Is there any relation between the number of transactions processes and the miners?

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Can someone tell me if there is any relation between the number of transactions that can be processed by the network and the number of miners in the network.. IF yes, what type of relation is it?? Also, is the number of ledger holding the transactions preset??
Apr 3, 2018 in Blockchain by Johnathon
• 9,080 points
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2 answers to this question.

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Best answer

the direct answer to your query is no.

There's absolutely no direct relation between the number of transactions and the number of miners required to create the blocks.

Why? The reason is simple: Blockchain is a chain, so only one block can be mined after the current block. So all miners compete to collect transactions from the memory pool, and put them on a block, and find the nonce of that block (do the mining). When the number of miners increase (or the hashing power increases), the protocol automatically increases the difficulty of mining to keep the block-time constant.

But then why is it necessary to have all these miners? It's for security. It's to protect against 51% attacks. A blockchain arbitrary rule is that a longer chain is always the right one. So an attacker can mine the blockchain faster than everyone else to erase transactions that he confirmed before. This is why higher hashing power is higher security (but is a waste of energy, too, leading to the PoS/PoW debates).

What about scaling? The only scaling that can be done on the blockchain is either by making the block-time less (like Litecoin does, by making it 2.5 minutes instead of 10 mintues as Bitcoin), or by increasing the block-size (like Bitcoin Cash did), or by doing something smart and dynamic instead of these dumm solutions (my opinion here, and we have to respect that all the former is legacy technology anyway), and do it like Cryptonote/Bytecoin/Monero, which increases the blocksize dynamically based on the number of transactions in the last 100 blocks.

answered Jun 19, 2018 by Perry
• 17,020 points

selected Aug 3, 2018 by Omkar
0 votes
No, there is no relation between these two.
answered Oct 12, 2018 by Surya

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