Cryptocurrency

Bitcoin SV Block Size is Getting Bigger; First Ever to Mine 128MB Block

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Day by day, the block size of Bitcoin SV is getting bigger and bigger, BMG mining pool of nChain had mined the highest block of 128 MB. The block had nearly 1,440 transactions which set another record, and this is the existing block cap of BSV blockchain. The previous record of 124 MB was broken within an hour, which was also mined by BMG mining pool of nChain.

Previously, on March 28th, CoinGeek had mined at 113 MB block and in earlier days, BSV mined at 56MB and 51 MB size blocks respectively.

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The Bitcoin SV (BSV) has aimed at scaling up largely, keeping the faith that if you offer the world limitless block size, then developers and users will eventually come up with the ways of creating new opportunities. This faith is now confirmed by BSV blockchain by mining at its biggest block size of 128 MB. Either one of these big blocks could have blocked another blockchain for over hours with their transaction, but BSV handled it fast, efficiently and at low cost.

The size of BSV is growing consistently, and on March 27th, there were two blocks above 50 MB. On March 28 these records were broken with a 113 MB block size.

Regarding the Bitcoin SV’s adoption, two very significant roles were played by Bitpaste and Bitstagram in this process which allowed the end users to save files and also to store images over the blockchain. Besides, Bottle the blockchain browser of BSV by Unwriter allows the users to browse the end products.

The important figures in the world of Bitcoin greatly celebrated this occasion on the social-media website Twitter. The president of Bitcoin Association founding, Jimmy Nguyen posted on Twitter that “as of now we are living in the era of 128 MB blocks.”

The founder of CoinGeek, Calvin Ayre also joined this moment in the celebration by inviting the world to meet the legends who made this to happen with the original Bitcoin at the upcoming Scaling Conference of CoinGeek in Toronto.

However, in the previous month, it was discovered that an unidentified person was trying to take advantage of Bitcoin Cash (BCH) to store child porn.  This was due to an increase in the amount of data which could be sent through each transaction by 450 times, which indicates that transactions of up-to 100 KB were possible.

Despite this, the block explorers acted upon it and stopped displaying the data in transactions and hide the content to the public because of the nature of the blockchain that does not allow deleting the data.

Regarding the price, Bitcoin SV is the 12th largest cryptocurrency with a market cap of around $1.1 billion, Bitcoin SV was trading at $64.98, and within 24 hours it gained 0.81 percent, as per reports.

The Bitcoin Association has previously mentioned that the objective is to extend the block size to 1 GB in the future days and looks like the bigger block size to be handy because of the Bitcoin community which is finding new ways to fill these blocks.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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