A huge block containing 1.3 million transactions was created in the Bitcoin SV network

Blockchain service provider TAAL has produced a block of 369 MB in Bitcoin SV, the largest block ever, containing 1.3 million transactions.

TAAL announced the news on Twitter. The block currently constitutes a much larger block than a block that can generate on Bitcoin (BTC) or Bitcoin Cash (BCH).

Speaking to Cointelegraph, TAAL CEO Jerry Chan said that the transactions are mostly carried out by users competing on who will perform the most transactions in a competition organized to test the network's processing capabilities outside of China.

On May 13, a block containing 1.1 million transactions was created.

Development oriented
According to Chan, groups like TAAL do mining activities, but they mainly focus on processing to improve the infrastructure necessary for the BSV network to improve.

"We want to encourage creating more transactions ... so we focus on transaction volume, not on the number of blocks," said the CEO. Chan suggested that Bitcoin is an artificial block boundary and will eventually "reach a point where more blocks are not produced".

"We are happy to create as many transactions as necessary to create a block," Chan added.

Chan argued that, unlike BTC, the BSV network can continue in high volume situations without any density.

Transaction fees in the BSV network make up a small portion of miner's revenues. According to the crypto analysis site Messari, as of May 19, while the transaction fee of only $ 271 was charged on the BSV network, this number was measured as $ 960,928 for BTC.

In the open BSV network, the minimum transaction fee rate was determined as 0.5 satoshi / byte. It is also possible to negotiate for a lower rate.

Miners may be transitioning
According to Cointelegraph, miners may be switching from Bitcoin to cryptocurrencies like BSV and BCH after halving. After the split, the hash rate of BSV increased from 1.1 EH / s to 2.15 EH / s.