Michael Saylor: BIP-110 fork has only 0.15% of Bitcoin hash power

The BIP-110 fork of the Bitcoin network is not amounting to much so far. That is according to Michael Saylor, founder of Strategy, based on the initial figures after the fork. According to him, around 99.85% of the total hash power simply remained on the Bitcoin main chain, while the forked chain mined only two blocks and is already more than eighty blocks behind.

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In short:

• 99.85% of Bitcoin hash power remains on the main chain after the BIP-110 fork
• The BIP-110 chain mined only two blocks and is already more than 80 blocks behind
• At the current pace, it will take an estimated 25 years before BIP-110 reaches its first difficulty adjustment

Fork falls far behind the main chain

Earlier, we reported on the BIP-110 fork that is lagging behind the Bitcoin network. Now it is clear how large that gap really is. The forked chain has only about 0.15% of the total computing power of the Bitcoin network. With that limited capacity, the chain still has 2,015 blocks to go before the first difficulty adjustment takes place, which at the current pace translates to roughly 25 years.

Saylor states that this demonstrates how the Bitcoin network is supposed to work. Anyone is free to implement a fork, but the network is equally free not to follow it. In this case, nearly all mining capacity opted for the existing chain.

Saylor draws a clear conclusion from the figures. In his view, a fork without sufficient security, usability, capital and users has no right to exist. He sums it up with the words: “Consensus is earned, not declared.”

The BIP-110 fork stemmed from an attempt to temporarily limit non-financial data transmitted in Bitcoin transactions. That proposal received little support from the mining community, as the current figures clearly illustrate.