Bitcoin Reaches 3.97 MB ATH Block Size With Price Consolidation
Bitcoin block size recorded an All Time High (ATH) after reaching 3.97 MB amid the ongoing rise. Inscription excite.
Slipstream New Block Size Increase
According to post X, Marathon’s new Slipstream service broke the record for the largest Bitcoin block size ever. The block size, measured in raw bytes, was determined to be 3,990.36 kB or 3.9 MB.
It is noteworthy that this figure is derived from the largest single transaction of this size embedded in the network. This transaction included a large caption regarding the Runestone airdrop.
Blocks are groups 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 varies so much that a Bitcoin block size is usually around 1 MB. Bitcoin SV It can be as high as 100 MB.Marathon’s new Slipstream service broke the record for the largest Bitcoin block ever measured in raw bytes, at 3,990.36 kB.
At 3988.96 kB, it contains the largest single transaction ever, a large caption related to the Runestone airdrop. pic.twitter.com/j8WWs69qIH
— mononaut (/acc) (@mononautical) March 2, 2024
Originally, each of these Bitcoin blocks could carry up to 36 MB of transaction data. However, it was later reduced by Satoshi Nakamoto in 2010.
The purpose behind reducing the block size was to reduce spam threats and possible denial of service (DOS) attacks on the network. As the blocks began to fill rapidly, the need to exceed the 1 MB limit began to emerge. The implementation of Segregated Witness (SegWit) made it technically possible for Bitcoin size to increase from 1 MB to 4 MB.
Impact of Increase in Bitcoin Block Size
As seen in Slipstream, an increase in block size will definitely have consequences.
According to some experts, increasing the Bitcoin block size could lead to faster transactions with lower fees. Some argue that this could also lead to greater transaction capacity to rival other payment systems, while also boosting the flagship cryptocurrency for micropayments.
On the other hand, increasing the block size does not seem like a wise move for a blockchain that prioritizes decentralization and security like Bitcoin. It is believed that it could lead to centralization and potentially compromise security.
This latest development in block size occurs around the same time Mining difficulty reaches $81 trillion. The increase in difficulty is necessary to maintain the target block time for Bitcoin. The halving event is only two months away and Bitcoin difficulty is expected to increase even further.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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