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The Bitcoin Cash Network Processed 687,000 Transactions on August 1st
Over the last day, BCH proponents have been celebrating the ‘Bitcoin Cash Independence Day’ which marks the anniversary of the August 1 blockchain split that took place a year ago. During festivities, the BCH community sent a ton of transactions over the course of the day and on August 1, 2018, the Bitcoin Cash network processed 687,000 on-chain transactions. The metric outpaced Bitcoin Core’s (BTC) daily transaction record by over 200,000 transactions showing the world some of the benefits of a chain that utilizes larger blocks.
BCH Miners Process 687,000 On-Chain Transactions
Bitcoin Cash fans are celebrating an extremely productive year as over the last 365 days the BCH network has had many milestones. One significant watershed moment was the number of transactions processed yesterday, on August 1, 2018, as the decentralized cryptocurrency processed over 197,000 transactions more than BTC’s record setting day (12-14-17) of 490K. The Bitcoin Cash network handled a whopping 687,000 transactions yesterday and a great majority of transactions were sent with a network fee of less than 1/5th of a US penny. Meanwhile, the Bitcoin Core (BTC) network processed 240,000 transactions (tx) yesterday and the average fee sent was $0.67 cents per tx.
Not the Official Stress Test
Some people assumed a large amount of transactions stemmed from the Stress Test Day developers as the stress test will begin on September 1st. However, the development team’s official Twitter account says the enormous amount of transactions sent on August 1 wasn’t from them.
“Just be clear folks the past 24 hours we were NOT stress testing the BCH network,” explains @Stresstestbch.
We were simply testing the scripts to be used to stress test the BCH network scheduled for September 1st 2018 12:00 UTC. Although we did prove BCH can scale on-chain unlike BTC.
<figure id="attachment_196091" style="width: 1200px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">Bitcoin Cash proponents have shared lots of BCH vs BTC comparison charts on Reddit and Twitter the day after August 1.</figcaption>
The Mempool That Doesn’t Cry “Spam”
Of course, Bitcoin Cash fans were thrilled to hear the news about the number of transactions processed as people shared many pictures of Johoe’s Mempool statistics and the 8-bit websites TX Street and TX Highway. In addition to the transaction count, there were many large blocks processed by Bitcoin Cash miners. For instance, Viabtc and an unknown mining pool verified blocks that were 3MB, 6MB, and 8MB in size. As each block was verified the transactions pending in the mempool cleared with one fell swoop.
<figure id="attachment_196085" style="width: 1500px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">BCH and BTC blocks processed on August 1, 2018.</figcaption>
687,000 transactions in one day is quite the feat and with the average transaction fee of around $0.003 per tx and the median around $0.002 per tx its safe to say that BCH can perform under pressure. One individual on Twitter explains that a healthy mempool that gets tons of transactions thrown at it and experiences no issues is a bit different than what took place with BTC this past December.
“This is what a healthy mempool looks like when it is getting half a million TXs thrown at it — The mempool doesn’t cry “spam” and throw its ball down and leave the playground,” explains Mr. Scatman.
Incoming spikes get processed by the BIG BLOCKS and the chain keeps trucking.
What do you think about the 687,000 on-chain BCH transactions processed yesterday? Let us know your thoughts on this subject in the comment section below.
Images via TX Highway, Bitinfocharts.com, Reddit, Blockchair, and Twitter.
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