Post
Topic
Board Bitcoin Discussion
Re: Potential mining ban in China, effects on market?
by
warboat
on 15/11/2017, 01:44:14 UTC
Bitcoin MYTHs

1. mempool backlog is INDEPENDENT of hashing power.
Stop thinking the unconfirmed backlog is due to hashrate. 1% of current hashpower can mine 100 times the current mempool backlog. The bottleneck is totally due to blocksize bandwidth. Every 10mins, there is only x number of transactions that can fit, so it does not matter how much hashpower is involved.
It's like you have a robot that can solve 10,000 rubics cubes an hour but you only supply 100 scrambled rubics cubes per hour to the robot. The rest sits in mempool dumpster scrambled and waiting to get thru that 100cube an hour limit. This limit in bitcoin is the blocksize limit.
There is adaptive algorithm to change difficulty every couple thousand blocks to cater for any change in mining power.