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Priority = Sum (Value of input * Input Age) / Transaction Size In the equation above, the value of an input is measured in the base unit, satoshis (1/100m of a bitcoin). The age of a UTXO is the number of blocks that have elapsed since the UTXO was recorded on the blockchain, measuring how many blocks “deep” into the blockchain it is. The size of the transaction is measured in bytes. For a transaction to be considered “high priority” its priority must be greater than 57,600,000, which corresponds to one bitcoin (100m satoshis), aged one day (144 blocks) in a transaction of 250 bytes total size. High Priority > 100,000,000 satoshis * 144 blocks / 250 bytes = 57,600,000 The first 50 kilobytes of transaction space in a block are set aside for high priority transactions. Jing’s node will fill the first 50 kilobytes, prioritizing the highest priority transactions first, regardless of fee. This allows high-priority transactions to be pro‐ cessed even if they carry zero fees. Jing’s mining node then fills the rest of the block up to the maximum block size (MAX_BLOCK_SIZE in the code), with transactions that carry at least the minimum fee, prioritizing those with the highest fee per kilobyte of transaction. If there is any space remaining in the block, Jing’s mining node may choose to fill it with no-fee transactions. Some miners choose to mine transactions without fees on a best- effort basis. Other miners may choose to ignore transactions without fees. Any transactions left in the memory pool, after the block is filled, will remain in the pool for inclusion in the next block. As transactions remain in the memory pool, their inputs “age”, as the UTXO they spend get deeper into the blockchain with new blocks added on top. Since a transaction’s priority depends on the age of its inputs, transactions remaining in the pool will age and therefore increase in priority. Eventually a transaction without fees may reach a high enough priority to be included in the block for free. Bitcoin transactions do not have an expiration time-out. A transaction that is valid now will be valid in perpetuity. However, if a transaction is only propagated across the net‐ work once it will persist only as long as it is held in a mining node memory pool. When a mining node is restarted, its memory pool is wiped clear, as it is a transient non- persistent form of storage. While a valid transaction may have been propagated across the network, if it is not executed it may eventually not reside in the memory pool of any miner. Wallet software are expected to retransmit such transactions or reconstruct them with higher fees if they are not successfully executed within a reasonable amount of time. When Jing’s node aggregates all the transactions from the memory pool, the new can‐ didate block has 418 transactions with total transaction fees of 0.09094928 bitcoin. You can see this block in the blockchain using the Bitcoin Core client command line inter‐ face: Aggregating Transactions into Blocks | 185PDF Image | Mastering Bitcoin
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