Luke Dashjr Proposes Changing PoW Algorithm for Bitcoin

Luke Dashjr, a Bitcoin developer, stated that changing the Proof of Work (PoW) algorithm could benefit Bitcoin, although current miners should not be displaced as long as they fulfill their role. His comment came in the context of the weak mining support rate for the BIP 110 proposal, which is below 3%. The proposal aims to limit arbitrary data in Bitcoin transactions and requires 55% miner support for early activation. Currently, signaling does not exceed 3%. Due to the lack of support, there is consideration to activate a code that would modify the PoW algorithm to reduce dependence on ASIC equipment, with a mandatory signaling phase in block 961632 and the activation of new rules in block 965664 in early September. Dashjr advocates for the activation of BIP 110 and argues that it has not been contested through a fork, raising a debate on how to improve the mining mechanism without affecting current miners.

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