Bitcoin holders face a Sept. 1 hard fork backed by Luke Dashjr, with a BLAKE2b mining switch raising replay and chain-selection risks after OCEAN’s 96% hashrate collapse.
Key Points:
- A Sept. 1 fork will move to BLAKE2b, which existing Bitcoin mining hardware cannot run.
- Luke Dashjr has left OCEAN after the pool’s hashrate fell 96% in August.
- The new chain must attract miners quickly or risk repeating BIP-110’s failed August split.
Bitcoin Fork Plan
Luke Dashjr has resigned as chairman and chief technology officer of Bitcoin (BTC) mining pool OCEAN, which also repurchased all of his equity. The departure followed a difficult August in which OCEAN routed customer power to a minority chain for roughly 18 hours, prompting miners to demand leadership changes.
The immediate split is scheduled for Sept. 1. Dashjr’s breakaway chain changes Bitcoin’s proof-of-work algorithm to BLAKE2b, meaning existing Bitcoin mining machines cannot simply continue mining the new network.
Dashjr says BLAKE2b removes ASICBoost, an efficiency technique he argues favors large miners, and gives miners another attempt at decentralized block construction through CONVOY.
He has also labeled the existing chain “Spamcoin,” saying it “operates under centralized management, just like the US dollar, but worse.”
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Adam Back Warning
Bitcoin holders mainly face two practical issues if the fork activates: replay risk and uncertainty over which chain their wallet software follows. Because the proof-of-work change creates a separate coin, markets and miners will determine whether the new network develops meaningful value and security.
Dashjr has advised holders to use a light wallet rather than a full node. Bitcoin traded near $77,655, down 0.59% on the day but up 23.3% for August, while network hashrate has trended lower as some miners shift toward artificial intelligence contracts.
Blockstream co-founder Adam Back called BIP-110 “idiocracy” in July, while former Ripple chief technology officer David Schwartz dismissed claims that Bitcoin was under attack as “nonsense.” Their criticism reflects broader skepticism that Dashjr’s anti-spam campaign has enough miner support to sustain an alternative chain.
The earlier BIP-110 effort required 55% miner support but peaked at 2.53% signaling and stalled after producing only two blocks. Supporters then regrouped around the Sept. 1 breakaway, leaving the new fork with a simple test: attract real hashrate quickly or repeat August’s short-lived split.
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