Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel. He has worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

July 12, 2015
Payments

F2POOL Generates Largest Bitcoin Transaction Ever Recorded

  1. Bitcoin News › 
  2. Payments › 
  3. F2POOL Generates Largest Bitcoin Transaction Ever Recorded
Sign up for the Newsletter

F2POOL, one of the largest Chinese bitcoin mining pools has generated the largest bitcoin transaction ever recorded in an attempt to alleviate the massive spam attack launched on the bitcoin network this week, which Bitcoin Magazine previously covered.

An anonymous figure or an organization has sent thousands of micro bitcoin transactions across the network now referred to as “dust,” to temporarily clog up the bitcoin network.

While the attack appears to have ended, miners are still catching up on the backlog of transactions. At the time of writing, the number of unconfirmed transactions had dropped to 33,000. In order to process these transactions at a faster rate, F2POOL took the unusual step of creating a custom transaction that occupied an entire block

The transaction generated by F2POOL was 999 kilobytes in size, taking up the maximum storage of a block or a packet of transaction data.

Nicholas Weaver, current UC Berkeley computer security researcher told Motherboard, “Overall, quite impressive. But I can still think of things that could further increase the effectiveness of the attacks.” He explained that the individual or the group that have initiated the attack can add rewards to their junk transactions to encourage miners to process their transactions first, “leaving real transactions out.”