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  1. I have read that full nodes run all the contracts(several thousands) to verify them so aren't they using too much energy (and also thus spending money) to verify each and every contract that is requested on the network.
  2. Since there are too many contracts and also requests coming for them can it be the case that request for a contract take minutes or hours to be performed by the mining nodes?

Sorry for asking such basic questions actually I am new to this stuff.

  • Could you elaborate on that? what do you mean by 'all'? And yes, 'all' of the contracts on the ethereum blockchain are verified. what do you mean by 'too many'? – Vignesh Karthikeyan Jun 7 '18 at 14:46
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What is verified are the transactions, that can happen between regular addresses and smart contract, so the number of things to be verified does not grow as the smart contracts, but with the number of transaction. Just the method call that change the state of the smart contracts are to be collected as a transaction, the "view" calls are executed just in the node you are connected and does not consume gas.

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Full nodes run all transactions. Each transaction may or may not invoke one or several smart contracts, but without transaction invoking it, smart contract cannot "run". So, the number of deployed smart contracts does not matter in terms of energy consumption. The number and complexity of transactions being executed is what really matters.

Currently, new block is mined every 13 seconds on average, block gas limit is about 8 million, and this limit is usually not fully utilized, and median wait time for a transaction is about 2 blocks.

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