Bitcoin Reaches Block 961,632 Amid BIP-110 Soft Fork Controversy

Miner Support for BIP-110 Remains Low, Sparking Community Debate

Bitcoin has officially reached block 961,632, marking the commencement of the mandatory signaling phase for the controversial BIP-110 proposal. This phase began at approximately 19:35 UTC on Saturday, but miner backing has consistently fallen below 2.5%, far from the 55% activation threshold.

Prominent figures in the Bitcoin community, including strategy chairman Michael Saylor and Blockstream CEO Adam Back, have voiced their opposition to BIP-110. In contrast, supporters are framing it as a user-activated soft fork (UASF), which relies on node operators rather than miners to enforce the proposed changes.

This approach would necessitate that users update their node software to reject any blocks from miners that do not indicate support for BIP-110, potentially sidelining those miners who choose not to comply. Proponents argue that this strategy has historical precedent, recalling the successful 2017 activation of SegWit through BIP-148, which also proceeded without the needed miner support.

The implementation of BIP-110 could lead to a split in the Bitcoin network, creating a significant mainnet supported by the majority of mining power and institutional investment, alongside a smaller chain composed of nodes enforcing the new rules. The future of this alternative chain will depend on whether it can attract more node operators or if it will struggle due to a lack of support.

The signaling period for BIP-110 is projected to last until Bitcoin reaches block 965,664, expected in about four weeks.