Bitcoin transaction processing stats

[davejh]

I've not had chance to publish much new data on the state of the Bitcoin network for a few months, but I've finally had time to look at transaction processing. The first article looks at how many transactions the network can really handle (spoiler: it's not 7, it's more like 3.5 or less and has been steadily dropping with time). The second looks at the statistics associated with block confirmations and why transactions will never confirm much quicker than they do no. It also looks at the impact of congestion on block confirmation times, and how fees have almost no impact on mining decisions right now but are set to have a much more interesting impact over the next few months as the network becomes more congested:

http://hashingit.com/analysis/33-7-transactions-per-second
http://hashingit.com/analysis/34-bitcoin-traffic-bulletin

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[goozman96]

Looks like you've spent a good amount of time writing these articles. I commend you for that. Very helpful information.

[davejh]

Looks like you've spent a good amount of time writing these articles. I commend you for that. Very helpful information.

Thanks :-) I like to try understand how things really work. Some of these only take 3 or 4 hours to write, but a few take several days. The ones with MC simulations tend to take more like a week because the simulations take about 10 hours to run.

I've just posted another one with an assessment of transaction fees and the cost of transactions to the network:

http://hashingit.com/analysis/35-the-future-of-bitcoin-transaction-fees