Again, Stress Test Confirms BSV can Mine Bigger Blocks Than BTC, BCH
It may not have been an “official” annual community event but Bitcoin SV‘s recent stress test on Sept. 30 again confirms that the network is capable of mining big blocks than other Bitcoin projects, says one of its top advocates.
Jimmy Nguyen, the president of the Bitcoin Association, claims the stress test held to see how much data can be sustained on the protocol for a 24-hour period, was conducted by some BSV supporters and not his association or the Bitcoin SV Node team (which provides the BSV Node software and technical scaling work).
Nevertheless, the September 30 stress test demonstrated what is already known – the BSV network performs well with big blocks, Nguyen states via email, adding:
“The test produced a number of blocks over 100MB in size (139 MB, 128MB, 119MB, 102MB), and many other significant size blocks. Prior stress tests have shown bigger blocks (for example, an August 3 stress test from China produced a 210MB block with over 800,000 transactions and a 150MB block with over 700,000 transactions). But the September 30 stress test showed again that it is no longer unusual to see big blocks of over 100MB in size mined on BSV. This is much, much more than the 1 MB blocks on BTC, and the 32MB block cap on BCH. [In fact, it has become recently apparent that some BCH mining pools still set their block caps much lower than 32MB, such as at 2MB, and there are conflicts now between the BCH community about the block cap].”
He prides in the use of the BSV Scaling Test Network to conduct stress tests like the BSV Node team did on July 24 to get 12 consecutive 2GB (2000 MB) blocks mined and demonstrate BSV’s scaling power. He also refute claims that BSV is a testnet of BCH, saying it’s completely untrue as BSV has been scaling, in real life, bigger and faster than BCH or BTC.
BSV has exceeded BCH (and often exceeds BTC) in daily average block size, and the average number of transactions within a block. BSV’s trajectory on those usage metrics is rising, and will consistently surpass even BTC soon. In addition, BSV development projects are happening much more now than on BCH, even though BSV only emerged 11 months ago. I do not even view BCH as in the same competitive marketplace any longer with BSV. BSV is scaling to support enterprise blockchain usage – including with microtransactions. BCH is just focusing on electronic cash usage and has shown no plans to be an enterprise blockchain; quite simply, BCH is not even in the same league as BSV’s vision.”
On improving its mining decentralization, Nguyen explains that more mining pools are already mining BSV due to market demand. These include, in addition to CoinGeek and Craig Wright’s SV Pool, Mempool, OKEx, ViaBTC, Poolin, ProHashing, Mining-Dutch, and other unknown miners. They continue to educate mining pools and miners – like at a crypto mining summit in Irkutsk, Russia and at CoinGeek Seoul conference – on why BSV is the “only Bitcoin project which will sustain miner profitability in the long-term with its massive scaling plan” to attract more.
“When the block reward fixed subsidy amount halves again in May 2020 (from 12.5 coins to 6.25 coins), miners need to earn more in transaction fees to remain profitable. This will become even more important in 2024, when the block reward halves another time to 3.125 coins, and so forth. Satoshi’s economic design for Bitcoin requires blocks to scale much bigger to fit large volumes of transactions, so miners in the future earn more in transaction fees to compensate for the lower block reward fixed subsidy amounts. We are explaining this important message to miners.”
With BSV’s bigger blocks, more business models are expected to be created for miners to allow them have fee options for different types of transactions, and create new competitive marketplaces for mining.