- BitMEX Research tests the performance of Bitcoin
- Bitcoin would have been dead by now if not for scalability improvements
Cryptocurrency News Today – The research division of BitMEX – one of the most popular digital currency trading platforms in the world – recently released a report about Bitcoin (BTC). The research team of BitMEX tested the performance of the Bitcoin Core by carrying out thirty-five IBDs (initial block downloads) and recording the amount of time the node takes to synchronize with the network.
Scalability Enhancements Is What Has Kept Bitcoin Alive
The results of the research showed a “consistent and considerable improvement in the software. However, it also shows a high degree of variance.” The researchers used different software versions from the period between 2012 and 2019. According to the report, older versions of Bitcoin had serious issues getting past the pickup in transaction volume between 2015 and 2016, even with the most recent computer hardware. A snippet of the report states:
“We conclude that without the software enhancements, an initial synchronization today could be almost impossible.”
Bitcoin (BTC) Price Today – BTC / USD
Furthermore, the research team of BitMEX said that the data showed considerable scalability enhancements delivered over the past seven years. The team said that the transition to ‘libsecp256k’ was the most significant enhancement. BitMEX Research also said that the large reductions in initial block download times, as well as the inability of old nodes synchronizing fully, shows that if it were not for these improvements in scalability, Bitcoin would have been dead by now. It is the scalability enhancements that have been keeping Bitcoin alive all these years.
Future Scalability Enhancements Might Be a Lot More Challenging – BitMEX Exchange
When testing the clients according to their release dates, the data showed a reasonably flat trend between versions 0.8.6 and 0.14.0 of Bitcoin Core. At that point, the scalability enhancements were not able to match pace with the impact of time progressing, and the blockchain increasing in height. The research team of BitMEX stated:
“Future scalability improvements may be a lot more challenging, IBD times may continue to increase going forward, despite further software upgrades and moderate increases in hardware performance.”
Bitcoin’s Recent Price Action
Bitcoin (BTC) is currently trading in the green after gains of about 4 percent over the past twenty-four hours. Earlier this week was pretty bearish for the coin, as it tested a new six-month low of $6,500. However, it has surged by about 20 percent since then. Bitcoin just topped out at $7,850. The next major resistance of the coin is at the $8,200 level. At press time, BTC is supported at the $7,600 range.