Bitcoin Holders Face a Hard Fork on September 1 — Here's What Actually Changes

Luke Dashjr has resigned as chairman and chief technology officer of Bitcoin mining pool OCEAN. The Bitcoin hard fork he backs splits from the main chain on Tuesday. The company also repurchased all of his equity.

He now calls the main Bitcoin chain “Spamcoin.” On Tuesday, a Bitcoin hard fork he backs switches to BLAKE2b, a mining algorithm that existing Bitcoin machines cannot run. Why Dashjr Walked Away From OCEAN The exit closes a bruising month for the pool.

OCEAN’s hashrate fell 96% in August. The pool had routed customer power to a minority chain for about 18 hours. Miners never gave clear consent and demanded leadership changes. BIP-110, the anti-spam soft fork Dashjr championed, needed 55% miner support.

Signaling peaked at 2.53%. Its chain stalled after two blocks, so backers regrouped around a September breakaway coin instead. Inside Dashjr’s Bitcoin Hard Fork Plan Dashjr argues that Bitcoin lost decentralized block construction years ago.