Business 3 September 2018Erik Gibbs
Bitcoin BCH stress test a huge success, over 10MB blocks mined
September 1 marked the day a massive stress test was done on the Bitcoin BCH network, and the results are in. Over 2.1 million transactions were registered on the network with a significant number of 10MB blocks—and some up to 21MB—being mined, with most of the 10MB blocks being mined by CoinGeek, the worlds first enterprise-level Bitcoin mining operation. The stress test was administered to verify the strength of the network prior to the upcoming hard fork scheduled for this November, and will more than likely turn into a regular annual event.
The number of transactions seen on the Bitcoin BCH network equates to 63% of all cryptocurrency transactions registered last September 1. It overwhelmed that of the second-most seen currency in the period, Ethereum, and was over 20 times that of BTC. According to Coin Dance, the number of microtransactions on the BCH network spiked to 14,300 per block. The average number for BTC is around 1,000 to 1,500.
As an added benefit, there was no increase in transaction fees. In fact, according to BitInfoCharts, the transaction fees actually dropped. They dipped from the normal average of $0.022 to $0.0017.
Jameson Lopp, software engineer and founder of bitcoinsig.com, was somewhat impressed by the results. He tweeted that the test had “succeeded in breaking various transaction and mempool visualizers.” In a separate tweet he posted more of the technical details of the stress test, pointing to some limitations. He said, “BCH Stress test recap: * Bottlenecks caused services such as the transaction generators to slow & error out, preventing mempool from exceeding 22 MB. * Largest block: 21.35 MB * Avg block size was ~3.6 MB: 11% of max capacity * 16% of Bitcoin ABC nodes dropped off the network.”
Not only did Bitcoin ABC have trouble keeping up, so did ViaBTC. This isn’t too much of a surprise, as Dr. Craig Wright had already predicted that the mining operation would not be able to function properly in a large-scale scenario and said that it couldn’t handle blocks larger than 8MB. As the information seen on blockchair.com confirms, ViaBTC didn’t mine any blocks above 7.999MB. For miners, it’s high time to upgrade to suppliers offering software that can scale as Bitcoin clearly scales already if you are working with the correct suppliers.
The stress test has also been successful for Bitcoin BCH’s price. It rose from $521 a week ago to hit $648 on September 1. As of this writing, it sits at $634.61, an increase of 2.78% over the past 24 hours.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Business 22 May 2019
The Bitcoin Vision: Episode 14
Founding President of the Bitcoin Association Jimmy Nguyen is back this week for another update on technical developments in the Bitcoin SV ecosystem.
Business 22 May 2019
Dutchman arrested for alleged crypto mining fraud of $2.2 million
Dutch authorities arrested a 33-year-old businessperson for allegedly defrauding investors, taking their money to buy himself luxury goods.
Business 22 May 2019
Laos central bank warns against crypto use
Laos wants to remind its citizens that it really doesn’t like cryptocurrencies, and they’re illegal too.