The article explores transaction prioritization norms within Bitcoin mining, revealing that while most miners adhere to these norms focused on maximizing fee rates, clear deviations exist. The study identifies three transaction typesâself-interest, unique feature transactions, and time-sensitive transactionsâthat motivate miners to diverge from these norms. By examining these behaviors, the article aims to enhance our understanding of transaction prioritization and the implications for decentralized governance and blockchain transparency. Ultimately, this analysis presents challenges and opportunities for optimizing blockchain frameworks.
Despite the general adherence to transaction prioritization norms among Bitcoin miners, numerous instances of norm violations persist, prompting us to explore miners' motivations behind these deviations.
Our study identifies three specific transaction typesâself-interest transactions, those with unique features, and time-sensitive transactionsâwhere miners may have incentives to deviate from fee-based prioritization norms.
The overarching goal is to develop a more profound understanding of how various incentivized behaviors impact transaction prioritization and the corresponding governance dynamics within blockchain networks.
We conclude our analysis with the observation that deviations from established transaction prioritization norms can both challenge and enhance the transparency of the blockchain ecosystem.
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