Michael Saylor explained that it is mathematically impossible for BIP-110 to reach the 55% voluntary support threshold in the current Bitcoin mining difficulty cycle.
According to data provided by Saylor, a total of 946 blocks have been generated during the current difficulty adjustment period, up to block number 960,561. Only in 24 of these blocks was the BIP-110 support signal added to the version field in the block header.
Saylor stated that all blocks sending signals were created by DATUM miners, who share their rewards through the OCEAN mining pool, and that no support signals have been received from miners outside of OCEAN.
Saylor stated that due to this situation, BIP-110 will not achieve the 55% voluntary support level in the cycle under consideration, arguing that the current signals cannot be considered a general consensus among miners.
What is BIP-110, and why does Saylor oppose it?
BIP-110 is a proposal aimed at making it more difficult to add photos, text, or other types of large data to the Bitcoin network, besides monetary transfers. Simply put, its proponents argue: 'Bitcoin should only be used for sending money; unnecessary data should not clog the network.' Michael Saylor opposes this.
According to him, the Bitcoin network should not decide which transactions are necessary and which are not, and the rules should not be changed at the whim of a few people. Saylor also claims that the high support figures do not reflect genuine miner support; rather, the numbers appear higher than they actually are because some software automated the signaling process.
*This is not investment advice.
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