Bitcoin SV, which split from Bitcoin Cash last year, has announced that it has successfully mined two 128 megabyte blocks, which are the largest blocks ever mined on a public blockchain. However, this is not universally regarded as an accomplishment: while some see this as a vindication of Bitcoin SV’s potential, others will see it as an excess.
Bitcoin SV’s Block Size
Bitcoin SV’s desire to raise block sizes was the reason that it separated from Bitcoin Cash last year. However, at that time, Bitcoin SV merely raised its block size limits. It wasn’t until this March that Bitcoin SV demonstrated via its testnet that 128 MB blocks were sustainable. And now, two real 128 MB blocks have finally been mined.
This matters because large block sizes are one way of achieving scalability: if a block contains more transaction data, fewer blocks need to be mined, and transactions become more efficient. Unfortunately, large blocks also put greater demands on miners. Bitcoin SV tries to avoid this issue by offering miners extra…