Add block template selection option to Ocean

OCEAN Mining has released a full software update that allows miners to individually select from a different set of block templates to mine. Miners currently have three templates to choose from:

• The default OCEAN Knots template that filters out all inscription transactions and applies an additional OP_RETURN limit of up to 42 bytes to transactions that use OP_RETURN.
• Bitcoin Core patched with Ordisrespecor update filters out inscription transactions.
• It is a basic Bitcoin Core template that does not implement any additional transaction filters.

This new option is a stepping stone towards our ultimate goal of enabling Stratum v2 so that all miners using the pool can configure their desired block template while mining using the pool. But there’s a problem. For all miners using the default Knots template or the Bitcoin Core + Ordisrepsector patch, OCEAN will continue to apply a 0% promotional fee from launch. However, for miners who choose to utilize the default Bitcoin Core template, a 2% pool fee will be added to their pool contributions.

OCEAN’s decision to implement transaction filtering was not a popular choice. This shows that there was a huge backlash after the official launch of the pool and the delay in announcing this policy. This new template selection option is a response to this backlash, but it does not mean abandoning the stance that inscriptions and other transaction classes are detrimental to the Bitcoin network. They are applying a 2% fee to templates created on Core to act as a deterrent for users to select that template, which they believe has a negative impact on the network as a whole.

Ultimately, it is up to OCEAN users to decide what comes out. An economically sensible way would be for everyone mining using OCEAN to choose the Bitcoin Core default template. This is because this will be the template that generates the most revenue generated from block creation. But on the other hand, a 2% fee applies to that template and not to other templates. If the fee charged by OCEAN for using the Core template is greater than the difference in profitability between the Core template and the other templates, the answer to the question of which is more economically profitable is not so simple.

But ultimately, the miners themselves will be the final decision makers, depending on their economic and ideological incentives. This is the goal ultimately set by OCEAN. This means putting decision-making back in the hands of the miners themselves.