Author: Tom Zander 2017-03-30 10:30:49
Published on: 2017-03-30T10:30:49+00:00
The unbounded demand for block space means that eventually the mempool will be filled with transactions even if the block limit is increased to 16MB. This is not beneficial, as freeloaders could suffocate Bitcoin. The proposal is for a hard fork to change the block size limit, but not the actual block size, which should be set based on fees paid to miners. The goal is to create a true fee-market where miners can choose to make a block smaller to encourage higher fees. A sudden increase in the block size limit would not benefit miners, as their costs would increase while their rewards based on fees would decrease. Therefore, it is not in anyone's interest to increase the actual block size along with the block size limit.
Updated on: 2023-06-11T22:41:46.355164+00:00