Cointime

Download App
iOS & Android

Bitcoin Records Largest Mined Block to Date, 4 MB Block Containing NFT Causes Unease Among Small-Block Supporters

Validated Individual Expert

Amid the controversy surrounding the Ordinals project and the debate over what types of data should be stored on the Bitcoin blockchain, the network mined its largest block, nearly 4 MB in size, containing just 63 transactions. One of the transactions was a 3.94 MB Ordinal inscription featuring an image of a wizard, and the Bitcoin-issued non-fungible token (NFT) has generated significant discussion.

Small Block Advocates Speak Out Against the 4 MB Bitcoin Block With NFT Inscription

On Feb. 1, 2023, the Luxor mining pool mined the largest block (#774,628) ever recorded on the Bitcoin network, approximately 3.96 MB. The coinbase parameter of the block contains a message indicating its discovery by Luxor. The mining pool also took to Twitter to inform the community about the discovery and the reason for the large size of the block.

“Last night, Luxor harnessed its magic energy and freed an ancient wizard from his cosmic cage where he had been trapped for many epochs,” the mining pool tweeted. “Keen observers of the chain of time may have noticed a 4 MB anomaly, unlike anything seen before. Will there be others?” The tweet also included an image of the “Taproot Wizard,” an Ordinal inscription #652, attached to the block. Taproot, a feature applied to the Bitcoin network on Nov. 12, 2021, was activated at block height 709,632 and brought several new benefits to BTC users.

Essentially, Taproot allows multiple participants in a transaction to create a single combined digital signature, making transactions more efficient and private. Since the creation of Ordinals, it has been discovered that using a Segregated Witness (Segwit) “discount” in combination with Taproot allows for a full block to be 4 MB in size, bypassing the 1 MB limit encoded in the Bitcoin blockchain. It was previously known that Segwit slightly increased block sizes, with the largest block before Luxor’s 3.96 MB being 2.765 MB (#748,918) mined on Aug. 11, 2022.

Concerns Raised Over Immutable Nature of Bitcoin and So-Called ‘Dangerous’ Content

Meanwhile, Ordinals were already controversial among some bitcoin maximalists, and the 4 MB block mined with only 63 transactions and a Wizard JPEG caused further upset. For instance, bitcoin developer Luke Dashjr, who called Ordinals an “attack,” quickly created a node patch to filter or censor Ordinal “spam.” “NOT a protocol change or soft fork/hard fork, just a harmless (if it works right) spam filter,” Dashjr wrote. “Also a quick hack and NOT suitable for opening a PR to Core – please write a proper fix for that.”

Many bitcoin advocates were dissatisfied with the record-breaking block size, and the topic was discussed on the Reddit forum r/bitcoin. The most upvoted comment in the thread read: “I would much rather see such a block full of real monetary transactions from thousands of people, instead of this idiocy.”

Another individual agreed with this opinion and argued that the Taproot scheme that produced a 4 MB block was dangerous. “Yeah … This is rather dangerous. We’re one bad actor or one automated miner away from cementing vile and disgusting things to a permanent, globally distributed, uncensorable database. It will be interesting to see if there is a free market solution to this.”

In addition to the stir caused by the Wizard-block Ordinal, an unsavory image was inscribed into inscription #668. Although the image was removed from the Ordinals website, it remains immutable and cannot be removed from the Bitcoin blockchain. Furthermore, a game, “DOOM,” was uploaded to the blockchain and can be found in inscription #466.

Some bitcoin advocates expressed dissatisfaction with the mining pool Luxor, which mined the 4 MB block. One person responded to Luxor’s tweet, saying, “There’s nothing revolutionary in what you did. You stuffed a nasty JPEG with zero artistic value into the blockchain. Okay…you could have crafted the same stupid image 10,000 times smaller. Why did you make it 4 MB? Because it’s mischief; you are trolls.”

NFT
Comments

All Comments

Recommended for you

  • Hong Kong Monetary Authority launches industry consultation on “renaming virtual banks as licensed digital banks”

    Hong Kong virtual banks released their annual reports for 2023 last week. The eight virtual banks collectively lost about 2.99 billion yuan last year, a decrease of about 12% compared to the total loss of about 3.4 billion yuan in 2022. In response to the occasional feeling of "unreality" brought about by the term "virtual" in recent years, the Hong Kong Monetary Authority has initiated a consultation on renaming with the eight virtual banks, the Hong Kong Bankers Association, the Hong Kong Restricted Licensed Banks and Deposit-taking Companies Association, with the aim of renaming virtual banks as licensed digital banks, for a period of one month. It is reported that in the Asian region, similar banks have different names in different places. South Korea and Singapore issue licenses under the name of "digital bank", with Singapore further dividing them into digital full banks (DFB) and digital wholesale banks (DWB).

