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Blocks greater than 2MB in Bitcoin blockchain start to be mined

The first 2MB blocks of Bitcoin have been mined, something that causes miners to take longer to validate operations and obtain less and is the beginning of something inevitable, an important change in the current paradigm.

Things are starting to get serious in the world of cryptocurrencies and more specifically in the Bitcoin market. You all know that in China there are the majority of Bitcoin cryptocurrency mining farms, where many of these coins are generated every day. Mining is based on blocks, where there is an 'X' number of transactions carried out on the network, which are validated and verified individually, which would be data processing and certification. These blocks have a certain size, usually around 1MB.

These 1MB blocks are the most common, but there are increasingly larger blocks, close to 1.5MB in size, something that is more or less normal and that occurs according to the volume of transactions carried out and validated. Now, what had not been given so far are 2MB blocks and that is a problem. It is not a problem for users, it really affects us rather little, this is a problem for mining farms, because ASICs are developed for 1MB blocks, not for 2MB blocks.

So that we understand it more simply. A 2MB block can take up to four times longer to validate than a 1MB block and this is a problem, because technically miners earn a quarter and consumption is quadrupled as well. The complexity of the block is greater and that is noticeable and does not precisely affect the miners positively. The first case has occurred in block 505225, with a size of 2.177MB, but it is not the only one, since it has occurred seven other times and there are many blocks that touch or pass 1.5MB, something that indicates two things , that an adjustment in the network is needed and if the trend continues, in the long run, the current miners will become obsolete, come on, they will be like stones used as paperweights, but more expensive.

It is only the beginning. Technically the market volume has dropped significantly, it has lost more than 40% in value and volume in recent weeks, but it will return soon and then the problems will begin to be seen. If the first 2MB blocks already appear with relatively volume, when the volume shoots up in the next few weeks, we could see this very frequently and that would cause a saturation in the network, the validations of the operations would slow down and the mess would begin, which with the death of SegWit2X, it has been delayed.

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Robert Sole

Director of Contents and Writing of this same website, technician in renewable energy generation systems and low voltage electrical technician. I work in front of a PC, in my free time I am in front of a PC and when I leave the house I am glued to the screen of my smartphone. Every morning when I wake up I walk across the Stargate to make some coffee and start watching YouTube videos. I once saw a dragon ... or was it a Dragonite?

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