Here's a fun chart - UTXOs lying in unconsolidated coinbases by year. So this is coins that were mined and never moved. They are almost certainly not in circulation.


Same chart with 09/10 removed, so you can see the stranded coinbase outputs in later years. I know "virgin outputs" trade at a premium but I wonder if they can circulate without a chain impact. Fun to think about. Note how many are virgins in 2018!

@nic As long as a block generates fee income there is no such thing as a "virgin output/coinbase". The txs in the block paid a virtual output to the coinbase in the form of the miners' fee. So while block explorers, by convention, do not display the fee as a real output, it's there and its linkability to inputs and weight within the coinbase can be calculated. #OXT

@samouraidev @nic I think the reason generation txes could be extra valuable is because any device capable of performing SHA256 on 80 bytes could've generated them, so they come from a huge anonymity set (unless the miner self-doxes, as they so commonly do).

I think being able to trace tx fees through a new block is only useful if miners are including private non-broadcast txes in their blocks or if people are creating mutated tracer txes for targeting miner nodes.

@harding @samouraidev @nic what do you mean by ‘mutated tracer transaction’, can you give an example of what that would look like? Sending different versions of the same transaction directly to known miner nodes to see which one is included in a new block?

@htimsxela @nic @samouraidev Exactly, you got it. :-) You can connect to every different listening node on the network and simultaneously send each one a different version of the same transaction to see which one ends up in a block, therefore associating that node with that miner.

@samouraidev @nic if a miner decides to only claim the base reward and burn an amount equivalent to the fees it would have collected, would it make the coins more pristine? or would the taint still be present?

@alc @nic Yes, I was only referring to blocks with fees included in the coinbase output. Not to theoretical blocks w/ burned fees or very early blocks with 0 fees.

@samouraidev @alc @nic Empty blocks are being generated by Antpool still. But maybe, it is not about privacy

@nic Some "push back" against this idea that coinbase are more valuable is required as it is a threat to the belief that 1 BTC == 1 BTC. #fungibility

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