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A monstrous 369 MB block was processed in Bitcoin SV

May 20, 2020

Blockchain service providers TAAL has processed the largest block in Bitcoin SV to date: 369 MB in size and with 1.3 million transactions.

TAAL announced the milestone on Twitter. The block is an order of magnitude larger than anything currently available in Bitcoin (BTC) or Bitcoin Cash (BCH).

Jerry Chan, CEO of TAAL, said this to Cointelegraph Transactions were mainly processed by users of a Chinese app who were competing with each other See who can create more transactions in a contest to test the network’s transaction capabilities.

A monstrous 369 MB block was processed in Bitcoin SV
A monstrous 369 MB block was processed in Bitcoin SV

A block follows On May 13, 1.1 million transactions were processed.

Development-oriented

According to ChanAlthough groups like TAAL are active in the mining industry, they also focus on transaction processing to develop the necessary infrastructure so that the BSV network can thrive.

“”We want to encourage the generation of more transactions … So we focus more on the transaction volume and not necessarily on the number of blocks, “said the CEO. He argued this Bitcoin has an artificial block size limit and that eventually “it would come to the point where blocks would no longer be produced.”

“”We are happy to carry out as many transactions as we need until it’s worth printing on a pad, “Chan added.

Chan expects transaction volumes to increase from time to time if processors can hold them “until it’s worth packing them into a large block.” In contrast to the BTC network, BSV can continue to work with such a high volume without any significant overloadsaid.

The percentage of miners’ revenue from fees is currently low for BSV. According to Messari, a cryptocurrency analysis website, transaction fees for BSV on May 19 were only $ 271, while those for BTC were $ 960,928.

The minimum commission rate in the open BSV network is 0.5 Satoshis / byte, with the possibility of negotiating an even cheaper tariff.

Complete more blocks than BSV as BTC?

Cointelegraph reported this Some crypto miners could switch from the BTC network to currencies like BSV and BCH after halving. The hash rate rose from 1.1 EH / s before halving to 2.15 EH / s on May 16, when the BSV block of 1.3 million transactions was reduced.