Bitcoin Sets New Record: Block Size Reaches 3.97 MB!

Bitcoin is making headlines again. The past week has been full of twists regarding its price, and the blockchain itself has also seen remarkable developments. A new record has been set in terms of block size: 3.97 MB, amid a rush for registrations on Bitcoin Ordinals.

A technological feat: Bitcoin block size hits a record level of 3.97 MB

The excitement for registrations on Bitcoin Ordinals, launched by Casey Rodarmor, has shaken the ecosystem. Not only have these NFTs accompanying bitcoin transactions divided bitcoin developers and enthusiasts, but they have also had an impact on the blockchain itself. Many users are eagerly awaiting Luke Dashjr’s promise to accelerate the release of Bitcoin Core version 27, which is expected to mark the end of the Bitcoin Ordinals venture.

Bitcoin Consolidates and Reaches ATH Block Size of 3.97MB
The size of a Bitcoin block has increased significantly, hitting a record All-Time High (ATH) of 3.97MB. The largest single transaction ever recorded in the Bitcoin network was included at the same time as this block size… pic.twitter.com/RAPjgqKfnt

— Frank's Place (@Franks_Place_) March 3, 2024

However, this news reported by CoinTurk may cause unrest in the community.

In fact, the Bitcoin blockchain has crossed a major milestone with a new record block size, reaching 3.97 MB. This remarkable achievement was made possible through Marathon’s Slipstream service, surpassing the previous record.

The significant increase in block size was fueled by a single transaction integrating a substantial image inscription related to the Runestone AirDrop. This marks a notable change in the Bitcoin blockchain landscape, which traditionally has a block size limit. While block sizes are typically around 1 MB, they can reach up to 100 MB in the Bitcoin SV (BSV) system.

This technological progression has sparked lively debate. Proponents see this increase as an opportunity to reduce transaction fees, speed up transactions, and enhance transaction capacity to compete with other payment systems. However, some experts are concerned about the implications for decentralization and network security, fearing possible centralization and a compromise in security.