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Author Topic: What are the effects of lowering the average Bitcoin block confirmation time?  (Read 194 times)
Dunamisx
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May 13, 2023, 10:31:11 AM
 #21

Apart from the purging of low fee transactions from the mempool, would reducing the average block confirmation time help clear up the mempool and try to keep the average transaction fees lower?

Yes this may be may possible but consider the consequences that may follows.
1. Global hash rate may have to reduced drastically as well

2. Bitcoin mining difficulty might have to increase as well in same direction

3. Miners will suffer the cost because they won't have the bigger opportunity to incentivise for more profits

4. The average block confirmation time is likely to increase or decrease from the 10minutes average confirmation time.

Do you think such a thing can be implemented in the current situation where Ordinals are messing up the network big time?

I don't think so, they would rather maybe think of lifting ordinals transactions off the blockchain to layer 2



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May 13, 2023, 10:38:17 AM
 #22

Implementing a lower Bitcoin block average confirmation time in the current situation with the existence of Ordinal causing major disruptions to the network may not be ideal. Once security issues are resolved, decreasing block confirmation times can help reduce bottlenecks in the mempool and provide faster confirmation times for transactions, which can improve user experience and Bitcoin adoption. There are also negative effects to consider such as the risk of a blockchain fork that could reduce the security of the Bitcoin network. In addition, decreasing block confirmation times can increase completion at nodes, making it more difficult for smaller nodes to participate in the network as well as causing the cancellation of the overall mining imbalance. and potentially lower miner penetration in the network.

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