Bitcoin Governance Test: BIP-110 UASF Lacks Miner Support

A contentious governance test is underway for Bitcoin as supporters of BIP-110 attempt to enforce new regulations through a User Activated Soft Fork (UASF). The proposal, which aims to temporarily restrict non-financial data on the blockchain, has reached its block height milestone but lacks significant miner support.

According to the BIP-110 Situation Monitor, Bitcoin has surpassed block 961,632, triggering the enforcement of modified rules for miners. However, only a mere 2.53% of miners indicated their support for BIP-110 in the preceding blocks, falling far short of the 55% threshold required for activation without a contentious chain split.

The lack of miner support raises questions about the viability of BIP-110 and its potential to create a minority fork. If miners continue to produce blocks under current rules, it's possible for two separate chains to exist: one representing the original Bitcoin protocol and another enforcing BIP-110 regulations.