Bitcoin · Bitcoin Magazine
Blocks on this minority chain would confirm significantly slower than usual, maybe one or two per hour
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And after a few months the mining difficulty would adjust, so blocks are found (closer to) six times per hour again.
Key facts
- Most obviously, Bitcoin Core, still by far the most-used Bitcoin implementation, has not adopted BIP110, while only some 1-2% of hash power has been signaling support for it in recent weeks
- Nevertheless, BIP110-nodes like Bitcoin Knots will soon, starting from block 961,632, to be mined on or around August 8, reject blocks that don’t signal support for the upgrade
- Everyone who owns BTC at the time of the split automatically receives the equivalent amount of coins on the new blockchain, not unlike what happened with Bitcoin and Bitcoin Cash in 2017
- Author’s note: In their view BIP110 is both useless and harmful, and the reporter does expect it to fail (see scenario 1)
Summary
Author’s note: In their view BIP110 is both useless and harmful, and the reporter does expect it to fail (see scenario 1). The OP_RETURN debate has escalated to the point where Bitcoin Knots implemented BIP110: a consensus protocol change that temporarily limits the size of OP_RETURNs and intends to reduce other types of data on Bitcoin’s blockchain as well. Nevertheless, BIP110-nodes like Bitcoin Knots will soon, starting from block 961,632, to be mined on or around August 8, reject blocks that don’t signal support for the upgrade. Scenario 1: (almost) no miners signal If current miner signaling is any indication, this is the scenario to expect. The same is not true for anyone running Bitcoin Knots or other BIP110-enforcing nodes, however. Such a hard fork would possibly allow for mining with GPUs again, therefore letting more people mine new blocks to generate a blockchain with the BIP110 rules enforced.