BSV Breaks World Record for Mining Biggest Blocks at 1GB
On August 7, 2021 at 12:02 p.m. (UTC), block height 299698 containing 999,746,183 bytes, became the biggest block mined on the BSV main network, breaking its own world record for the biggest block mined on a public blockchain. This marks the third time that a 1GB block has been mined on the BSV mainnet, and also the third time the world record has been broken in just a span of two days.
Block height 699097 was the first 1GB block mined on August 6 that contains 11,785 transactions that broke the 638MB world record also mined on the BSV network, while block height 699154 contains 10,136 transactions, a substantial number of which are image files from MetaID users. The former has earned 5.03489686 BSV in transaction fees, while the latter has made a profit of 5.09 BSV, on top of the 6.25 BSV coins given as block rewards.
Since block rewards are halved every four years, it would not be sustainable for miners to rely solely on block rewards in the future. Hence, it is necessary to keep on scaling to increase block sizes for miners so they can hold more transactions. In this way, miners can increase profitability through transaction fees.
“The 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 second record-breaking 1GB block stated.
This unique capability of the BSV blockchain for unbounded scaling allows for its default block cap size to have no limit, as “the network dynamically adjusts the size of each block in response to market demand.” Big blocks, coupled with high throughput rates at super low fees, allow for the BSV blockchain to increase its utility for many different industries, such as healthcare, banking and finance, government, information technology and supply chain management, to name just a few.
I’ve never seen #BTC people as scared as they are today, of #BSV, in three years of paying close attention.Why?
Because $BTC has no pathway to sustain hashrate from here besides pumping the price, and U.S. politics threatens that.
Enter $BSV with increasing block size… pic.twitter.com/m6Ff6wVzj3
— 𝐌𝐢𝐡𝐚𝐢 (@presentlyMihai) AUGUST 10, 2021
The current average per transaction fee of BSV is only at $0. 014, and it is expected to even be lowered when the Teranode project is released later this year, which will increase network capacity to over 50,000 transactions per second (tps). Compare this to BTC’s 7 tps at an average fee of $2.3 and ETH’s 30 tps at $17.23, and the practicality of the BSV blockchain is more than obvious. Because BSV has proven to be practical and useful across many different platforms and industries, its sustainability is ensured and is considered to be green technology.
“The topic of sustainability, I suppose, is a question of the balance between the cost of something and the benefit it provides. And the fundamental unit of utility and benefit in Bitcoin, I guess, is the transaction. So there’s a lot of talk about the energy cost of Bitcoin per transaction. When you increase the transaction rate by a factor of 50,000 without actually increasing the energy consumption of the entire network, you’ve essentially dropped the per transaction cost by that same factor. And you know, 50,000 is just the starting point, we’re talking about millions, billions of transactions per second,” leading blockchain solutions provider nChain CTO Steve Shadders explained during the last CoinGeek Conference.
