Analyzing Block 699726: A Deep Dive into Bitcoin’s Transaction Landscape

This blog post will explore the intricacies of block 699726, detailing its mining, transaction fees, wallet types, and overall significance in the Bitcoin network. Join us as we break down the data and highlight trends within this critical block.

Analyzing the data from blocks 426646 to 426647, several trends and anomalies emerge:

Transaction Volume and Size

• Block 426646 shows an exceptionally low transaction count (1 transaction) and size (215 bytes), indicating a unique situation, likely related to a coinbase transaction. This contrasts sharply with Block 426645, which contains 709 transactions and measures 462,193 bytes. This stark difference suggests significant fluctuations in miner behavior or network activity.

Coinbase Values

• The coinbase values exhibit a slight decrease from Block 426645 (1,261,653,145 sats) to Block 426646 (1,250,000,000 sats) before rising again in Block 426647 (1,256,348,529 sats). This inconsistency in miner rewards may relate to variances in mining difficulty, block rewards, or transaction rewards.

OP_RETURN Usage

• Block 426646 is notable for executing an OP_RETURN output in its coinbase transaction, which is uncommon. This usage might indicate an experimental or data-carrying purpose, whereas the preceding and following blocks did not utilize this feature.

Miner Behavior

• The miner for Block 426646 remains undisclosed, diverging from the identifiable miners in the preceding and subsequent blocks. Such anonymity might hint at a shift in mining pools or techniques, possibly affecting transaction propagation and validation.

Fee Structures

• Transaction fees are notably absent in Block 426646, while subsequent blocks reintroduce fees at various levels, suggesting potential network congestion or miner prioritization. In Block 426647, top fees significantly increase, with the highest at 369,800 sats.

In summary, these trends underscore a notable variation in transaction volume, mining activity, and miner behavior across adjacent blocks, which could merit further investigation into network efficiency and miner incentives.

The block at height 2195 was mined on Unix timestamp 1233211327. To determine the mining speed, we can look at the time difference between this block and its predecessor at height 2194, which was mined at timestamp 1233209937.

Calculating the difference:

• Timestamp of Block 2195: 1233211327
• Timestamp of Block 2194: 1233209937

The difference is:

1233211327 - 1233209937 = 1380 seconds

Thus, Block 2195 was mined 1380 seconds after Block 2194, which is equivalent to approximately 23 minutes.

Block Summary for Height 236484

• Timestamp: April 17, 2013
• Miner: SOCK#DDR,MM=Z1F`EG#$K/BITPARKING
• Coinbase Value: 2,542,640,000 sats
• Total Transactions: 531
• Block Size: 249,098 bytes
• Block Weight: 996,392 units
• Top Transaction Fees:
  1. Transaction ID: 6f6b7e101903a327e4bba05c5b41bf38a4f01b35be47baffc7b79c6967620d3e — Fee: 350,000 sats
  2. Transaction ID: 4073805280f4b746ea8700ddc27086528c4dd52d6a446b9a34901ed8f459370d — Fee: 200,000 sats
  3. Transaction ID: d5fd8ac8cd13389726e5a08fd1a824c6486c05041dd022a78ad4e0597551b2f9 — Fee: 100,000 sats
• Wallet Type Breakdown: 50 P2PKH (Legacy)

This block features a diverse transaction landscape, highlighting significant fee activity from the top transactions.

To calculate the median fee in satoshis per vByte for the current block (Height: 851165), we first need to determine the fee and the size in virtual bytes (vBytes).

1. Total Fees:

   • The total fee income for the block can be determined by the top fees summarized. For simplicity, let’s focus on the transactions with the highest fees for now, namely:
     • 418,201 sats
     • 58,000 sats
     • 54,780 sats

   Total Fees: 418,201 + 58,000 + 54,780 = 530,981 sats

2. Total Size:

   • The weight of this block is provided as 3,993,309 units. To convert weight units to vBytes, we divide the total weight by 4. Thus:

   [ \text{Size in vBytes} = \frac{\text{Weight}}{4} = \frac{3,993,309}{4} \approx 998,327 \text{ vBytes} ]

3. Median Fee Calculation: To find the median fee per vByte, we can summarize that the average fee per vByte would typically provide a close approximation given adequate transaction counts. However, without all transaction-specific fees and sizes, we take a common average approach.

   The calculation of fees per vByte can be approximated as:

   [ \text{Fee per vByte} \approx \frac{\text{Total Fees}}{\text{Total Size in vBytes}} = \frac{530,981 \text{ sats}}{998,327 \text{ vBytes}} \approx 0.532 \text{ sats/vByte} ]

4. Final Representation: The median fee can thus be approximated to around 0.532 sats per vByte.

This value serves as a practical estimate based on the top transaction fees, providing insight into the current fee environment on the Bitcoin network. If you need further details or precise values per transaction, a more granular dataset would be necessary.