The Bitcoin SV (BSV) blockchain has split into 3
The Bitcoin SV (BSV) blockchain has split into 3
Blockchain

The Bitcoin SV (BSV) blockchain has split into 3

By Alfredo de Candia - 5 Aug 2019

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An anomaly was observed over the weekend that led the Bitcoin SV (BSV) blockchain to split into 3, as reported by BitMEX. The blockchain basically extended by 52 blocks with respect to the fork of July 24th.

 

According to the BitMEX graph, 65% of the Bitcoin SV blockchain is at the correct height, 17% is at the 210MB block and the rest is still on the chain before the fork occurred on July 24th, when the block size was changed from 128MB to 2GB.

Moreover, to operate as a Bitcoin SV node or to participate in mining operations a user needs to have a 1Gbit connection both in upload and download. Ryan Charles of Money Button explained how expensive it is to run a Bitcoin SV node:

“Money Button went down because our Bitcoin SV node ran out of memory and crashed during a stress test. Running a node is expensive. Our new instance will cost thousands of dollars per month to operate. As blocks continue to get larger and we have to upgrade the instance many times, this cost will balloon. Since we do not earn money from transaction fees like miners, it will be too expensive for us to run a node.”

There’s also to consider the aspect of the transactions that concern the other blockchain: who hasn’t passed to the new chain will have to manage also the other two, although it’s also true that Coingeek, that holds more than 32% of the hashrate, will force all the miners to follow the new chain.

Finally, regarding the size of the Bitcoin SV blockchain, this will increase more and more in size. Bitcoin, for example, with 1MB blocks will weigh 10TB in 2030, while bitcoin SV already has 2GB blocks.

 

Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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