Questions about Bitcoin Mining, Block Rewards & Chains

[Chawbdee]

Hey everyone,

I’m having some difficultly understanding a couple of things:

1. If each block only consists (as of currently) ~2000 transactions, that effectively means only ~30000 transactions are confirmed a day. This seems absolutely miniscule in comparison to the amount of transactions in the entire network and seems like the mempool would be a huge backlog.

With 30,000 transactions effectively confirmed and appended to the blockchain a day, how on earth are new transactions going to ever be confirmed - am I missing something here?

2. If my understanding is correct, the mining is somewhat dependent on luck. Is it possible for someone to setup a mining rig and NEVER arrive at the right target and mine a block due to other miners mining too quickly before them?

3. How does the network automatically reconcile different chains in the block? Isn’t it possible for people in different geographic regions to keep building upon separate chains?

I’m having some trouble wrapping my head around this concept. Especially with the limitations of # of transactions (or more accurately byte size) for each block.

Would love to discuss this in detail!

[Bhujanga]

Update: YCharts Daily TXs Bitcoin Blockchain
Regarding the blocksize, since the SegWit update a block can be up to 4 Megabytes. You can find historical bitcoin blockchain data for blocksize easily, just search for bitcoin blocksize:

Also, 144 blocks per day are expected to be mined:

The max amount of TXs per Block is 500:

Let’s do the Math:

144 * 500 = 72.000 TXs.
And I am pretty sure I do miss important data, as I only took 5 minutes for research.
So definitely the BitCoin Blockchain is able to confirm more than 30.000 TXs per day. I even think 72.000 is too low of a number.
Also note that, there are more than just one blockchain!
If we look at the Ethereum Blockchain, we will find data like this:

Hope this helps. Don’t hesitate to google around for blockchain data. It is very interesting and you will learn alot.

Interesting Read

[ZachariahCooper]

I totally understand the excitement that comes with the rise in crypto prices. It’s like a rollercoaster ride, and when those numbers start moving up, it’s hard not to feel a surge of happiness. Whether it’s Bitcoin, Dogecoin, Litecoin, or any other crypto, seeing even a small increase in their prices can bring a sense of satisfaction.