Block 776339 proves that the Bitcoin network is always at work, even when it's empty.
Bitcoin is known for its robustness, security and predictability. Every 10 minutes–on average–the blockchain produces a new block and the successful miner earns a block reward of 6.25 BTC, circa $130,000.At block height 776,339, nodes across the network verified a completely empty block. The block was added to the Bitcoin blockchain with zero included transactions–leading to some confusion among the crypto community.
The Bitcoin mempool, the go-to space for analysing the Bitcoin blockchain offers the following explanation: “When a new block is found, mining pools send miners a block template with no transactions so they can start searching for the next block as soon as possible. They send a block template full of transactions right afterward, but a full block template is a bigger data transfer and takes slightly longer to reach miners.
“In this intervening time, which is usually no more than 1-2 seconds, miners sometimes get lucky and find a new block using the empty block template.” In essence, the miners “got lucky” by mining a template. In this instance, the Bitcoin block at height 776,389 was added mere seconds after its predecessor, 776,488. However, Block 776,388 earned an extra 0.086 BTC or circa $1,854 in fees, which was added to the block reward of 6.25 BTC or circa $135,247.
Even though an empty block doesn't contain any transactions, the miner still receives the block reward of newly minted bitcoins. As such, Block 776,389 was awarded 6.25 BTC; no transaction fees. Binance Pool was the winning miner, who contribute as much as 12% to t total hash rate.It's important to note that empty blocks are not a problem for the network.
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