Big blocks are becoming an everyday affair for the Bitcoin SV (BSV) blockchain. After the world saw the first 128MB block mined on March 30, several more big blocks have been mined, proving again and again that when Bitcoin was unleashed, it provided possibilities the world was waiting for.
On March 31, at 7:41 p.m. UTC, another 128MB block was mined, this time by CoinGeek Mining. It held 1,398 transactions, and came with an award of 1.27 BSV, higher than the regular block award. That’s crucial, as it demonstrates scaling to allow more transactions in a block, and thus higher fees for the miner, provides a new economic model for miners to pursue for profitability, and allow Bitcoin’s success in the long term.
This block size isn’t a fluke either. The blockchain also saw an 87MB block and a 101MB block on March 31. BSV is proving that the Bitcoin Core (BTC) crowd couldn’t have been more wrong when they said big blocks couldn’t be done. It’s also proving that Bitcoin Cash ABC’s (BCHABC) path of instability and protocol changes drove users and developers away. Instead, they came to BSV, the only crypto using Bitcoin’s original whitepaper as intended, because of the stability it guarantees, and the limitless on-chain possibilities it’s creating from massive scaling.
The long term profitability created by these big blocks, and all the transaction fees they net for miners, can’t be emphasized enough. This is what Bitcoin’s business model was always meant to be, to ensure miners always had a reason to focus their efforts on the blockchain, gaining transaction fees for their work when block rewards dry up.