Bitcoin Association, the Switzerland-based global industry organisation that works to advance business with the BSV blockchain and digital currency, today confirms that the Bitcoin SV (BSV) blockchain has set a new world record for the highest daily average block size on a Bitcoin network.
On July 31, 2021, the average block size on the BSV network during that 24-hour period was 45.87 MB (megabytes); in comparison, the BTC network had an average block size of 753.58 kB (kilobytes) during that same 24-hour period – more than 60 times smaller than that seen on BSV (reported data from coin.dance). The record-breaking day is the third in the last two months for the BSV network, which also saw new record daily averages on June 8 with 17.39 MB and then again on June 25 with 35.08 MB.
The growing average block size on the BSV blockchain is a direct effect of the number and types of transactions being carried out on the BSV network, which supports both financial and data transactions. The BSV blockchain is used by businesses operating in a broad array of sectors, each leveraging the diverse functionalities offered by the network – including tokenisation, smart contracts, payments, timestamping and data management.
Earlier this year, the BSV blockchain surpassed BTC to become the most data-rich Bitcoin network, with the total data stored on-chain on May 16 reaching 352.9 GB (gigabytes) on the BSV network compared to 352.4 GB on the BTC network. Since that time, the BSV network has continued to extend that lead, increasing the amount of data stored on-chain to 455.12GB compared to 363.16 GB on BTC as of August 2, 2021 (reported data from coin.dance).
The continued growth of the BSV network is enabled by its unique ability to scale unbounded; with no limit on the default block cap size on its blockchain, the network dynamically adjusts the size of each block in response to market demand. As a result, the BSV network can offer the ever-growing data capacity required at extremely high throughput rates (the BSV network demonstrated 50,000 transaction per second throughput earlier this year during a live test) and at extremely low cost (the median transaction fee on the BSV network in 2020 was less than 1/50th of a U.S. cent [reported data from bitinfocharts.com]).