BIP-110 Fork Hits Roadblock: Miners Abandon Ship

The BIP-110 Bitcoin fork has resulted in only two blocks being mined after splitting from the main chain. The new chain is struggling due to a lack of mining power, with very little support from Bitcoin miners.

Only around 2.53% of blocks signaled support for the proposal over the previous two weeks, far below the required 55% threshold. As a result, the BIP-110 chain has inherited Bitcoin's existing mining difficulty but only has a tiny fraction of the network's total hash power.

The slow-moving chain creates a risk for Bitcoin holders who attempt to sell coins created on the minority fork. The replay risk is significant, as transactions signed to sell coins on the BIP-110 fork could potentially also be valid on the main Bitcoin network.