The latest version of Bitcoin Core software has brought a lot of improvement in the performance of the Bitcoin network. Bitcoin Core version 0.12.1 was released earlier last month with lots of new features supporting scalability of Bitcoin network in the near future.
With Bitcoin companies gradually upgrading to the newer and updated versions of Bitcoin Core , there has been a significant decrease in the number of Orphan Blocks in the network. According to available data, the average number of Orphan Blocks created during the mining process has gone down to about 7 per month since the past few updates. The main reason for a reduction in the number of Orphan Blocks is attributed to faster block propagation, which is brought about by performance improvements within the peer to peer network.
For those who are new to the technical aspects of Bitcoin, the Orphan Block or a Stale Block is created when more than one miner discovers and solves the same block. Bitcoin is a decentralized open source digital currency protocol that runs on the processing power supplied by the miners connected to the network. These miners use mining hardware like Application Specific Integrated Circuits (ASICs) which generate and supply the processing power required to sustain the network. The processing power is used to solve complicated mathematical problems on the bitcoin network to discover and process a new block which will be added to the blockchain.
While processing a new block, the miners will also include records of bitcoin transactions happening over the network into the blockchain. they also confirm that the particular transaction hasn’t been made before. The miners are always in the process of discovering new blocks. The discovery of a new block will be rewarded by design, with freshly minted bitcoin. Most of the miners or mining pools […]
