Bitcoin SV Sustainability Put Into Question As Blockchain Size Balloons Over 7 Terabytes

The Bitcoin SV (Satoshi’s Vision) blockchain has crossed 7 TB in total size. It is adding about 4 GB per day, which is receiving some criticism.

The Bitcoin Satoshi Vision (BSV) blockchain has crossed 7 TB, as seen in network data. The network is adding about 4 GB per day, as noted by cypherpunk and software engineer Jameson Lopp. He said that the resource is “being priced at ~$50 per gigabyte in transaction fees” and that it was an “epic unsustainable self-own.”

The network has been growing 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 substantial, and at 4 GB per day, that’s a $200 increase that would be economically challenging.

Bitcoin SV is a hard fork of the Bitcoin Cash protocol, which took place in 2018. The 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 been in the news recently as well, largely for his case against Hodlonaut, which is taking place in Norway. He has also been accused of plagiarizing his doctoral thesis.

BSV still having a tough time legally

BSV itself has been the subject of controversy in recent times. The BSV Association had been tasked with developing and making software for the BSV network. This was a court order that stated the tool had to be developed within 30 days from the filing. It asks for the software to 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 point of pride for its supporters. The network processed 2.5 million transactions in a single block earlier this year.

A rough 2022

BSV has not had the best year, with the price going down 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 its all-time high of $491, though it is up from its all-time low of roughly $37. Even then, it still remains in the top 50 by market cap. The network also experienced a 51% attack last year, which also affected its price briefly.