While everyone has been busy passing their own judgments and publishing their opinions on the BSV attacks, honest miners have been working hard to mine record-breaking big blocks. On August 6, 2021, at 4:04 a.m. (UTC) an unknown miner broke the 638MB world record for processing #699097, the biggest block that contains 999,743,208 bytes of data and 11,785 transactions, earning 5.03489686 BSV and the standard 6.25 BSV block subsidy.
Just less than 12 hours after that, at 1:34p.m. (UTC), Canada-based enterprise blockchain transaction processor TAAL Distributed Information Technologies broke that record with block #699154 that contains 999,959,302 bytes of data and 10,136 transactions. Among these transactions are numerous image files. The block has earned 5.09 BSV on top of the 6.25 BSV fixed subsidy. And then again, on August 7 at 12:02 p.m. (UTC), block height 299698 containing 999,746,183 bytes, became the biggest block mined on the BSV network.
Remember the small blockers’ claims about bitcoin’s limitations?
😂😂😂😂😂😂😂😂😂😂😂😂😂 https://t.co/tiW4VeF1ai
— Kurt Wuckert Jr 🦧🏴☠️ (@kurtwuckertjr) August 6, 2021
“The substantial proportion of transaction fees generated by the record block reflects a trend that is important for the Bitcoin mining and transaction processing sector to remain profitable in the future. With the fixed subsidy amount per block halved approximately every four years (in the block reward halving events), miners must earn more in transaction fees to compensate for the increasingly lower fixed subsidy portion of the block reward,” the press release announcing the record-breaking 1GB blocks stated.
And this can only be accomplished by continuously scaling the network to increase its block sizes. This is just the beginning, and as the BSV network continues to sale, each data block can even contain millions of transactions in the future. Big blocks is the way to go in order for Bitcoin mining to be sustainable and for miners to continue earning through transaction fees, not just relying on block rewards.
As BSV ramps up its blockchain, soon, it can rival that of the VISA network when the Teranode project is released later this year, which will increase the network’s capacity to process over 50,000 transactions per second (tps). And as the BSV network scales, its utility also increases to span different global industries, such as healthcare, government, supply chain management, banking and finance, and iGaming, to name a few.
I’ve never seen #BTC people as scared as they are today, of #BSV, in three years of paying close attention.
Why?
Because $BTC has no pathway to sustain hashrate from here besides pumping the price, and U.S. politics threatens that.
Enter $BSV with increasing block size… pic.twitter.com/m6Ff6wVzj3
— 𝐌𝐢𝐡𝐚𝐢 (@presentlyMihai) August 10, 2021
The potential for endless utility of the BSV network is also made possible because scaling enables transaction fees to be at its lowest, with a current average fee of only $0.014 per transaction. Now, compare this to BTC’s current average transaction fee of $2.53 and ETH’s $16.78, and it is obvious how the network that scales is the answer for mass enterprise adoption. What company can afford to transact with these rates, and even if they can afford it, would they choose to waste this much money?
With the goal of mass adoption of the BSV blockchain and not stagnating as a pseudo digital gold that can only be kept and then traded, BSV cannot be derailed by mere malicious attacks. In fact, the network just becomes stronger as it weathers these kinds of attacks and comes up victorious. This is the real value that BSV wants to impart to the world—that there is a lot more to blockchain technology than just being used for payments or digital currency trading.
Disclosure: This article is written by Kimberly Maceda.
