Bitcoin Fork Fails, Supporters Now Eye Breakaway Coin by September 1

The BIP-110 fork, which aimed to clean up Bitcoin by capping data sizes in transactions, has failed miserably. The proposal's supporters, who included OCEAN pool co-founder Luke Dashjr and others, are now targeting September 1 for a proof-of-work change that would abandon Bitcoin's miners and launch a separate coin.

The fork's chain froze at block 961,633, with Bitcoin now more than 240 blocks ahead. The BIP-110 branch mined only two blocks and is already more than 80 blocks behind, according to BeInCrypto data.

Michael Saylor, one of the proposal's loudest critics, framed the outcome as proof that the system works: 'Bitcoin worked exactly as designed. BIP-110 was free to fork, and the network was free not to follow.'