BIP-110 Signals Weak Support Amidst Mining Community
Bitcoin Improvement Proposal 110 (BIP-110) has entered its mandatory-signaling phase, but it's not gaining much traction from miners. At block 961,632, nodes enforcing BIP-110 began rejecting blocks that didn't set version bit 4, while ordinary Bitcoin nodes continued accepting both signaling and non-signaling blocks.
According to the BIP-110 monitor, just 51 of the preceding 2,016 blocks signaled support for BIP-110, which is a mere 2.53%. This is well below the 55% threshold required for early activation, making it unlikely that a sustained rival chain will emerge without greater miner participation.
BIP-110 proposes temporary limits on Bitcoin data to discourage inscriptions and other non-monetary data that increase storage and bandwidth costs for node operators. The proposal's critics, including Michael Saylor and Adam Back, argue that it could divide Bitcoin and cause nodes to reject transactions permitted under the network's existing rules.