Luke Dashjr Confirms BLAKE2b as New Proof-of-Work Algorithm for BIP-110 Chain

BitcoinWorld Luke Dashjr Confirms BLAKE2b as New Proof-of-Work Algorithm for BIP-110 Chain Bitcoin Core developer Luke Dashjr has announced that BLAKE2b has been selected as the new proof-of-work (PoW) algorithm for the BIP-110 chain.

The selection was made through a random-selection method, according to a report from Odaily.

This move marks a significant shift from the current SHA-256d algorithm, with BLAKE2b expected to be more efficient for mining on standard CPUs and GPUs, while also placing a lighter load on CPU resources.

Background and Context BIP-110 is a Bitcoin Improvement Proposal that aims to update the network’s consensus rules, specifically focusing on the proof-of-work algorithm. The proposal has been a topic of discussion among developers for its potential to alter the mining landscape.