  • Chairman of the Russian State Duma Financial Market Committee: I do not support a complete ban on the circulation of cryptocurrencies in Russia

    Anton Gorelkin, Chairman of the Financial Market Committee of the Russian State Duma, said that he does not support a complete ban on the circulation of cryptocurrency in Russia. He explained in a post on Telegram that this restriction is not intended to ban the use of all cryptocurrencies, but rather to regulate the establishment of cryptocurrency exchange platforms within the legal framework of Russia. Anton Gorelkin also believes that the establishment of a legitimate cryptocurrency infrastructure in Russia is influenced by geopolitical realities, and this requires consideration of factors related to international relations. He further added that allowing such infrastructure may expose Russian companies to Western sanctions. In addition, Anton Gorelkin pointed out that this restriction may be lifted in the future, and users can still use foreign cryptocurrency exchanges and over-the-counter trading services as before. However, the impact on many over-the-counter cryptocurrency services in Moscow is still uncertain.

  • Ethereum L2 TVL is $39.98 billion, of which Base TVL is $5.57 billion

    According to L2BEAT data, the current Ethereum Layer2 TVL is $39.98 billion, with a 7-day increase of 0.69%. The top five TVLs are:

  • Hong Kong Exchanges and Clearing Limited: The total market value of Bitcoin and Ethereum futures ETFs reached HK$1.2 billion in the first quarter, with an inflow of HK$592 million

    According to data disclosed by Brian Roberts, head of securities product development at the Hong Kong Stock Exchange, shows that after the approval of virtual asset futures ETFs for public offering in Hong Kong by the China Securities Regulatory Commission on October 31, 2022, three virtual asset futures ETFs investing in Bitcoin and Ethereum futures were listed on the Hong Kong Stock Exchange. Since their launch, these ETFs have been popular with investors and have a high trading volume. The daily trading volume has increased from HKD 8.9 million in 2023 to HKD 51.3 million in the first quarter of 2024, and they have also attracted HKD 529 million in capital inflows. As of the end of March 2024, the total market value has reached HKD 1.2 billion, an annual increase of 255%.

  • Cryptocurrency market financing totaled $1.02 billion in April, involving 161 financings

    On May 6th, it was reported that the total financing amount in the cryptocurrency market in April reached 1.02 billion US dollars, involving 161 financing deals. This is slightly lower than the total investment of 1.09 billion US dollars in March, which had 186 deals. However, cryptocurrency venture capital has exceeded 1 billion US dollars for the second consecutive month this year, marking the first time since the end of 2022 for the industry.

  • The total open interest of ETH contracts increased to $10.68 billion

    According to Coinglass data, the total open positions of ETH futures contracts on the entire network are 3.39 million ETH, equivalent to approximately 10.68 billion US dollars. Among them, the open positions of Binance ETH contracts are 1.16 million ETH (approximately 3.64 billion US dollars), ranking first.

  • Suspected MakerDAO multi-signature wallet deposited 750 MKR to Binance 2 hours ago

    According to Spot On Chain monitoring, MakerDAO has been depositing MKR into CEX. Two hours ago, the multi-signature wallet 0xbba (possibly MakerDAO) deposited 750 MKR (approximately $2.19 million) at an average price of $2920 to Binance.

  • BASE network TVL exceeds $1.5 billion

    According to DefiLlama data, BASE Network TVL is currently at $1.527 billion with a 24-hour increase of 0.53%. The top three ecological protocol TVL rankings are as follows: Aerodrome TVL reached $670 million with a 7-day decrease of 7.5%; Uniswap TVL reached $228 million with a 7-day decrease of 3.52%. ExtraFinance TVL reached $104 million with a 7-day decrease of 8.25%;

  • Cointime May 3rd News Express

    1. The 133rd Ethereum ACDC meeting: The goal is to complete the devnet within 7-10 days

  • DWF Ventures announces investment in blockchain game developer Overworld

    DWF Ventures announced an investment in Overworld, a chain game developer. Overworld recently announced plans to launch another NFT series, and in addition, Overworld will soon launch the main world arena.