Falling blocks don't render correctly as you move farther away from 0, 0

The bug

Falling blocks don't render correctly as you move farther away from 0, 0.

How to reproduce

1. Teleport somewhere at least 1,000,000 blocks away (It's more noticeable the farther you are) from 0, 0
2. Place any kind of block that can fall (sand, anvil, gravel, red sand) above the ground and watch it fall
   → Notice how the block textures are flickering and shaking around. Gets even more worse when you move your mouse.