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This is an excerpt from the bitcoin white paper about bitcoin network and by extension mining written by the renowned founder Satoshi Nakamoto.
This is just straightforward question, can a miner decide which transaction to accept into a block and which to reject? And is there any consequence for rejecting a transaction? If this were possible what happens to the rejected transactions?
https://www.bitcoin.com/bitcoin.pdf
Quote
5. Network
The steps to run the network are as follows:
1) New transactions are broadcast to all nodes.
2) Each node collects new transactions into a block.
3) Each node works on finding a difficult proof-of-work for its block.
4) When a node finds a proof-of-work, it broadcasts the block to all nodes.
5) Nodes accept the block only if all transactions in it are valid and not already spent.
6) Nodes express their acceptance of the block by working on creating the next block in the
chain, using the hash of the accepted block as the previous hash.
The steps to run the network are as follows:
1) New transactions are broadcast to all nodes.
2) Each node collects new transactions into a block.
3) Each node works on finding a difficult proof-of-work for its block.
4) When a node finds a proof-of-work, it broadcasts the block to all nodes.
5) Nodes accept the block only if all transactions in it are valid and not already spent.
6) Nodes express their acceptance of the block by working on creating the next block in the
chain, using the hash of the accepted block as the previous hash.
This is just straightforward question, can a miner decide which transaction to accept into a block and which to reject? And is there any consequence for rejecting a transaction? If this were possible what happens to the rejected transactions?
https://www.bitcoin.com/bitcoin.pdf
Yes which means the top pools could reject all tx under 50 sats a byte
Thus forcing all tx to cost a shit ton of btc.
if the top five pools choose to act like Opec would do with oil prices you would be paying high tx fees all the time.
As a miner if this list is accurate
https://www.blockchain.com/explorer
Foundry USA--------31.613%
AntPool--------------20.000%
F2Pool---------------15.484%
Binance Pool-------- 8.548%
ViaBTC-------------- 7.903%
the top pools make over 83% of the blocks
As of 12noon today they could all reject any tx under 50 sats a byte
this would result in tx fees going up bigly
and as a miner I would not switch from them as I would be earning more money and moving to the lessor pools would mean lower fees and slow block earning as 17% of the hash is not very many blocks.
The only thing that could help would be very robust LN network.
