Bitcoin Network Rejects BIP-110 Fork After Just Two Blocks
The Bitcoin network has effectively rejected the BIP-110 fork after just two blocks were mined in support of it. The chain enforcing this proposal remains stuck at block 961,633, while the primary chain has advanced to block 961,744, creating a significant divergence between the two chains.
According to Strategy's executive chairman Michael Saylor, approximately 99.85% of Bitcoin's computational power continued supporting the main chain, with only 0.15% allocated to the BIP-110 branch. This has led to estimates suggesting that it may take around 25 years for the fork to complete its first difficulty adjustment.
The proposal's implementation was met with minimal support before enforcement commenced, with only 51 out of 2,016 blocks signaling BIP-110 support, representing a mere 2.53% of the network. This lack of backing has hindered the fork's progress, with no subsequent blocks emerging after the initial two.
The main challenge facing the BIP-110 branch is its difficulty recalibration mechanism, which requires a complete 2,016-block cycle to occur before any adjustments can be made. Given that only two blocks have been mined in support of this proposal, approximately 2,000 additional blocks must be mined before any difficulty reduction materializes.