Explained
Against 1 in 3,000 odds, a solo miner used a short burst of rented hash power to win a $330,000 Bitcoin block, proving that strategy can still beat scale in today’s mining landscape.
Bitcoin Block Size News
All transactions made with Bitcoin are recorded into a blockchain block, the size of which is 1 MB. Initially, there was no limit, but as Bitcoin’s technology spread into the public, there were a number of hacking attacks in 2010 and containing the storage size of a block was something that could help make blocks more sustainable and protected from them. When making transactions with a small amount of data, such as in case of creating a new block, users didn’t even notice the limit. Nevertheless, as a number of miners, sellers and buyers increases every day, problems due to the size of the blockchain are becoming more evident. Nowadays, some are considering expanding the Bitcoin block size. However, it will take miners much more time to create a new block and amending the code is a complex process, so such an improvement might take a lot of time and money.
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Fifteen years after the first block of Bitcoin was mined, the original cryptocurrency has battled critics, haters and agitators, and emerged victorious - and is now ranked as one of the top ten most valuable assets in the world.
27260 - News
Bitcoin inscriptions have garnered a "medium" base severity score from the NVD.
12003 - Explained
Block size and scalability trade-off involves optimizing transaction capacity while ensuring network performance amid increasing demand.
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Inscriptions have been acting more as a “packing filler,” stuffed into any remaining space once higher-value monetary transfers are packed into blocks, said the firm.
7236 - Interview
The founder of Digital Bitcoin Art and Assets believes that smart contracts on Bitcoin could solve the myriad problems created by Ordinals.
4314 - Video
The hype around Bitcoin Ordinals and BRC-20 tokens is unsustainable and will fade away in a matter of months, according to Jan3 CEO Samson Mow.
13863 - News
What do Bitcoin ecosystem CEOs make of Ordinals, and what does the video game Doom have to do with it?
5367 - Video
The increasing popularity of Bitcoin NFTs, or Ordinals, will positively impact the Bitcoin network’s security and attract developers to the ecosystem, according to Ordinals proponent Udi Wertheimer.
8311 - News
Bitcoin’s average block size has hit an all-time high of 2.5MB following the creation of the Ordinals protocol in January 2023.
4617 - Explained
Cryptocurrency’s hash rate measures a blockchain network’s processing power to process transactions.
- How to
A fraternity-based approach to mine crypto, mining pools let miners combine their computational resources for a better chance to win rewards.
14124 - Markets News
To mine, or not to mine, that is the question. Professional Bitcoin miners discuss the nuance of BTC mining and whether now is a good time to get started.
8558 - News
The cost of moving Bitcoin across the network has hit decade lows as Lightning Network, batching, miner behavior and protocol improvements have driven costs down.
12150 - News
A Glassnode report reveals that some major cryptocurrency exchanges are still holding despite being heavy consumers of Bitcoin block space.
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