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Rounding up my understanding of the blockchain mechanism

Hey guys, beginner right here making an attempt to study. I realized the fundamentals of the bitcoin blockchain. The « blockchain 1.0 » as we name it. I do know {that a} block can maintain 2000-2700 transactions, common mining time in 2022, 10 minutes for a complete block, the one who solved the block will get rewarded with 6.25 BTC. Then, it created one other block, till ultimately we attain 21 tens of millions block. However there’s one factor I don’t perceive. If a block can maintain as much as 2000 ish transactions, and the variety of blocks are finite, it ought to theoretically imply that on the finish, no extra transactions ought to be capable to be saved. And that’s the place my query is available in. It could’t simply cease storing them. So, what occurs to a block after it’s mined? It could’t simply be that one other one is created. I assume a full block simply compresses its data to suit extra into them so the entire system just isn’t utterly ineffective at 21 million block?

So yeah, principally, what occurs to a block after being mined in addition to « creating one other one » ?

Edit: Made a mistake right here, its not 21M blocks however 21 tens of millions bitcoins, by 2140.

7 thoughts on “Rounding up my understanding of the blockchain mechanism”

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  2. > I know that a block can hold 2000-2700 transactions,

    This is incorrect. If we just focus for onchain transactions than the maximum amount of txs per block right now is 32,256 txs per block. This is without the scalability benefits of MAST which could add up to ~18% to this or **~38,062 max txs per block**

    Here is the math on that :

    4 bytes version

    1 byte input count


    36 bytes outpoint

    1 byte scriptSigLen (0x00)

    0 bytes scriptSig

    4 bytes sequence

    1 byte output count

    8 bytes value

    1 byte scriptPubKeyLen

    22 bytes scriptPubKey (0x0014{20-byte keyhash})

    4 bytes locktime

    >This sums up to a total of 82 bytes for the non-witness part. So with a total non-witness blocksize of 1 million bytes we get a maximum of 12195 transactions. Assuming that all spent outputs were P2WPKH the witness part for each transaction consists of two pushes: one for the signature and one for the pubkey. These are around 72 bytes and 33 bytes long, and each need a length prefix of 1 byte. Additionally there is 1 byte witness version. So the total witness size is 108 bytes. With 3 MB of space in the witness block left, this brings us to about 27777 witnesses per block. So the limiting factor is the space in the non-witness part of the block, so that’s the final number that we should consider.

    >Notice that I used the non-segwit serialization for the non-segwit part since that is what non-upgraded nodes will enfore. Notice also that this is an extreme example, since most transactions are not single-input-single-output. A corresponding non-segwit transaction would have a size of 192 bytes, which, together with the 1MB size limit brings us to 5208 transactions per block, **compared to 12195 max segwit transaction per block.**

    >The second part of your question regarding maximum UTXO in a block is rather easy. We’d like to amortize the overhead from the transaction structure, and maximize inputs + outputs. Since inputs are larger than outputs we will simple use a single input and compute the **maximum number of outputs that fits in a block which is 32256.** Since the outputs are non-segwit data, it also changes minimally from before the segwit activation (only the signature from the one input is moved to the segwit part). Therefore the maximum UTXO churn is 1 UTXO gets removed, 32256 get added. For comparison, without segwit the maximum number added was 32252. Notice that there may be other limits that I haven’t considered, but this definitely are the upper limits, and these limits are unlikely to have changed during the activation of segwit.

    **12195/600 = 20 TPS for 10 minute average blocks max**

    **32256/600 = 53.76 TPS for 10 minute average blocks max for maximum batching in a block**

    Of course you know as well as I do Blocks are often found quicker than 10 minutes so these TPS numbers are variable and sometimes it will be higher than this. Also this doesn’t include tx throughput on other layers which allows for millions of TPS.

  3. > one who solved the block gets rewarded with 6.25 BTC.

    Block reward is inflation + transaction fees. Right now tx fees collected per block is anywhere from 0.1 to 0.3 BTC per block these days so the total block reward is somewhere around 6.35 to 6.55 typically these days

    >Then, it created another block, until eventually we reach 21 millions block.

    FYI – Inflation ends near the year 2140

    >If a block can hold up to 2000 ish transactions,

    This is incorrect, and since Bitcoin is scaling in layers and over 99% of txs do not occur onchain than it can be a very misleading number to focus on with the max of ~38,062 txs per block

    >and the number of blocks are finite,

    Blocks will continue to be mined even once inflation stops.

    Total block reward = Inflation + transaction fees

    Where there is a slow transition as inflation drops in a controlled supply where more and more of the total reward is made up of transaction fees


    After 2140 all of the reward for miners to secure the network will be transaction fees but sending bitcoin will still be inexpensive because most transactions will occur on other layers like lightning and in aggregate settle onchain .

    >21 million block?

    There are not 21 million blocks , there are almost 21 million Bitcoin mined over 110-131 years , and new blocks will keep being created regardless of inflation stopping

  4. You did some research. Good. However, there are a few gaps in your knowlege. Firstly, there are 21 million bitcoins, not 21 million blocks. As long as there are transactions to process, the miners will keep making more and more blocks. Forever. They just add a new block to the chain every 10 minutes. Once a block is formed it is not compressed. It stays the same. Actually the whole security of Bitcoin depends on the fact that blocks never change once they are added to the chain.

  5. >” The « blockchain 1.0 … I know its just, a better blockchain but I reffered it with numbers

    Those projects that refer to “blockchain 2.0” or “blockchain 3.0” are typically scams and there is nothing more advanced about them at all. Its marketing to fool you into thinking they are “next generation” or more advanced. Or the people suggesting it are technically illiterate and just repeating the misleading propaganda they have been told.


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