Summary
- A proposed Bitcoin rule change known as BIP-110 triggered a chain split on Saturday, but the breakaway chain has produced only two blocks and has since stalled.
- Because the forked chain inherited Bitcoin’s high mining difficulty while its coin has no market value, miners have little incentive to support it, leaving it 326 blocks behind the main network.
- The forked chain cannot lower its mining difficulty until it reaches 2,016 blocks, a milestone now estimated to be more than six years away, though some observers caution it is too early to declare the effort a failure.
A Breakaway Bitcoin Chain Faces Significant Challenges
A bitcoin chain that broke away due to the BIP-110 proposal is struggling to stay afloat, with its self-repair mechanism estimated to take six years. This chain, which separated from the main bitcoin network, has not moved forward since its creation and remains stuck on block 961,633. Meanwhile, the main bitcoin chain has continued to grow, reaching block 961,959, leaving the fork a significant 326 blocks behind.
The BIP-110 proposal aimed to prevent the storage of non-payment data, such as pictures and text, in bitcoin transactions for a year. However, it failed to gain the required 55% of miner support, peaking at only 2.6%. As a result, the proposal’s secondary route was triggered, causing computers running BIP-110 software to reject blocks that did not carry the mark, leading to the creation of a new chain.
Implications for Earning and Passive Income
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