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