Bitcoin Knots Pushes New Algorithm After BIP 110 Fork Stalls

The project behind Bitcoin Knots announced it will implement a new proof of work algorithm following the stagnation of the BIP 110 chain. This minority fork, which split from the main network at block 961,632, struggled to gain momentum and stalled shortly after reaching block 961,633. The developers are using a random selection process to choose the new algorithm to maintain the viability of their chain.

While the Knots team claims the network is under attack, the main Bitcoin blockchain remains unaffected and continues to produce blocks as normal. The disagreement highlights a divide between developers like Luke Dashjr, who supports the BIP 110 changes, and other industry figures who argue that the market has effectively rejected the minority chain due to a lack of broad consensus.

Miners involved in the BIP 110 fork have expressed mixed intentions. Some mining pools paused their activity, while others committed to staying on the stalled branch despite the low block production rate and economic uncertainty. Market observers noted that the drama has had little impact on the price of Bitcoin, which continues to trade around $64,000 as investors focus on broader market trends.