Ocean Introduces Block Template Selection: Empowering Miners with Choices

In a recent update, OCEAN Mining has rolled out an exciting feature for miners, allowing them to have more control over their mining experience. Miners can now individually select from a range of different block templates to work with. Here are the three template options currently available:

OCEAN Knots Template:

This default option filters out inscription transactions and imposes an additional limitation of 42 bytes on transactions using OP_RETURN.

Bitcoin Core with Ordisrespector Patch:

This template, patched with the Ordisrespector update, also filters out inscription transactions, providing an alternative for miners.

Default Bitcoin Core Template:

For miners who prefer minimal transaction filters, this template is available, offering a more open approach to mining.

This new feature is a significant step towards OCEAN Mining’s ultimate goal of enabling Stratum v2, allowing miners to craft their own block templates while participating in the mining pool. However, there’s a catch. Miners using either the default Knots template or the Bitcoin Core + Ordisrepsector patch will continue to benefit from the promotional 0% pool fee. On the other hand, miners choosing the default Bitcoin Core template will incur a 2% pool fee on their contributions.

OCEAN’s decision to implement transaction filtering initially faced criticism, especially after the delayed announcement of this policy following the pool’s launch. The introduction of the template selection option is a response to this backlash. It’s important to note that OCEAN maintains its stance that inscriptions and certain transaction types can have a negative impact on the Bitcoin network, hence the 2% fee on Core templates.

Ultimately, the choice of template and its economic implications lie in the hands of OCEAN’s users. From an economic perspective, selecting the Bitcoin Core default template may seem like the rational choice, as it can potentially generate the highest revenue from block production. However, the 2% fee attached to this template complicates the decision-making process. If OCEAN’s fee for Core templates surpasses the difference in profitability compared to other templates, the decision becomes less straightforward.

In the end, miners themselves will be the decision-makers, driven by their economic interests and ideologies. OCEAN’s aim has always been to empower miners to make choices that align with their preferences and goals.