Bitcoin Data Storage Proposal Faces Rejection from Mining Industry Despite Imminent Deadline

A new Bitcoin rule faces derailment due to the cold shoulder from the mining industry. Proposed to alleviate network congestion caused by the likes of Ordinals, BIP-110 specifically aims to reduce and limit the amount of non-financial data included in Bitcoin transaction histories. However, with approval votes from major mining pools currently at 0%, its implementation has become uncertain due to a lack of support.

For this proposal to be applied to the blockchain, it requires securing approval signatures from at least 55% of major mining pools. Yet, with less than a month remaining until the deadline, not a single major mining pool has expressed support.

The mining industry is concerned about a decline in transaction fee revenues generated by non-financial data transactions. An official from a virtual asset research firm stated that mining pools are completely refusing to sign due to fears of deteriorating profitability. The official explained that if there is no turnaround by early August, BIP-110 will be automatically discarded.