Bitcoin hits block 961,632 as the controversial BIP-110 soft fork attempt begins
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin has reached block 961,632, initiating the mandatory signaling period for BIP-110, a proposal aimed at temporarily restricting non-financial data on the network. Miner support for BIP-110 has remained low, rarely surpassing 2.5%, far short of the required 55%. Supporters advocate for a user-activated soft fork (UASF), relying on node operators to enforce the change rather than miners.
Why it matters
This development introduces a potential network split where users enforcing BIP-110 could reject blocks from most miners, leading to two competing Bitcoin networks. The outcome could pressure miners to adopt BIP-110 or result in the minority chain losing relevance. The signaling period will last approximately four weeks, determining the proposal's viability.
Key context
BIP-110 targets the reduction of non-financial data embedded in Bitcoin transactions. The user-activated soft fork approach mirrors the 2017 SegWit activation via BIP-148, where user nodes enforced changes without majority miner support. Prominent figures such as Michael Saylor and Adam Back oppose BIP-110.
Key numbers and entities
The proposal requires 55% miner signaling to activate but currently has about 2.5% support. The signaling period runs from block 961,632 to 965,664. Notable opponents include Michael Saylor (Strategy chairman) and Adam Back (Blockstream CEO).
What remains unclear
The source does not flag open questions but indicates uncertainty about whether the breakaway chain will gain traction or diminish for lack of mining support.