On August 6, two 1GB blocks have been mined on the BSV mainnet, and then another one on August 7. This makes three 1GB blocks mined on the BSV network, with each breaking the previous world record, making it the third time the world record was broken in just two days.
The previous world record set on March 2021 that was also held by BSV has been 639MB, which was broken on August 6 by an unknown miner with block height 699097 containing 999,743,208 bytes of data with 11,785 transactions.
This was broken less than 10 hours later by enterprise blockchain transaction processor TAAL Distributed Information Technologies with its block 699154 that contains 999,959,302 bytes of data comprising of 10,136 transactions that includes a substantial amount of image files.
While the first 1GB block has earned 5.03489686 BSV in transaction fees, the second one has created a profit of 5.09 BSV—both on top of the 6.25 BSV coins that serve as block rewards and given every time a block is added onto the blockchain.
The third 1GB block has been recorded on August 7, just less than 24 hours after the second biggest block was mined that contains a total of 999,746,183 bytes of data.
substantial proportion of transaction fees generated by the record block
reflects a trend that is important for the Bitcoin mining and transaction processing sector
to remain profitable in the future. With the fixed subsidy amount per block
halved approximately every four years (in the block reward halving events),
miners must earn more in transaction fees to compensate for the increasingly
lower fixed subsidy portion of the block reward,” the press release announcing
the record-breaking 1GB blocks stated.
These three succeeding 1GB blocks are undeniable proof of the BSV blockchain’s sustainability and utility. BSV has maintained since its inception that scaling is the key for Bitcoin to remain relevant and practical. In 2017 and 2018, BSV separated from BTC and BCH when they refused to scale and continued to alter the original Bitcoin protocol—something that is supposed to be fixed.
release of the Genesis Upgrade on February 2020, the BSV network has managed to
successfully restore the original Bitcoin protocol, setting it in stone and
unleashing the network’s capacity for unbounded scalability. The Teranode project, which is scheduled for release
sometime this year, will also increase the network’s capacity to be able to
handle 50,000 instant transactions per second. And this is just the beginning.
As the network scales, the number can reach up to millions and even billions of
transactions per second.
ability to scale without any limits allows for businesses from all kinds of
industries to build a variety of applications and platforms on the BSV
blockchain without them having to worry about the blockchain not being able to
handle the massive amount of data being generated on a daily basis is unique to
BSV. Couple this with high throughput and most probably the lowest transaction
fees out there, ensure BSV’s utility and practicality.
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Written by: Makkie Maclang
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