Foundry USA, currently the world’s leading Bitcoin mining pool by hashrate, has launched a voting process for its mining customers on the contentious Bitcoin Improvement Proposal 110 (BIP-110). This proposed update aims to reduce the amount of data that can be stored in Bitcoin transactions, mainly to restrict non-monetary use cases such as Ordinals on the Bitcoin network.
Miners invited to vote on BIP-110
Foundry began inviting its mining clients to participate in a vote regarding BIP-110, enabling them to express support or opposition to the proposal. Eligible clients can submit their votes through a dedicated link sent via email. The voting window is set to close at Bitcoin block 961,632, expected to be mined in early August.
Alongside the voting process, Foundry also released a set of educational materials to inform participants about the implications and technical details of BIP-110.
BIP-110 is regarded as one of the most debated proposals among Bitcoin developers and mining communities in recent months. If implemented, it would limit the storage space available for arbitrary or non-financial data within Bitcoin transactions, thereby targeting projects like Ordinals that have leveraged this feature for purposes beyond peer-to-peer payments.
Mini dictionary: Ordinals, a protocol on Bitcoin that allows users to inscribe arbitrary data such as digital art or text onto individual satoshis, effectively enabling NFTs on the Bitcoin blockchain.
Industry leaders criticize proposal
The introduction of BIP-110 has sparked strong reactions from prominent figures in the cryptocurrency space. Adam Back, CEO of Blockstream, voiced concerns that the proposal could be misused to freeze user funds. He has been a vocal opponent, arguing that such changes could have unintended consequences for Bitcoin’s core principles.
Michael Saylor, executive chairman of MicroStrategy and well-known Bitcoin advocate, also raised concerns. He stated that BIP-110 poses the risk of invalidating ordinary transactions and could negatively impact network usage by limiting the types of permissible activities on the blockchain.
BIP-110 has received vocal opposition from key industry leaders, including Adam Back and Michael Saylor, both of whom warn that the proposal could undermine fundamental aspects of Bitcoin’s transaction processing and user autonomy.
| Stakeholder | Position on BIP-110 | Rationale |
|---|---|---|
| Foundry USA | Facilitating vote, neutral stance | Empowering clients to decide |
| Adam Back (Blockstream) | Opposed | Concerns about possible fund freezing |
| Michael Saylor (MicroStrategy) | Opposed | Warns it could invalidate transactions |
Foundry’s role in Bitcoin mining
With approximately 23.8% of the total Bitcoin network hashrate, Foundry holds significant influence in determining the future direction of proposed network upgrades. The company’s decision to involve its clients in the decision-making process reflects growing recognition of the need for decentralization and broad consensus in major protocol changes.
Data provider Hashrate Index confirms that Foundry remains the largest player in Bitcoin mining, underscoring the potential impact that its collective voting outcome could have on the evolution of the network and the fate of BIP-110.
Looking forward, the industry awaits the results of the voting process, which could signal broader sentiment on restricting non-monetary uses within the Bitcoin ecosystem.
