The Bitcoin network is now regularly producing blocks over the 1MB block size limit that was in place prior to Segregated Witness (SegWit).
Bitcoin Blocks Now Exceed 1MB
Bitcoin 00 has been growing in popularity since it was created almost a decade ago. It is used by more and more people each day — and more transactions mean bigger blocks forming the block-chain.
The blocks produced by the Bitcoin network (approximately every 10 minutes) are now exceeding the 1MB limit that was in place before Segregated Witness was introduced in August of last year. “After the upgrade to SegWit in August 2017, although in a much slower fashion than many had hoped, the old 1MB blocksize limit is slowly starting to fade away,” BitMex Research wrote today.
The issue of raising the 1MB block size limit came to the forefront as Bitcoin transactions fees were hitting record highs at the end of last year. SegWit, however, was implemented via soft-fork and was thus an optional upgrade. This is why it’s taken months for exchanges, businesses, and users to see network-wide benefits such as lower fees and bigger blocks.
“The data is there to show that big blockers … don’t speak the truth,” wrote one user in reaction to the news. “[BTC] is scaling, and it’s doing so in the safest way possible.”
But with the drop in price, and with SegWit transactions now comprising almost half of all Bitcoin transactions, the cost of sending BTC has dropped to record lows. It is now not uncommon to see fees of 1 satoshi per byte, the smallest possible on-chain fee in Bitcoin. This means large amounts such as $10,000 in BTC can be sent for just 1 penny.
Bitcoin is Scaling
Indeed, people are still using Bitcoin as the latest data shows that the average block size is now 1.06 MB, according to data from Blockchain.info. Meanwhile, the concept of ‘block size’ has since been replaced by ‘block weight’ — with Bitcoin now supporting