Bitcoin Developers Set Sights on September 1 Launch for BLAKE2b Fork

Bitcoin developers are planning to launch a separate BLAKE2b proof-of-work chain on September 1, after an earlier attempt by BIP-110 supporters to activate a minority branch failed to gain traction. The new chain will replace Bitcoin's SHA-256d mining algorithm with BLAKE2b, which requires specialized equipment and may not be supported by existing miners.

The original BIP-110 proposal aimed to restrict arbitrary data on the Bitcoin blockchain, but it was met with resistance from major miners and exchanges. The proposed BLAKE2b chain is a separate hard fork that will create a new asset, distinct from Bitcoin.

Developers have scheduled a rehearsal before the planned launch, which may be delayed if technical issues arise. However, no major exchange or wallet has publicly committed to supporting the BLAKE2b chain, raising concerns about market price and trading venue availability for forked coins.