Bitcoin Cash Miners Started Processing 8 MB Blocks: What Does it Mean?

Bitcoin Cash Miners Started Processing 8 MB Blocks: What Does it Mean?

Litecoin gets tagged by August-forked bitcoin cash as the normal transaction volume of each of them approaches to the same margin. At the same time, for around two days, bitcoin cash miners have been working on an array of big blocks, sized from 2 MB to 8 MB. Meanwhile, BCH transaction fees kept been relatively moderate.

BCH Mining Out Of The Box

Since August, when bitcoin cash was forked out of bitcoin, there have been produced approximately 34,350 BCH blocks. Furthermore, bitcoin cash outperforms its father by over 8,714 blocks. And recently, for about two days, the miners of BCH have demonstrated something extraordinary – they have been working on bigger blocks, which have almost been reaching 8 MB in size.

Our top trading bots

As the website Johoe’s mempool page displays, blocks sized over 2 MB step-by-step have been clearing the transaction tail, called bitcoin cash’s memory pool. Since the beginning of BTC history, the size of median bitcoin cash transaction of 226-bytes has not exceeded the margin of $0.02, whereas low bitcoin cash fees have been up to 11 cents for 226 sized operations.

According to News.Bitcoin.com, BCH supporters have been cheerful because big 2-8 MB blocks have been processed. Among mining pools, which worked on them, are Viabtc, Antpool, and BTC.top. Bitcoin cash intervals occur every 10-20 minutes.

However, as skeptics say people don’t use bitcoin cash network often even though the fees are not high and waiting time is not extended. But interestingly, BCH is getting close to the litecoin’s net every day operation speed. It is even better than the everyday transactions of 90% of over 1,000 other altcoins.

Beating Bitcoin

Right now, there are only 7,000 BCH transactions awaiting verification. That’s an excellent result in comparison to bitcoin, as in its mempool there are about 120,000 unverified transactions. But what BTC is demonstrating currently is already an achievement. About three weeks ago, when the price of this coin was approaching the margin of $19,000, there were up to 300,000 transactions waiting in the queue, which is an anti-record for bitcoin.

When it comes to fees, bitcoin is losing again. Utilizing its net for conducting a 226-bytes operation would cost $16 per tx. That’s too much in comparison to what bitcoin cash offers. In the space of the last two weeks, the number of BTC awaiting transactions has not lowered the margin of 100,000. Therefore, sometimes transactions fees could be as high as $50.

Important to mention, the smallest recent rate of $16 relates only to 226-byte operations. But if there are more data, the fees will grow exponentially. It means that those, who run businesses, have to deal with charges, worth of thousands of dollars. On the other hand, large transactions usually cost just a few pennies more.

A Good Pattern To Follow

The fact that BCH miners started working on larger blocks is already positive news. From now, bitcoin cash community and not only will be able to observe how such phenomenon affects the size of transaction fees of all cryptocurrencies, the waiting time and so on.

Table Source: cash.coin.dance/blocks

What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset ownership...
No More Mobile Operators & Data Interceptions — Blockchain Phone Presented
The future is happening —PundiX, an international startup, has developed a novel smartphone which facilitates decentralized calls. The device is based on...
Another Reckless Prediction: Startup Exec Says $60,000-Worth Bitcoin Is Real
Thanks to the continuous developments in the field of regulation as well as infrastructure, the most valuable cyber-coins might continue surging. Such...
Crypto-Tours Are Booming: is It a Positive Trend?
As the popularity of cryptos grows, new adaptions of cryptos develop as well. One of them is crypto-tourism, significantly boosted by various blockchain...
German Prosecutors Had To Sell Seized Cryptos Worth $14 mln Under A Loss Threat
German authorities had to urgently sell confiscated cryptos worth more than €12 million ($14 million). The case would not be there unless crypto-assets...
Thomson Reuters Uses AI to Reveal People’s Fears Over BTC & Helps Investors
On March 12, the Canadian multinational information firm Thomson Reuters established what crypto investors have been dreaming of. And that’s a novel...
Uzbekistan to Legalize Bitcoin, Open a Blockchain Center
Uzbekistan appears to be among the latest countries that have stepped on a path of cyber money regulation. According to local media reports, a relevant...
Meet Litecoin Cash Hard Fork
Litecoin Cash developers confirmed the power of the Litecoin network. A snapshot of the system was made on block 1371111. SMILE! #Litecoin snapshot...
Starbucks On Blockchain, Who Is Next?
Chairman of the Board of Directors of Starbucks Howard Schultz said that his coffee network plans to include blockchain and digital currencies in his...
Lagarde Concerned About Energy That Mining Swallows Up, May Offers To ‘Look Into Bitcoin’
The great world leaders are now paying precise attention to the most intriguing cryptocurrency on the market. Among them are the British Prime Minister...
Sweat And Earn. SweatCoin
How to get out of depression, stop being unhealthy, earn money and finally do something significant? For example, like this: get up off the couch and come...
South Korea Called IMF, EU and 23 Nations For Help in Handling Crypto Trading
South Korea keeps an eye on cryptocurrencies and does not lower the guard when it comes to bitcoin regulation. The country’s nation embraces cryptos. For...
Ethereum’s Per-Coin Value Broke $1,000
As we have noticed, the first month of 2018 gave us a huge number of records. Here are the general capitalization of cryptocurrencies, and Ripple, and Stellar.Ethereum...
Top 10 Documentaries About Bitcoin and its Brethren
Each day bitcoin and its ilks receive a reasonable level of fanfare. Since the beginning of 2017, the father of all the cryptocurrencies grew in price...
Why Bitcoin is Growing so Phenomenally? $110,000 Soon?
Why Bitcoin is Growing so Phenomenally? $110,000 Soon? Bitcoin continues to amaze participants of the cryptocurrency market and the investment community...