Major transaction processors in the Bitcoin SV network are upgrading to accept and handle Bitcoin block sizes up to 4 Gigabyte.
On January 24, 2022, major transaction processors in the Bitcoin SV network are upgrading to accept and handle Bitcoin block sizes up to 4 Gigabyte!
“The upgrade to 4GB is a breakthrough that will help everyone in the BSV ecosystem. TAAL is here to support the community and to help every BSV transaction processor to mine bigger and bigger blocks. That’s why we’re encouraging all miners to immediately increase their excessive block size limit to 4GB. They’ll be able to take full advantage of the node upgrade to expand their revenues and client base,” said Lars Jorgensen, TAAL Chief Operating Officer.
The original Satoshi Nakamoto Bitcoin protocol does not have a limit on the block size (!), it is up to the decentralized transaction processors (aka “Miners”) to decide how big a block they accept based on their own capacity.
The market decides. When there is a market demand for more transactions and thereby larger blocks, the transaction processors will invest in hardware, network and energy contracts to be able to capture and handle more transactions efficiently and earn the transaction fees on the transactions they process and store.
The old term “Crypto Mining” becomes irrelevant as the initial “block reward” diminishes and becomes irrelevant compared to the massive amount of (very low) transaction fees. Transaction processors are not “mining crypto” they are processing transactions and storing data in the distributed blockchain.
Now when the Bitcoin blocks become larger and store many million transactions, the energy cost per transaction also becomes irrelevant, especially as the Energy Return on Investment (EROI) becomes very high due to the practical use of Bitcoin blockchain technology in for example enabling Global Supply Chains to become more efficient.
Global Supply Chains waste at least 80%! i.e., global supply chains end-to-end aggregated efficiency is less than 20%. If we can increase global supply chains efficiency by just some percentages by using Bitcoin Blockchain technology the Energy Return on Investment (EROI) will be enormous! Not to mention the enormous positive environmental and sustainability effects that will bring us.
Stephan Nilsson – CEO UNISOT