2GB Block Mined on BSV Network, Breaking World Record for Largest Block
Five 1GB blocks have been mined on the BSV blockchain starting, with each setting a world record for the largest block mined on a network. After just 10 days, a new world record has again been set with a 2GB block mined on the BSV network on August 16, 2021, at 15:20:11 (UTC). The 2GB block is number 700606, which contains 1,999,941,397 bytes of data.
The record-breaking block has given the BSV miner a profit of 10 BSV coins in transaction fees in addition to the fixed block subsidy of 6.25 coins. The revenue from transaction fees alone is 160% more than the fixed subsid. This signifies a shift in miners depending on transaction fees for profit, rather than just the fixed block subsidy, which is halved every four years.
The last halving occurred in 2020, and the fixed block subsidy was reduced to just 6.25 coins from 12.5 coins. The next halving in 2024 will further decrease it to just 3.125 coins, making it increasingly difficult for miners who rely on the fixed block subsidy to profit. However, as blocks continue to increase in size, more transactions can be processed in one block. This means a more substantial income in transaction fees, which then translates to the sustainability of BSV mining.
Block 700606 – 1,999,941,397 bytes
10.00 transaction fees +
6.25 fixed subsidy =
16.25 BSV total block reward
— Jimmy Nguyen (@JimmyWinSV) August 16, 2021
The BSV blockchain is unique in that it has the capacity for unbounded scaling, which accounts for miners being able to increase their hard caps to meet market demands. And this is what BSV miners with the majority of current hash power, led by enterprise blockchain transaction processor TAAL Distributed Information Technologies, have done by stating their intention to increase their hard cap to 2GB by August 13. Other BSV miners have also followed suit.
“After years of watching Bitcoin crippled on the BTC network, we are thrilled to see BSV finally take Satoshi Nakamoto’s vision to the next level with the recent wave of gigabyte size blocks. The new world record 2GB block and its substantial proportion of transaction fees demonstrate that the future lies in a blockchain that can meet users’ demand for greater data capacity and miners’ need to generate greater fee revenue. That future is BSV, which is supporting real utility and real value, just as Satoshi always intended,” Jimmy Nguyen, founding president of Bitcoin Association, the Switzerland-based non-profit global industry organization pushing for the enterprise adoption of the BSV blockchain, said.
“Over on the BTC network, it took years of Bitcoin scaling battles to get nowhere and remain restricted at tiny 1-megabyte blocks that can handle at most seven transactions per second. But on BSV, it took less than a week for miners to see value in opening the door to 2GB blocks. While this sounds big, we’re really just getting started on our journey towards terabyte—1 million megabyte-size blocks—so that BSV can process millions of payment and data transactions per second, and support the global population along with our one world Internet,” BSV Technical Standards Committee Chair and nChain CTO Steve Shadders added.
By restoring the original Bitcoin protocol as close as possible to the Bitcoin white paper written by Satoshi Nakamoto, the BSV network has been able to unleash unbounded scaling, which has always been reiterated by Nakamoto as crucial for the survival of Bitcoin.
The momentous event of a 2GB block being mined on the BSV blockchain has proven that scaling works and is key to the profitability of BSV mining when future halvings will continue to reduce the fixed block subsidy.
–By Makkie Maclang