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Date: Wed, 5 Aug 2015 19:51:03 -0400
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From: Gavin Andresen <gavinandresen@gmail.com>
To: =?UTF-8?B?Sm9yZ2UgVGltw7Nu?= <jtimon@jtimon.cc>
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Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Superluminal communication and the consensus
 block size limit
Precedence: list

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On Wed, Aug 5, 2015 at 7:24 PM, Jorge Tim=C3=B3n <
bitcoin-dev@lists.linuxfoundation.org> wrote:

> Miner A is able to process 100 M tx/block while miner B is only able
> to process 10 M tx/block.
>
> Will miner B be able to maintain itself competitive against miner B?
>
> The answer is: it depends on the consensus maximum block size.
>

No, it depends on all of the variables that go into the mining
profitability equation.

Does miner B have access to cheaper electricity than miner A?
Access to more advanced mining hardware, sooner?
Ability to use excess heat generated from mining productively?
Access to inexpensive labor to oversee their operations?
Access to inexpensive capital to finance investment in hardware?

The number of fee-paying transactions a miner can profitably include in
their blocks will certainly eventually be part of that equation (it is
insignificant today), and that's fantastic-- we WANT miners to include lots
of transactions in their blocks.

--=20
--
Gavin Andresen

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<div dir=3D"ltr"><div class=3D"gmail_extra"><div class=3D"gmail_quote">On W=
ed, Aug 5, 2015 at 7:24 PM, Jorge Tim=C3=B3n <span dir=3D"ltr">&lt;<a href=
=3D"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_blank">bitcoin=
-dev@lists.linuxfoundation.org</a>&gt;</span> wrote:<br><blockquote class=
=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padd=
ing-left:1ex">Miner A is able to process 100 M tx/block while miner B is on=
ly able<br>
to process 10 M tx/block.<br>
<br>
Will miner B be able to maintain itself competitive against miner B?<br>
<br>
The answer is: it depends on the consensus maximum block size.<br></blockqu=
ote><div>=C2=A0</div></div>No, it depends on all of the variables that go i=
nto the mining profitability equation.</div><div class=3D"gmail_extra"><br>=
</div><div class=3D"gmail_extra">Does miner B have access to cheaper electr=
icity than miner A?</div><div class=3D"gmail_extra">Access to more advanced=
 mining hardware, sooner?</div><div class=3D"gmail_extra">Ability to use ex=
cess heat generated from mining productively?</div><div class=3D"gmail_extr=
a">Access to inexpensive labor to oversee their operations?</div><div class=
=3D"gmail_extra">Access to inexpensive capital to finance investment in har=
dware?</div><div class=3D"gmail_extra"><br></div><div class=3D"gmail_extra"=
>The number of fee-paying transactions a miner can profitably include in th=
eir blocks will certainly eventually be part of that equation (it is insign=
ificant today), and that&#39;s fantastic-- we WANT miners to include lots o=
f transactions in their blocks.<br clear=3D"all"><div><br></div>-- <br><div=
 class=3D"gmail_signature">--<br>Gavin Andresen<br></div><div class=3D"gmai=
l_signature"><br></div>
</div></div>

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