards or transaction fee dynamics.

• OP_RETURN Usage: This block contains five OP_RETURN transactions. This indicates ongoing use of Bitcoin's data-carrying capability, which remains consistent with previous activity levels in the blockchain.

• Fee Distribution: The top transaction fee in this block is 52,334 satoshis, which is modest compared to the previous block's highest fee of 94,341 satoshis. This reveals that while transaction volume has decreased, profit maximization through fees has not significantly compelled users to increase transaction priority.

• Block Size and Weight: The block size is 1,632,905 bytes with a weight of 3,993,455 virtual bytes. The significant size and weight indicate a relatively good utilization of block space, yet they are both slightly smaller than the previous block, which suggests potential optimization in data packing.

At first glance, the transaction details may seem standard, but there's something quite intriguing unfolding beneath the surface.

First, let's ponder the outputs of the transaction. It splits the total output into four distinct parts, totaling over 315 million satoshis. This suggests a complex transaction that could imply an interesting use-case, perhaps distributing funds rather than just sending a single sum. The design of such transactions often hints at planning and strategy, much like a skilled chef bustling in a kitchen, preparing several dishes for a perfect banquet.

Moreover, the presence of an OP_RETURN output catches the eye. OP_RETURN is used to store small pieces of data on the Bitcoin blockchain, and it allows transactions to carry messages—like sending a postcard along with your payment! While most people focus on the numbers, the stories or information recorded there can add layers of context and meaning to a transaction. It’s a creative canvas in the world of Bitcoin, making each transaction potentially a short story or a snapshot of a specific moment.

Lastly, the fact that this transaction had zero fees is noteworthy. Transactions with zero fees can spark discussions about the nature of value and incentivization within the blockchain community. Perhaps this transaction was part of an experiment or a test of the network rather than a standard exchange.

In essence, even ordinary transactions have captivating narratives within them—filled with strategy, creativity, and the spirit of experimentation. Bitcoin is not just about the coins; it’s about the tales that are woven through every transaction.

The current block, identified by height 347375, was mined at a timestamp of 1426209274. To determine how fast it was mined, we need to compare this timestamp with that of the previous block, which had a height of 347374 and a timestamp of 1426209093.

Calculating the difference between the two timestamps:

• Current block timestamp: 1426209274
• Previous block timestamp: 1426209093
• Time difference: 1426209274 - 1426209093 = 181 seconds

This means that block 347375 was mined 181 seconds after block 347374.

In terms of minutes, that translates to approximately 3 minutes. Thus, the mining speed for the current block was about 3 minutes after the previous one, aligning with the expected block time intervals on the Bitcoin network, which averages around 10 minutes per block.

Insights from Block 897194

• Miner Change: The transition from SpiderPool (block 897193) to ViaBTC in this block is significant. ViaBTC is a major mining pool with a strong reputation, particularly in the Bitcoin ecosystem for its various services including exchanges and mining contracts. This change may indicate fluctuating preferences among miners or shifts in mining strategies.

• Transaction Count: The current block processed 2,055 transactions. This represents a substantial decrease compared to the previous block's 3,306 transactions, suggesting a possible decline in transaction volume or an increased incumbent pressure from block space demand. Such fluctuations could lead to varying fee dynamics and user experience.

• Coinbase Value: The coinbase reward increased from 313,569,396 to 315,011,683 satoshis, reflecting consistent inflation expectations according to Bitcoin's coded monetary policy. The initial pattern continues to uphold block rewards as mining difficulty adjusts to network conditions.

• Transaction Fees: The top three fees in this block are notably high, particularly the highest fee of 54,980 satoshis. This suggests a potential backlog or higher demand for block space, prompting users to increase fees to secure faster confirmations amidst growing activity.

• Size and Weight: The size of block 897194 is 1,677,047 bytes with a weight of 3,993,248 vBytes. This is within reasonable limits compared to adjacent blocks but indicates a significant data load. The slight decrease in size relative to the prior block (1,843,232 bytes) may reflect optimized transaction bundling or fewer large transactions.

Sure! Think of a block in Bitcoin like a special box that holds information.

What's Inside the Box?

1. Height: This is like a box number. Each box has a unique number so we can keep track of them. This one is box number 58208.

2. Time: This tells us when we put the box together. This box was created at a specific time.

3. Miner: This is the person or group that helped make this box. They use computers to solve puzzles.

4. Coinbase Value: When the box is created, it rewards the miner with some Bitcoin. In this case, it’s 5 billion satoshis (which is a small part of a Bitcoin).

5. Transactions: This box has a special note that says it only contains one transaction, like a letter inside the box.

6. Size and Weight: These tell us how big the box is. This one isn’t very big and has a weight that helps the network know how hard it is to handle it.

7. Top Transaction by Fee: This shows us the best-paying note inside this box. But here, it says it’s free, meaning there’s no extra fee to send this transaction.

Who's Using This Box?

The people using the Bitcoin inside this box have a special wallet type called P2PK. It means they have a full public key, a kind of digital key that helps them use their Bitcoin safely.

So, to sum it up, this box holds important Bitcoin information and rewards while keeping everything organized!