What is The Size Of The Monero Blockchain?
Monero is a leading privacy coin in the crypto market and is known for its robust security and complete anonymity in transactions. Because of its fungibility (which means each unit of Monero is entirely interchangeable with any other unit, bearing no visible history of earlier transactions), it has a special place in the market. However, the Monero crypto (XMR) is nothing without its underlying blockchain. So, have you ever wondered what is the size of the Monero blockchain?
If you indeed have wondered about this, then look no further than this because we have just the answer for you.
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The Monero blockchain is quite interesting in its structure as well, which is why it would be rather worthwhile to have a look at that as well, after we find out what the size of the Monero blockchain is at present.
Current Size of The Monero Blockchain
Now, what you must understand is that the size of any blockchain keeps increasing with time as more and more transactions take place and are added to the blockchain.
New blocks are mined and added to the existing network. This is why the size does not usually remain constant throughout.
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For ascertaining the size of the Monero blockchain at present, we are referring to information listed by Bitinfocharts.com, a website that is known to list information and statistics related to blockchain and cryptocurrency.
At the time of writing, the size of the Monero blockchain is 63.75 GB. The first block for this blockchain was mined all the way back in 2014, on the 18th of April.
What Makes The Monero Blockchain Special?
The Monero blockchain manages to triumph upon the blockchain of pioneering cryptocurrency Bitcoin in a very crucial way.
Over the years, the concern that has been raised the most persistently is the issue of scalability. Bitcoin had imposed a block size limit of 1 MB but Monero has not stuck to that.
However, not fixing a specific block size limit exposes a blockchain to the risk that it will be clogged up with overly large blocks by unscrupulous miners. To preserve the integrity of the Monero blockchain, its developers decided to give it a dynamic system of scalability.
This system ensures that the block reward goes down progressively if the size of a new block is over more or less 60KB more than the median size of its previous 100 blocks. The higher the difference, the lower the block reward. This makes sure that unscrupulous miners would not clog up the system.
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