It's bits; they're limiting you to 2G. And yeah, it's basically useless.

Oh they do mean bits, it is indeed completely unusable after you hit the limit and get throttled.

Internet speeds are usually measured in bits though, and include the protocols overhead, not just the final bytes transferred in HTTP.

Right now my download speed is 10.62Mbps and upload speed is 13.38Mpbs. That is some heavy throttling indeed.