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Foundry Digital, controlling about one‑third of Bitcoin hashpower, will let miners signal support or opposition to BIP‑110 using their hashrate between July
Foundry Digital announced that miners can now vote on BIP‑110 by allocating their hashpower, and the pool will signal “No” unless “Yes” votes exceed 51% of its weighted hashrate, a decision that could tip the soft‑fork outcome given Foundry’s roughly one‑third share of network mining power【1】.
| At a glance | |
|---|---|
| Voting window | July 6 – July 15 (10‑day avg hashrate) |
| Threshold | 51 % of Foundry’s weighted hashrate to flip signal |
| Current stance | “No” (remains until majority “Yes”) |
| Activation target | Block 961,632, early August |
Foundry’s process assigns each miner a vote weight equal to the average hashrate they contributed to the pool over the ten‑day window from July 6 to July 15. The pool will aggregate these weighted votes and, if “Yes” votes cross the 51 % mark, it will switch its entire block signalling to “Yes” for the remainder of the signaling period, which runs until the network reaches block 961,632 in early August【1】. Miners can change their vote while the window is open, and non‑responding accounts are counted as “No” votes.
Foundry controls about a third of the total Bitcoin network hashrate, making its collective decision a pivotal factor in the BIP‑110 outcome. Analysts note that both Foundry and Antpool have the capacity to move daily signaling into a “meaningful range,” meaning their aggregated votes can swing the soft‑fork’s activation probability one way or the other【1】. The proposal itself seeks to limit non‑monetary data in transactions—capping most new outputs at 34 bytes, restoring an 83‑byte limit on OP_RETURN, and rejecting data pushes over 256 bytes—aimed at reducing spam on the blockchain【1】.
Supporters argue the soft fork would preserve Bitcoin’s role as pure peer‑to‑peer money by curbing unnecessary data. Critics, including Michael Saylor and Adam Back, contend that turning a policy dispute into a consensus change could jeopardize fee‑paying transactions and set a precedent for future governance battles【1】.
Foundry’s move to formalize miner voting on BIP‑110 underscores the growing role of mining pools in Bitcoin governance, turning a technical proposal into a de facto on‑chain referendum where the outcome hinges on a single pool’s one‑third share of the network’s hashpower.
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Bitcoin is trading around $63,000, which is roughly 47% to 50% below its October record high of $126,080.
Foundry Digital will allow its mining clients to vote using their hashrate, with each vote weighted by the average 10‑day hashrate between July 6 and July 15, and the pool will signal the majority outcome.
Long‑term holders, accounting for over 65% of coins moving to exchanges, are realizing losses and exiting, which is the dominant sell‑side force.
Spot Bitcoin ETFs have recorded modest inflows after recent outflows, but the amounts have not been sufficient to establish a price floor.
BIP‑110 seeks to implement a temporary soft fork that caps the amount of arbitrary, non‑monetary data in transactions, limiting most new outputs to 34 bytes and restoring an 83‑byte limit on OP_RETURN outputs.