Bitcoin SV sets a new record as it has become the first public blockchain to mine a 2 Gigabyte block for a total block reward of 16.25 coins to the winning miner. In comparison, the BTC network is limited to 1MB block.
According to a press release by Bitcoin Association, the Switzerland-based global industry organization taking care of Bitcoin SV (BSV) blockchain and digital currency, on Wednesday, August 18, Bitcoin Satoshi Vision (BSV) set a new record at “block height 700606 on August 16, 2021, at 15:20:11 (UTC), containing 1,999,941,397 bytes of data.”
According to the release, with user demand on the BSV mainnet growing, TAAL Distributed Information Technologies, a public company listed on the Canadian Securities Exchange that represents the majority of current hash power on the BSV network, planned to raise their block size hard cap to 2 GB by August 13.
Other miners followed the lead and as a result, on August 16, a 1.247 GB block was mined on BSV at block height 700597. This was the first-ever mainnet Bitcoin block above 1 GB and provided 6.33 BSV in transaction fees which are higher than the fixed subsidy amount of 6.25 for the original Bitcoin blockchain. The total block reward was 12.58 BSV.
Less than two hours later, a new world record was set when a 2GB block was mined at block height 700606 that provided 10 BSV in transaction fees, adding 160% more than the fixed subsidy amount of 6.25 coins, for a total block reward of 16.25 coins to the miner.
On August 17, 1.737 GB was added to the blockchain at block number 700737, providing 8.69 coins in transaction fees and a total block reward of 14.94 BSV.
According to Bitcoin Association, apart from the growing demand for bigger blockchain capacity, these developments aim to keep mining profitable for miners as block rewards are decreasing with each Bitcoin halving.
With each halving, the block reward is decreasing and will eventually run out. Increasing transaction fees rewards will compensate for this decreasing block rewards and will keep mining a profitable business.
The announcement reads:
“Beyond its record-breaking size, the 2 GB block is notable for earning the winning miner substantially more in transaction fees than the current 6.25 coin ‘fixed subsidy’ amount of a Bitcoin block reward and shows how Bitcoin mining will remain profitable in the future by transitioning to ‘transaction processing.”
Bitcoin Association claims that the BSV network offers these capabilities at a high throughput rate of 50,000 TPS and a fee of less than 1/50th of a US cent.
Bitcoin Association Founding President Jimmy Nguyen said:
“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 2 GB 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.”
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