News by Coingeek: Noah Bradley
The Bitcoin SV (BSV) blockchain saw an unofficial stress test at the end of September that proved once again the network’s strength. In an event designed to gauge how much data could be managed in a given 24-hour period, BSV supporters completed their endeavor with outstanding results, seeing blocks that routinely surpassed 100 megabytes (MB). This is consistent with the blockchain’s goal of offering a network that can handle block sizes needed to compete with conventional payment solutions such as Visa or MasterCard. Soon after, the BSV blockchain made history, becoming the first to ever record a block that contained over 1.5 million transactions.
The test produced a number of blocks over 100MB in size (139 MB, 128MB, 119MB, 102MB), and many other significant size blocks. Prior stress tests have shown bigger blocks (for example, an August 3 stress test from China produced a 210MB block with over 800,000 transactions and a 150MB block with over 700,000 transactions). But the September 30 stress test showed again that it is no longer unusual to see big blocks of over 100MB in size mined on BSV. This is much, much more than the 1 MB blocks on BTC, and the 32MB block cap on BCH. [In fact, it has become recently apparent that some BCH mining pools still set their block caps much lower than 32MB, such as at 2MB, and there are conflicts now between the BCH community about the block cap].
This advanced capability is reportedly beginning to attract more attention from miners. CoinGeek and SV Pool are already established BSV miners, but other entities, such as OKEx, ViaBTC, ProHashing, Mining-Dutch and Poolin, have also joined.
The reason for this is simple – miners are going to be able to make more money going forward with their BSV mining operations. Nguyen explains, “When the block reward fixed subsidy amount halves again in May 2020 (from 12.5 coins to 6.25 coins), miners need to earn more in transaction fees to remain profitable. This will become even more important in 2024, when the block reward halves another time to 3.125 coins, and so forth. Satoshi’s economic design for Bitcoin requires blocks to scale much bigger to fit large volumes of transactions, so miners in the future earn more in transaction fees to compensate for the lower block reward fixed subsidy amounts. We are explaining this important message to miners.”
The 1.5 million transaction block was pointed out by Future Bitcoin on Twitter, providing a link to the record-setting activity on the Satoshi.io block explorer. It took place on October 6 and covered a total of 1,526,001 transactions. The fee for handling over 1.5 million transactions? Just $495.5, or an average of just $0.000324 per transaction.