On September 1, 2018, the Bitcoin Cash (BCH) network was put to the test as BCH proponents flooded the mempool with millions of transactions. According to statistics during the last 24 hours, BCH miners have processed over 2 million transactions so far.
Also Read: August 2018 Volume Rankings Report: ETC and Dash Top Ten
Close to 2M Transactions Processed So Far
The Bitcoin Cash chain is chugging along processing millions of transactions on September 1, 2018. Over the last day with 2M transactions (tx) processed so far, BCH has outpaced the Ripple (XRP 1.7M tx/day) and Ethereum (ETH 1.2M tx/day) network’s 24-hour tx records. Right now statistics stemming from the data website Fork.lol show that the BCH chain has processed 2,060,041 transactions over the last 24-hours. Statistics also show that the BCH chain has processed 85,835 tx per hour, and 23.8 tx per second.
Of course, Bitcoin Cash proponents are celebrating the momentous occasion and participating by using tools like scale.cash. There have been a ton of celebration parties all over the world with people monitoring and participating in the BCH stress test while sipping on their favorite beers.
The community has been fixated on websites like Txhighway.com, Txstreet.com, and Bitcoinsubway.cash watching all the transactions confirm with some added old school 8-bit style. There have been lots of pictures shared online of these fun websites and other data sites like Blockchair, Coindance Cash, Fork.lol, and Johoe’s Bitcoin Cash mempool statistics.
One example of shattering records comes from the enormous blocks processed on September 1 by BCH miners. Miners for the first time ever surpassed the highest mined block size, which was previously 8MB. On the day of the stress test, there were plenty of 4-8MB blocks but also 9, 10, 13.5,14 and even the largest at 15.2MB in size. Mining operations such as Viabtc, BTC.top, Coingeek, BMG Pool, Waterhole, Bitcoin.com, and others processed block sizes much larger than 8MB.
Even though the day was an experiment, 23 transactions per second is considerably larger than BTC’s 3 transactions per second and many of the other blockchain networks. Further, instead of people getting upset about tons of microtransactions and calling it a ‘spam attack,’ BCH stress day participants have relentlessly processed thousands a day, and miners processing big blocks had cleared the mempool (transaction queue) effortlessly.
In addition to this, the Bitcoin Cash network fees remained low the entire time, unlike what took place this past December on the BTC network. BCH median fees today were $0.001 per transaction and were actually lower than usual. Overall the day was successful to most BCH supporters as, even though it was just a test, it showed just how well big blocks could process transactions.
What did you think about the stress test on September 1? Did you participate? Let us know your thoughts on this subject in the comment section below.
Images via Shutterstock, Fork.lol, Twitter, and Pixabay.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.