Bitcoin SV Sustainability Questioned As Blockchain Size Balloons Over 7 Terabytes
The Bitcoin SV (Satoshi’s Vision) blockchain has crossed 7 TB in total size. It adds about 4GB per day, which gets some criticism.
The Bitcoin Satoshi Vision (BSV) blockchain has crossed 7 TB, as seen in network data. The network adds about 4GB per day, as noted by cypherpunk and software engineer Jameson Lopp. He said the resource “is being priced at ~$50 per gigabyte in transaction fees” and that it was an “epic unsustainable freehold.”
The network has grown exponentially since July 2021, when it was under 4 TB in size. Compare that to bitcoin, which is about 430 GB in total size, and Ethereum, which is about 943 GB in size. A $50 increase in transaction fees per GB is significant, and at 4GB per day it’s a $200 increase that would be financially challenging.
Bitcoin SV is a hard fork of the Bitcoin Cash protocol, which took place in 2018. Its purported goal was to create a more advanced version of the original Bitcoin protocol, and it was created by Craig Wright, who is notorious for claiming to be Satoshi Nakamoto.
Wright has also been in the news recently, largely for his case against Hodlonaut, which is taking place in Norway. He has also been accused of plagiarizing his doctoral thesis.
BSV still has a tough time legally
BSV itself has been the subject of controversy in recent times. The BSV association had been given the task of developing and creating software for the BSV network. This was a court order that said the tool had to be developed within 30 days of submission. It requests that the software be able to allow miners to comply with orders to freeze lost or stolen coins.
The BSV chain has large block sizes, which is a source of pride for its supporters. The network processed 2.5 million transactions in a single block earlier this year.
A tough 2022
BSV has not had the best year, falling like other tokens during the market crash. It is currently priced at just under $50 with a fully diluted market cap of approximately $1 billion.
The coin is down from a high of $491, although it is up from a record low of around $37. Even then, it is still in the top 50 by market capitalization. The network also experienced a 51% attack last year, which also briefly affected the price.
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