Bitcoin Knots to pick new proof-of-work algorithm after BIP-110 fork stalls

Bitcoin Knots said on August 11 it would choose a new proof-of-work (system miners use to validate blocks) algorithm for the stalled BIP-110 chain after the minority fork produced only two blocks. The software project warned users not to downgrade to clients that weaken Bitcoin consensus rules, saying that could expose them to false confirmations from invalid blocks, and told anyone who had already switched to upgrade to the latest Knots release so it could try to repair chain state automatically. The new algorithm is due to be selected at 14:00 UTC on August 11 through a deterministic random process among proposed candidates, with a hash posted as what Knots described as proof of fairness. The dispute has sharpened a broader split over what counts as Bitcoin consensus: Adam Back said BIP-110 lacked sufficient support and had been ignored by economic users and the market, while Luke Dashjr argued the proposal had community backing and said a proof-of-work change could remove miners he sees as attacking the fork. Mining pool Roughnecks briefly paused, then said it would resume mining on the stalled branch, even as the main Bitcoin chain continued advancing far ahead. Bitcoin traded around $64,000 at the time of writing, down just over 1% over 24 hours and about 47% below its level a year earlier.

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