New world record for 1 gigabyte blocks mined on Bitcoin SV blockchain

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ZUG, Switzerland August 6, 2021 Bitcoin Association, the Swiss-based global industry organization that works to advance business with the Bitcoin SV (BSV) blockchain and digital currency, today confirms that two 1-gigabyte (GB) blocks were successfully mined on the BSV network – the largest blocks ever mined on a public blockchain. The new world record was set at block height 699154 ​​on August 6, 2021 at 13:34 (UTC); the block contained 999,959,302 bytes of data and was extracted by TAAL Distributed Information Technologies – a public company listed on the Canadian Stock Exchange (CSE: TAAL).

This world record block is the second time the record has been broken quickly, following a block also earlier today at 04:04:11 (UTC) at 699097 containing 999 743 208 bytes of data (essentially 1 GB ). The current two GB size blocks exceed the previous record of 638 megabytes (MB), which was mined on March 14, 2021, also by TAAL Distributed Information Technologies.

TAAL’s 1GB block of world record contained 10,136 transactions, including a significant number of image files by users of MetaID, a blockchain-based identity protocol built on BSV. These transactions generated a total of 5.09 BSV in transaction fees, on top of the fixed grant of 6.25 coins awarded with each new Bitcoin block, bringing the total block reward generated from the registration block to 11.34 BSV.

The substantial proportion of transaction fees generated by the record block reflects a trend that is important for the Bitcoin mining and transaction processing industry to remain profitable in the future. With the fixed grant amount per block being halved approximately every four years (in Block Reward Halving events), miners must earn more in transaction fees to offset the fixed grant portion of weaker and weaker bulk reward. This is only possible by scaling the network with larger blocks that contain more transactions and data, while keeping transaction fees low to facilitate actual use and utility. This is how Satoshi Nakamoto designed Bitcoin to remain profitable for nodes that are now called miners but which will gradually evolve into transaction processors.

The world record block comes as the BSV network continues to demonstrate its diverse range of capabilities, both as innovative and resilient technology. On August 3 and 4, the BSV network successfully repelled three attempted illegal block reorganization attacks.

Today’s record blocks followed consecutive days that saw many large blocks processed on the BSV network, with 42 blocks exceeding 200MB (many in the 400-500MB range) in the 48 hours leading up to the block. TAAL registration. Most of these big blocks were mined by TAAL and SVPool. Transactions on the BSV blockchain originate from the range of businesses taking advantage of the various functionalities offered by the BSV network, including simple payments, tokens, social and digital media content, online gaming activity and time stamp records in addition to business and consumer data managed through the channel.

Earlier this year, the BSV blockchain overtook BTC to become the most data-rich Bitcoin network, with the total data stored on the chain on May 16 reaching 352.9 GB (gigabytes) on the BSV network from 352.4 Go to the BTC network. Since then, the BSV network has continued to extend this lead, increasing the amount of data stored on-chain to 494.99 GB from 358.07 GB on BTC as of August 6, 2021 (data reported from blockchair.com).

The continuous growth of the BSV network is made possible by its unique ability to evolve without limit; With no default block cap size limit on its blockchain, the network dynamically adjusts the size of each block in response to market demand. As a result, the BSV network can deliver the ever-increasing data capacity required at extremely high data rates (the BSV network demonstrated a throughput of 50,000 transactions per second earlier this year in a live test) and a extremely low cost (median transaction fees on the BSV network in 2020 was less than 1 / 50th of a US cent [reported data frombitinfocharts.com]).

To learn more about the BSV blockchain and the range of companies using its network, visit bsvblockchain.org.

Commenting on today’s announcement, the founding president of the Bitcoin Association, Jimmy Nguyen, said:

After a week that began with the BSV network successfully fending off a trio of malicious actor attacks, it is extremely gratifying to conclude as the network demonstrates its largest scale of capacity. The ability of the BSV blockchain to scale without limits and produce these massive, data-rich blocks is key to unlocking whole new economies and technologies. As more companies realize the transformative potential of blockchain technology, the only way to reap the incredible benefits available is at incredible scale and this incredible scale is only possible with BSV.

Also commenting, Bitcoin SV infrastructure team technical director Steve Shadders said:

The new record blocks on the Bitcoin SV blockchain conclude a difficult week in which the network has been called upon to demonstrate both its resilience in the face of illegal attacks, as well as its progressive capabilities to produce these two giant 1GB blocks. us at the Bitcoin SV infrastructure team, however, this step is just another step towards realizing a much larger vision for Bitcoin, one in which 1 GB blocks are considered small, and not like records!

Media contact

Alex Speirs Communication Manager [email protected]

About the Bitcoin association

Bitcoin Association is the global industry organization based in Switzerland that works to advance business on the Bitcoin SV blockchain. It brings together essential components of companies in the Bitcoin SV ecosystem, start-ups, developers, traders, exchanges, service providers, blockchain transaction processors (miners) and others working alongside them. , as well as representative, to go further. use of Bitcoin SV blockchain and adoption of BSV digital currency.

The Association strives to create a regulatory-abiding ecosystem that promotes legal conduct while facilitating innovation using all aspects of Bitcoin technology. More than a digital currency and a blockchain, Bitcoin is also a network protocol; Like the Internet Protocol, it is the basic set of rules for an entire data network. The Association supports the use of the original Bitcoin protocol to mine the globally unique blockchain on Bitcoin SV.

New to Bitcoin? Check out the Bitcoin for Beginners section of CoinGeek, the ultimate resource guide to learn more about Bitcoin initially envisioned by Satoshi Nakamoto and the blockchain.

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