Questions on: blocksize

The Bitcoin wiki page on scalability looks at what things would be like if transaction volume was similar to that of Visa. It states: Today the Bitcoin network is restricted to a sustained rate of 7 tps by some artificial limits. These were put in pl
Short answer: Yes, there's a limit but it depends on transaction size, not count. Basic summary of blocks Miners are incentivized to put as many transactions into a block as they can with fees. The more transactions, the more fees the miner collects,
The blocksize topic correlates directly with the current 7 transaction per second (TPS) ceiling Bitcoin has that was recently brought to light before US Congressional Testimony. https://en. bitcoin
The absolute limit is the size of the block, which is currently hard-coded at 1,000,000 bytes. Each transaction takes up a variable amount of space, but ~250 bytes is about right for a simple (one-input one-output) transaction. However as soon as a b
This post is (mostly) a theoretical curiosity, but a discussion last week at CITP during our new course on Bitcoin led us to realize that being an optimal Bitcoin miner is in fact NP-hard. NP-hardness is a complexity classification used in computer s
Why is this limit present? 1. To Maintain Consensus There has to be clearly defined rules about which blocks are valid and which are not for the network to agree. Obviously no node will accept a block that is 10 million terabytes, it would be near im
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The block size is the combination of the block header and the list of transactions. Specifically, the block header has these fields: version - 4 bytes previous block header hash - 32 bytes merkle root hash - 32 bytes time - 4 bytes nBits (encoded POW
The strongest arguments against dynamic blocksizes which can be determined by miner actions, is that they do not necessarily represent the interests of other participants such as users, node operators, or even all miners. If miners setting the blocks