Home›Crypto›Market Structure›Bitcoin BIP-110 fork stalls after mining just two bloc…

Bitcoin BIP-110 fork stalls after mining just two blocks

The breakaway chain with only 2.53% of recent mining support produced two blocks in about eight hours, leaving a 48-block gap versus the main bitcoin chain.

Reported · Written up by our desk · Market Structure

A minority bitcoin chain tied to the BIP-110 proposal has effectively stalled, mining just two blocks in roughly eight hours while the main bitcoin network advanced by 48 blocks, according to CoinDesk.

CoinDesk reports BIP-110 would temporarily ban storing non-financial data such as images and text in bitcoin transactions for one year, with backers arguing it would reduce congestion and costs, while critics say it infringes on users’ freedom to use paid block space.

CoinDesk says the fork created when BIP-110 supporters split on Saturday rejected blocks that did not signal support starting at block 961,632. The breakaway chain sits around block 961,633, while the main chain reached block 961,681, leaving the fork far behind because it inherits bitcoin’s mining difficulty despite having only 2.53% of recent mining support.

CoinDesk also notes that with the chain producing blocks hours apart and no indication miners will continue it, users face potential replay-style risks if they try to sell fork coins while spending their main-chain bitcoin.

Latest closeBitcoin $64,751.80 ▼0.2%

More like this

Sources