History

Response to User Question

This block appears to have been mined by a miner that is not named in the provided data. As such, we cannot identify the specific mining pool for this block.

Insights from Blockchain Context

• Block Characteristics:

  • Height: 4 indicates it's part of the early blocks, notable in Bitcoin's inception phase.
  • Transaction Count: This block contains only one transaction, which is uncommon in later blocks, suggesting simple operation or early network behavior.
  • Coinbase Value: The transaction reflects a 5000000000 sat reward, representing the genesis creation of Bitcoin.

• Technical Characteristics:

  • Size and Weight: At 215 bytes and 860 weight units, the block fits within a typical size for early blocks and demonstrates efficient structure without redundancy.

• Transaction Fee: The transaction has a fee of 0 sats, implying it may not have incentivized miners for this transaction, highlighting a period of lower transaction urgency.

• Wallet Types: The block contains a P2PK (Pay-to-Pubkey) address type, which indicates early usage patterns before more advanced scripting types became standard.

• Comparative Context:

  • Comparing to adjacent blocks, all three (blocks 3, 4, and 5) share identical attributes regarding size and structure, reinforcing their homogeneity early in Bitcoin's blockchain evolution.

• Notable Trends:

  • Early blocks exhibit low transaction counts and fluctuations in coinbase rewards, contrasting with current mining norms that commonly handle multiple transactions and higher fees due to network demand.

Direct Answer

This block (Height: 3) contains a single transaction, which is notable for its high coinbase value of 5 billion sats, indicative of an early reward.

Key Insights

• Coinbase Reward: The 5 billion sats as the coinbase reward reflects the initial creation of Bitcoin and highlights the early mining phase where rewards are significantly larger compared to later blocks.

• Transaction Count: The total of just one transaction, consistent across this and adjacent blocks, signifies the limited network activity typical of the early blockchain days. It is unusual to see such low activity as blocks become populated in later periods.

• Weight and Size Stability: With a consistent size of 215 bytes and weight of 860 units across three adjacent blocks, this reflects the minimal transaction structure employed in early blocks, likely due to the absence of additional inputs and outputs.

• No Miner Specified: The absence of a miner's name prompts curiosity; this might suggest anonymous or less public miners during Bitcoin's infancy, contrary to later periods where identifiable mining pools dominate.

• Historical Significance: Block 3 is historically important not only due to its substantial reward but also as part of Bitcoin's foundational blocks, illustrating the protocol's initial design and network dynamics. Understanding these early blocks can illuminate the evolution of mining rewards and transaction behavior over time.

Overall, this block exemplifies the transition phase from a nascent to an actively utilized blockchain, crucial for comprehending Bitcoin's development narrative.

Overview of Block Height 1

Answer: Block 1, mined shortly after the genesis block, signifies the birth of transactions in Bitcoin, marking the start of a new financial era.

Key Insights

• Historical Significance: This block is the first to include a transaction beyond the genesis block, symbolizing the transition from mining to a functioning network of value exchange.

• Transaction Details:

  • The block includes only one transaction, which is a hallmark of the early days, reflecting how Bitcoin was initially a niche concept.
  • It has a size of 215 bytes and a weight of 860 units, both small by today's standards, emphasizing the infancy of the system's architecture.

• Coinbase Value: The coinbase reward of 5,000,000,000 sats (equivalent to 50 bitcoins at the time) reflects Bitcoin's initial mining reward, which is a significant aspect of its economic model as it incentivizes miners.

• Zero Fees: The top transaction incurs 0 sats in fees, indicating that users were initially focused more on using Bitcoin than on the economics of transaction fees, highlighting a time of experimentation and community-driven growth.

Contextual Comparison

• The immediately preceding block (Block 0) served as a foundation with no transactions occurring and zero coinbase value. Block 1 marks a pivotal shift, opening the door to not just mining, but to actual financial interactions.

• Following this block, Block 2 continues the trend of innovation with another solitary transaction, reaffirming the initial concept of direct peer-to-peer transfer without intermediaries.

In summary, Block 1 is not just a record on the blockchain; it is the moment Bitcoin began its journey into the financial consciousness of the world—sparking discussions that would lead to a decentralized future.

Brief Answer

The transaction is notable for its inclusion of an OP_RETURN output, indicating it likely carries additional information or a message beyond mere value transfer.

Insights

• Transaction Type: This is a standard P2WPKH transaction with an OP_RETURN, a technique used to embed data in the blockchain, often for record-keeping or message purposes.

• Input and Output Dynamics: The transaction processed a single input of 14,021 sats and split it into two outputs totaling 13,606 sats. The discrepancy indicates a 4.2% fee, which is relatively modest compared to other common transactions but does reflect a conscious choice to include the OP_RETURN data.

• Data Storage on Blockchain: The presence of OP_RETURN reveals a growing trend where individuals and organizations use Bitcoin's blockchain not just for currency but as a permanent ledger for various forms of digital data, enhancing its utility beyond mere financial transactions.

• Notable Aspects: Although the fee isn't among the highest, the integration of the OP_RETURN does signify a purposeful action, hinting at the dual role of this transaction as both currency exchange and data storage, demonstrating Bitcoin's versatility.

Conclusion

This transaction serves as a reminder of Bitcoin's evolving role, where it can accommodate traditional currency transfer as well as function as a decentralized information repository. Keep an eye on how these practices shape the ecosystem.

Transaction Type and Overview

The transaction identified by TXID 3eaa4b94abbc1840b435aa2fd74d208bf4f3a364fc03bbec0b33d209d85b7786 is a P2WPKH (Pay-to-Witness-Public-Key-Hash) transaction with an OP_RETURN output. It contains 1 input and 2 outputs.

Key Insights

• Fee Context: The transaction paid a relatively low fee of 415 satoshis. Considering its size and the fee market dynamics, its fee isn't exceptionally high but is notable for the OP_RETURN's inclusion, which typically might warrant higher fees due to the extra data stored.

• Output Behavior: Despite being a simple transaction structure, the presence of an OP_RETURN suggests some form of data storage or message, which is uncommon in straightforward P2WPKH transactions. This distinguishes it by illustrating potential use cases beyond mere transfers.

• Input and Output Comparison: The input sum is 14,021 satoshis, and outputs total 13,606 satoshis, indicating a small change output. The fact that the output total is close to the input value and that there are two outputs can imply a typical paying-to-self structure, which is a common pattern in transactions that use both P2WPKH and OP_RETURN.

Notable Aspects

• Historical Context: Transactions that incorporate OP_RETURN have implications for blockchain data storage and can reveal trends in how users interact with the Bitcoin protocol. This transaction can be a reference point for studying the evolving use of Bitcoin beyond currency, highlighting its potential for decentralized information systems.

• Privacy Dynamics: The lack of CoinJoin or other privacy techniques indicates this transaction does not prioritize anonymity, which is an essential consideration for users opting for P2WPKH transactions.

In summary, this transaction illustrates a functional approach to storing data on the Bitcoin blockchain alongside transferring value, providing a glimpse into user behavior and the evolving applications of Bitcoin's scripting capabilities.