Bitcoin Faces Hard Fork on September 1, Led by Former OCEAN Executive Luke Dashjr
On September 1, a hard fork of Bitcoin is set to occur under the leadership of former OCEAN mining pool executive Luke Dashjr. The new chain will switch from SHA-256 to BLAKE2b as its mining algorithm, which existing Bitcoin machines cannot run. This move aims to decentralize block construction and eliminate ASICBoost advantages for large miners. Dashjr resigned from his role at OCEAN after a contentious month that saw the pool’s hashrate drop by 96% in August due to an unauthorized routing of mining power toward a minority chain. The hard fork follows failed attempts earlier this year, including BIP-110, which only garnered minimal miner support. Bitcoin holders are advised to consider replay risk and wallet compatibility with the new chain. Dashjr’s previous forks have struggled for adoption, raising questions about whether Tuesday's event will gain sufficient hashrate or collapse quickly.
Topics: Bitcoin BLAKE2b decentralization hard fork mining algorithm change OCEAN