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PostPosted: Thu Jul 12, 2018 9:36 am 

Joined: Wed Jan 17, 2018 7:05 am
Posts: 29
How Can We Stop cryptocurrency Miners From Creating Zero Transaction Blocks?

PostPosted: Thu Jul 12, 2018 12:59 pm 

Joined: Wed Jan 17, 2018 7:28 am
Posts: 29
When you successfully create new blocks on a blockchain you are mining cryptocurrency. Every block on the blockchain will have list of transactions which have taken place on the Bitcoin network since creation of the last block. The new blocks can be “mined” by miners who rightly guess the character sequence in codes which are known as “hashes”. For mining, you need specialized mining hardware. Bitcoin miners may also download software which lets them use their processing power to guess the strings. The miner that can solve the computational puzzle first gets the reward.

The main incentive for the miners to verify transactions is the fees which they get as a result of these transactions. When you implement a minimum number of such transactions in every block it is not very easy for the miner to create and verify transactions simply to go beyond the threshold. When the network grows, the rewards will automatically drop and the miners then get more and more dependent on the fees for paying their expenses. So, this issue of zero transaction blocks will eventually get resolved and miners can be stopped from creating these blocks.

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