TAAL processes a 369MB block on Bitcoin SV

TAAL processes a 369MB block on Bitcoin SV

  • The block contained 1.3 million transactions, making it the largest ever produces on BSV.
  • Prior to this block, TAAL had processed another one with 1.1 transactions on May 13.
  • BSV’s hashrate surged significantly following BTC’s halving.

TAAL, a blockchain service provider has processed the largest block in the history of Bitcoin SV. The firm unveiled this news through a tweet on May 16, noting the block was 369MB in size and contained 1.3 million transactions. This block is reportedly larger than anything achievable on BTC or BCH at the moment.

TAAL’s tweet read,

“Another world record block,1.3M txn/369MB, processed by TAAL proves that on-chain scaling and big blocks are needed for businesses adopting blockchain.”

Per TAAL’s CEO, Jerry Chan, users of a Chinese application were responsible for processing the 1.3 million transactions. He unveiled that the user competed to discover who would create the most transactions in a contest designed to test the transaction power of the Bitcoin SV network. The network achieved this milestone after TAAL processed another 309MB block with 1.1 million transactions on May 13.

Development-centered mining

Chan noted that while groups such as TAAL participate in mining, they primarily seek process transactions that help develop the infrastructure that the BSV needs to prosper. He added that his firm aims to encourage the generation of more transactions. As such, the company targets achieving more transaction volume, not more blocks.

Emphasizing the firm’s goal, Chan said,

“We’re happy to cue up as many transactions as we need until it’s worth it to print it into a block,”

According to Chan, the BSV network might experience in transaction volumes after processors hold transactions until it is worth it to put them in a single big block. In such an occurrence, the CEO notes that the BSV network would be well capable of continuing without significant congestion, unlike BTC.

Miners continue shifting from BTC to remain profitable

While BTC offers the highest mining reward per block, the coin’s halving of mining rewards saw miners shift to coins such as BSV for their activities to remain profitable. For instance, BSV’s hashrate increased from 1.1 EH/s pre-halving to 2.15 EH/s on May 16, when TAAL processed the 369MB BSV block.

Do you think BSV’s scalability will help boost the coin’s adoption? Share your thoughts in the comment section below.

By Jinia Shawdagor
Jinia Shawdagor is a fintech writer based in Sweden. She is passionate about cryptocurrency, blockchain and iGaming, and has been writing professionally since 2013. Jinia loves everything positive, travelling and feels joy from the little things in life.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.