It’s only going to happen more When you really try to nail down what makes a cryptocurrency like Bitcoin really Bitcoin, the more technical you get, the closer you get to discussing block size. A block is really a set of data, and for Bitcoin BTC they’re mostly related to transactions.
Bitcoin miners are really in the business of adding blocks of information about transactions to a database known as a public ledger. In the end, that public ledger is really just a series of blocks that have been chained together to provide a complete and demonstrated history of transactions.
They’re only every really ‘processed’ when the blocks storing their details have been mined. But the block size is really more of an upper-limit to the amount of data allowed to be stored in each block.
More data means more transactions to be added to the ledger at once. It also means more computing power required to mine that block onto the chain – because, well, it’s more data.
Just like it takes longer to send a high-quality GIF, it similarly takes longer to mine a block that’s bigger. This problem was especially felt at peak Bitcoin hyper-mania at the end of last year, when more than 200,000 transactions were sitting unconfirmed – miners inundated with 1MB blocks packed tight with data. Read more from thenextweb.com…
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