The BSV network has once again broken the world record for biggest block mined on a public blockchain with a 2GB block mined on August 16, 2021, at 15:20:11 (UTC). Block height 700606, which contains 1,999,941,397 bytes of data broke the previous world record also mined on the BSV blockchain. It has been just 10 days since five 1GB blocks have been mined on the BSV blockchain, each breaking the previous and setting a new world record.
The BSV network is unique in its unbounded scaling capability, meaning block size caps can be increased to meet market needs. With user demand rising on the BSV mainnet, Canada-based enterprise blockchain transaction processor TAAL Distributed Information Technologies has led miners who represent the majority of current hash power on the BSV network to increase their hard cap to 2GB by August 13. The 2GB block has earned the miner 10 BSV coins on top of the fixed block subsidy of 6.25 coins, for a total of 16.25 coins, which is 160% more revenue than when a miner relies solely on the 6.25 newly minted coins. This illustrates how BSV miners can sustain their businesses by earning revenues through transaction fees and not relying only on the fixed block subsidy that is halved every four years. The last halving happened in 2020, and the fixed block subsidy was reduced from 12.5 coins to the current 6.25 coins.
“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,” Bitcoin Association Founding President Jimmy Nguyen commented. Having bigger blocks means more transactions in one block, which then equates to a larger total in transaction fees, making BSV mining for sustainable for miners. Unbounded scaling also means the BSV blockchain has the biggest data capacity than most blockchains. It is something that Bitcoin creator Satoshi Nakamoto, known in the real world as nChain Chief Scientist Dr. Craig S. Wright, has reiterated as integral to the survival of Bitcoin. After two splits in the Bitcoin community, BSV was founded as the rebirth of the original Bitcoin that is committed to being true to the white paper written by Wright.
“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 7 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,” nChain CTO and BSV Technical Standards Committee Chair Steve Shadders explained. Unbounded scaling is coupled with extremely high throughput that not many blockchains can offer. With the release of the Teranode project later this year, the network’s capacity will go over 50,000 instant transactions per second (tps), which not only will rival that of the VISA network, but also far exceeds popular digital currencies’ throughput—ETH is only at 30 tps, BCH at 116 tps and XRP at 1,500 tps. And as Shadders said, 2GB blocks and 50,000 tps are just the beginning.