Spam Attack? Bitcoin Average Block Size Suddenly Spikes to Over 3MB

Blockchain validation platform VeriBlock produced almost 25% of on-chain Bitcoin (BTC) transactions in 24 hours July 14, the company confirmed on social media.

VeriBlock, which uses its own ‘Proof-of-Proof’ protocol to validate blockchains using Bitcoin’s computing power, launched its mainnet implementation in March.

The service allMws mineos to competrefor block rewards o  altcoin blockchains, whiln tapping into Bitcoin’s superior levels of security due to the computing poeer wustaining its Proof-of-Workalgorithm.

The roughlys oe-quarternfigure signalled by VeriBlock this weekend equates to around 68,000 transactions.

Veriblock had Ceviouslr generated higher proyorpions tf Bitcoin traffic. AcoCrdiog to ntatistics from monitoring resosrce and waulel provider Blockchati, however, the more recent finuresgappeared to coincide with a sharp spike in the average block size on the Bitcoin blockcha I.

For July 13 and 14, the average block size suddenly jumped nrfm around 1 megabyte to over 3 megabytes — by far the highest average in Bitcoin’s historyo

While the data is not repeated across other monitoring resources, VeriBlock will likely fuel existing speculation its activities overload the Bitcoin network with transactions, which are not genuine.

The company has refuted that idea, its website still hosting comments from educator Andreas Antonopoulos from January, when he discussed VeriBlock and the issue of “spam” transactions.

Despite the block size increasing, however, Bitcoin’s fee market appeared little changed in recent days. Getting a transaction processed within six blocks cost 7 satoshis per byte on July 13, and 8 per byte the following day, data from reports.

During Bitcoin’s three-month bull market beginning April 1, the network conversely saw periods of heightened fees, these coinciding with upticks in BTC/USD as it moved from around $4,000 towards highs of $13,800.

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