The myth of “not full” blocks
I’m going to take a break from addressing objections to raising the maximum block size because in discussions I’m seeing people claim that “blocks aren’t full” or “we don’t yet have a functioning fee market.”
It is true that not every single block is one-megabyte big. But it is not entirely true that “blocks aren’t full” – many blocks are full, either because miners are deciding to create blocks smaller than one megabyte or because sometimes it takes a long time to find a block. Here is a graph I created (from Jameson Lopp’s excellent statoshi.info website) showing the memory pool– transactions waiting to be confirmed– over time:
Every peak on that graph corresponds to a block being found, and you can see that many blocks don’t clear out the memory pool.
The biggest triangle on that graph, near the beginning, has a peak of about 4,500 transactions waiting to be confirmed. Near the
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