The Bitcoin SV network continues to grow and evolve, as more users discover its power to handle large transaction volumes at low fees and miners discover the greater long-term profitability of a massively scaled blockchain. These capabilities are facilitating a new transaction fee economy to emerge on BSV, where miners and application senders have more choices about fee rates and service levels for different types of transactions.
With the recent block reward halving on the BTC network, a significant amount of mining hash moved from BTC to BSV. Beginning on May 12, some users also performed a public stress test of the Bitcoin SV network, sending millions of low fee transactions (including a vast majority lower than the default transaction acceptance (mining) fee of 0.5 sats/byte). These events led to a buildup of the mempool, which was ultimately cleared by TAAL mining a world record 309MB block on May 12.
These recent events, along with the emerging new transaction fee economy on BSV, provide learning opportunities for all participants in the Bitcoin SV network on how best to use the network and its new tools. Steve Shadders, Technical Director of the Bitcoin SV Node project has written two helpful posts to help ecosystem participants better understand these events, as well as providing guidance for miners and application developers (transaction producers):