The Halvening Heralds a New Blockchain Economy for Miners

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Apr 18, 2024, 08:11 ET

ZUG, Switzerland, April 18, 2024 /PRNewswire/ -- With the fourth block reward halving around the corner for BTC and BSV, there will be increased focus from miners regarding the scaling potential of blockchain technology, with a focus on revenue, cost efficiencies, and sustainability.

While BTC faces challenges around block size limits, wallet / exchange congestion, and reduced block rewards, BSV is rolling out a future-proof strategy, dedicated to meeting industry demands, via nano transaction fees, big blocks, and unbounded scale.

The BSV Association's R&D team recently announced its ground-breaking protocol update, Teranode, features greater network efficiency and speed, pushing transaction volume to 1,100,000 per second / 86,000,000,000 transactions in 24 hours. This demonstrates BSV's commitment to delivering a scalable blockchain with faster, inexpensive, and secure transactions.

By shifting the focus from block rewards to transaction fees as the primary incentive for miners, BSV offers a sustainable revenue stream without imposing high costs and data caps.

Industry experts such as Siggi Óskarsson, Teranode Director at BSV Association, and Kurt Wuckert Jr., Co-Founder of the mining company Gorilla Pool, believe that BSV Teranode's unbounded scaling potential can transform today's blockchain economy and digital futures.

The Blockchain Index from the BSV Association highlights the differences between scalability, transaction fees, block size, eco-friendliness, security, and stability across leading blockchain platforms (BSV, BTC, ETH, and SLN).

Key Blockchain Index highlights:

The cost per transaction on BSV significantly undercuts that of eBay, which charges its UK private sellers 12.8% of the total sale amount of 30 per order.
A single Teranode Block (71GB) is equivalent to the data (70GB) lost by the Walmart-owned retailer Bonobos during a high-profile cyber-attack.

Please let us know if you require further information or wish to speak to one of our experts; we would be happy to arrange this for you.

About BSV Blockchain:

One Blockchain for Everyone.

The BSV Association leads the BSV blockchain for Enterprise and Blockchain for Government initiatives. This Switzerland-based global non-profit industry organisation supports the use of the BSV blockchain.

The BSV Association oversees the creation of technical standards and educates enterprises, government agencies, start-up ventures, developers, and users on creating a global blockchain ecosystem. The original Bitcoin protocol and it's scripting language provide powerful technical capabilities that BSV has restored.

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SOURCE BSV Blockchain