BIP-110 Supporters Prepare Contingency Plan to Change Bitcoin Mining Algorithm

Supporters of the BIP-110 update for Bitcoin have prepared a contingency plan in case miners block its activation. The plan, which could significantly change BTC, involves repurposing proof-of-work code originally created by Luke Dashjr in 2017 onto a current version of Bitcoin Knots.

Bitcoin developer Chris Guida announced that he has taken this work as a last resort to be used if miners fail to give signals indicating they are ready for BIP-110. The proposal, also known as the 'Reduced Data Temporary Softfork,' aims to temporarily restrict arbitrary data storage in Bitcoin transactions.

The rules of the proposal are designed to remain in effect for approximately one year before automatically expiring. If the proposed code is used, Bitcoin's current mining algorithm could be altered, potentially preventing existing ASIC miners from generating blocks on the new chain and leading to a massive rebuild of the Bitcoin mining network.

Mechanic, a supporter of BIP-110, argued that the possibility of a proof-of-work change could create a deterrent effect on miners. Miner signals are being monitored during the BIP-110 activation process, but data from the proposal's official tracking page indicates that support remains limited.