Bitcoin SV (BSV) and Bitcoin Association confirmed this week that a 2 gigabyte (GB) block was mined on the BSV blockchain public network.

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This is the largest block to date to be mined on a public blockchain, according to the Switzerland-based  digital currency organisation. The block 700606 was recorded on August 16, 2021 at 15:20:11 (UTC), and contains 1,999,941,397 bytes of data.

This block earned the winning miner more in transaction fees than was earned from the current 6.25 coin Bitcoin block reward. Miners compete to mine a block and, if successful, receive a fixed subsidy, 6.25 coins in addition to the transaction fees for the mined block.

Larger blocks can contain more transactions (this particular block contained 5,869 separate transactions), with each network transaction paying a small fee to have the block mined.

The larger the block, and the more transactions in it, the larger the fee for the miner. In May 2020, the number of new Bitcoins entering circulation dropped by half – meaning that the expected revenue from each block also drops by half – from 12.5 to 6.25 coins.

As each halving event happens approximately every four years, the expected block revenue will be cut in half, eventually reducing to near-zero. Growing the transaction fee revenue will offset the decline in revenue from the block reward. Source Bitcoin miners earn over 50% total revenue mining 2GB block on the blockchain | ZDNet

By block head

Block Head is a blockchain journalist.