Enterprise blockchain services provider TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF) has made history by mining the biggest Bitcoin block in history at 3.87 gigabytes. The block had over 188,000 transactions and collected close to 10 BSV in transaction fees.
What’s the biggest block of all time?
THIS ONE! Over 9 BSV in fees. https://t.co/yw2o1898lx
— Kurt🍌🍌GorillaPool.com ✪ (@kurtwuckertjr) February 6, 2022
Block number 725,511 saw 188,101 transactions validated and recorded on the massively scaling BSV blockchain. TAAL collected 9.70698 BSV in fees, with the average transaction fee at 0.00005161, or $0.005, as data on Bitcoin SV block explorer WhatsOnChain shows.
The block also brought in 6.25 BSV in block subsidy, lower than the transaction fees, for a total block reward of 15.95 BSV. It was just the latest in a trend that has been ongoing since mid-last year in which the transaction fees have outpaced the block reward diminishing subsidy on the BSV blockchain. Transaction fees will become the main source of revenue for miners and facilitating their transition into transaction processors over the coming weeks, months and years.
This is critical for the miners. Dr. Craig Wright designed Bitcoin to halve the block reward every four years. It currently stands at 6.25 Bitcoins, and this will be cut in half in early 2024. Miners can no longer rely on the block reward diminishing subsidy as mining becomes ever more competitive.
Only Bitcoin SV has adhered to Satoshi’s vision in which miners transition from relying on the block reward diminishing subsidy to focusing on transaction fees with its uncapped block sizes, and the latest achievement is the best illustration yet of this shifting dynamic.
The latest record comes just weeks since TAAL announced that it had raised its block size ‘soft cap’ limit to 4GB. On January 24, TAAL completed the upgrade to its infrastructure to allow bigger blocks as Bitcoin SV continued to see an influx of transactions from gaming, casino, social media, finance, and other diverse types of applications.
Attn the #BSV community: TAAL is pleased to announce its plans for a significant upgrade to its BSV mining infrastructure, which will double the data capacity and increase the block size limit to 4GB by January 24!
— TaalBlockchain (@TaalBlockchain) January 10, 2022
The BSV blockchain network first set a record high of a 1GB block back in August 2021, the biggest block mined on a public blockchain at the time. A 1.247GB block was then mined just two weeks later, setting the record for being the first-ever Bitcoin block in which transaction fees at 6.33 coins were higher than the block reward diminishing subsidy at 6.25 coins.
Watch: CoinGeek New York presentation, TAAL: Leading the Future of Blockchain Transaction Processing
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