Bitcoin Hits ATH Block Size of 3.97MB As Price Consolidates

The Bitcoin block size just recorded its All-Time High (ATH) after clocking 3.97 MB amid the sustained Inscription hype.

Slipstream New Block Size Boost

According to an X post, Marathon’s new Slipstream service has broken the record for the largest-ever Bitcoin block size. The block size, which was measured in raw bytes, clocked in at 3,990.36 kB or 3.9 MB.

Notably, this figure came from the largest single transaction that was embedded in the network at that size. This transaction featured a large image inscription related to the Runestone airdrop.

Marathon’s new Slipstream service just broke the record for the largest ever Bitcoin block, measured in raw bytes, clocking in at 3,990.36 kB.

It contains the largest ever single transaction, at 3988.96 kB, a large image inscription related to the Runestone airdrop. pic.twitter.com/j8WWs69qIH

— mononaut (🧹/acc) (@mononautical) March 2, 2024

Blocks are batches of transactions that are first verified before being added to a public ledger. Miners are rewarded with incentives for filling blocks. The block size of all blockchains differs so ordinarily, a Bitcoin block size is typically about 1 MB while Bitcoin SV can be as high as 100 MB.

Initially, these Bitcoin blocks could carry as much as 36 MB of transaction data apiece. However, it was later reduced by Satoshi Nakamoto in 2010.

The motive behind the reduction of the block size was to mitigate threats of spam and potential denial-of-service (DOS) attacks on the network. As blocks started filling up fast, the need to break out of the 1 MB limit began to arise. The implementation of Segregated Witness (SegWit) made it technically possible to get Bitcoin size from 1 MB to 4 MB.

Implication of an Increase in Bitcoin Block Size

An increase in the block size such as the one seen by Slipstream is bound to have implications.

Per opinions from certain experts, increasing Bitcoin block size may lead to faster transactions with lower fees. Some argue that it could also lead to more transaction capacity to rival other payment systems while also boosting the flagship cryptocurrency for micropayments.

On the other hand, for a blockchain like Bitcoin which prioritizes decentralization and security, increasing its block size does not sound like a smart move to make. It is believed that it may lead to centralization and potentially jeopardize security.

This latest development on block size comes around the same time that mining difficulty hit $81 trillion. The increase in difficulty is necessary to maintain the target block time for Bitcoin. With the halving event only about two months away, it is expected that Bitcoin difficulty will increase further.

Source