Post
Topic
Board Bitcoin Discussion
Re: Bitcoin 20MB Fork
by
solex
on 04/02/2015, 22:17:57 UTC
I thought I would have a look at recent blocks >900KB. There are 21 in the last 6 days.

Block_height Block_time Size_KB Num_Tx Fee_BTC
341192   31/01/2015_7:10   976.54   2518   0.3303735   
341226   31/01/2015_13:01   903.09   1106   0.15922165
341305   1/02/2015_1:05   959.89   1320   0.20086461
341313   1/02/2015_2:19   912.48   693   0.2979134
341350   1/02/2015_7:49   975.67   1735   0.263689
341505   2/02/2015_5:11   976.5   735   0.16244257
341517   2/02/2015_7:02   947.72   746   0.14308729
341519   2/02/2015_7:36   957.16   482   0.13242593
341520   2/02/2015_8:02   976.45   1964   0.28018485
341525   2/02/2015_8:35   973.77   844   0.187877
341737   3/02/2015_19:00   976.49   1291   0.18828618
341765   4/02/2015_1:23   976.49   2549   0.35075577
341773   4/02/2015_2:45   941.58   1635   0.22893775
341794   4/02/2015_6:05   976.46   2380   0.31873266
341798   4/02/2015_6:50   971.04   1759   0.24739191
341810   4/02/2015_8:30   976.17   1705   0.25575189
341944   5/02/2015_4:08   976.54   2268   0.30628975
341951   5/02/2015_5:35   974.37   1635   0.23624007
341963   5/02/2015_7:53   976.46   1911   0.27444743
341965   5/02/2015_8:33   976.52   2105   0.2951799   
341967   5/02/2015_9:24   973.82   2675   0.33440304

Average block size = 965KB
Average number of tx = 1622 (or approximately 2.7 TPS)
Average block total fee = 0.25 BTC

These blocks are near to the 1MB limit and do not really permit that much real-world business to be transacted on the main-chain. If the number of people using Bitcoin, worldwide, increased to 10 million then everyone would only be able do one transaction per 43 days. This ignores that some blocks will always be mined small or empty while the reward remains high.

20MB blocks would offer 54 TPS and an average total fee per block of 5 BTC (based on this evidence) which means that fees would be comparable with the reward once the average block size hits 20MB and the reward is down to 6.25 BTC (within 6 years time).

The limit increase permits a much healthier outcome for the Bitcoin network and ecosystem.