Bitcoin Faces Hard Fork as Mining Pool OCEAN Suffers Significant Hashrate Drop

Bitcoin's community is set to face a hard fork on September 1, backed by Luke Dashjr. This fork separates from the main chain and switches to BLAKE2b mining algorithm.

This change cannot be run on existing Bitcoin machines, making it inaccessible to many miners. The fork aims to remove ASICBoost, which large miners use for an efficiency edge.

However, critics argue that this move is not what Dashjr claims, as the legacy chain also operates under centralized management and blocks miners from building their own templates.

OCEAN, a Bitcoin mining pool, has been struggling with a 96% drop in its hashrate in August. The company repurchased all of Luke Dashjr's equity after he resigned as chairman and chief technology officer.