Dashjr's Bitcoin Hard Fork Fails to Gain Traction on September 1

A Bitcoin hard fork went live on September 1, but it failed to gain traction among miners and exchanges. Luke Dashjr's proposal, BIP-110, aimed to replace the SHA-256 mining algorithm with BLAKE2b, allowing ordinary computers to mine again.

The new chain, dubbed BLAKE2b, drew little hashrate and was largely ignored by the community. Blockstream CEO Adam Back summarized the outcome in a single sentence: 'Live by the fork, die by the fork.'

Dashjr's proposal also faced criticism from David Schwartz, former chief technology officer of Ripple, who called it 'nonsense' when similar arguments were made in August.