BIP-110 Mining Effort Abandoned as Ocean Hasrate Collapses

Roughnecks, a group behind the BIP-110 mining effort, announced they would be halting their operations on August 9th. This decision came after a team meeting where they deemed it necessary to reassess their strategy.

The move was motivated by the collapse of Ocean's hashrate, which plummeted from 36 exahash per second (EH/s) to approximately 1.25 EH/s, marking a decline of around 96.5%. This significant drop in hashrate made it increasingly difficult for BIP-110 miners to keep pace with Bitcoin's dominant chain.

BIP-110 inherited Bitcoin's existing mining difficulty after the split, which stood at roughly 127 trillion. The minority chain struggled to adjust due to its limited hashrate, resulting in a punishing feedback loop where slower blocks further reduced the chances of reaching another adjustment point.