Bitcoin BIP-110 Fork Attempt Fails Amidst Widespread Criticism
The Bitcoin BIP-110 fork attempt has failed after only 2.53% of miners signaled support, falling short of the required 55%. The mandatory signaling period began on August 7 at block 961,632, but nodes enforcing BIP-110 rules rejected non-signaling blocks, creating a minority chain.
The mainnet has outpaced this minority chain by 26 blocks, with the current block count standing at 961,659. Critics had warned that BIP-110 would harm Bitcoin and lead to a split, citing its potential for fragmentation and unspendable UTXOs.
Michael Saylor had also criticized BIP-110 in an earlier statement, stating that consensus rules should address proven threats, not traders' 'perceived intentions.' He argued that Bitcoin needs neutral guardians, not 'monetary purity.'