The cryptocurrency world is holding its breath: on September 1, the Bitcoin network may face another hard fork attempt, initiated by Luke Dashjr, known for his radical vision of decentralization. This is not just a technical experiment, but a direct confrontation with the established mainstream that could reshape the balance of power in mining.
Conflict of interest: why Dashjr left OCEAN
Dashjr's departure from his position as chairman and technical director of the OCEAN pool was the culmination of a prolonged crisis. In August, OCEAN's hashrate collapsed by 96% — the pool effectively lost miners' trust. The reason was a decision to redirect computing power to a secondary network, which equipment operators did not consent to. The attempt to push through BIP-110 — a soft fork aimed at combating spam — failed: instead of the required 55% support, only 2.53% was gathered. After two blocks, the network stalled, and supporters switched to preparing for the September fork.
Technical background: BLAKE2b vs ASICBoost
Dashjr insists that Bitcoin lost decentralized block assembly several years ago. His answer is a switch to the BLAKE2b mining algorithm, which is incompatible with current ASIC devices. In his logic, this will close the ASICBoost loophole, which gives large players an unfair speed advantage, and prevent hashrate concentration in the hands of a few. However, critics, including Adam Back and David Schwartz, call BIP-110 idiocy and absurdity, claiming the centralization threat is greatly exaggerated.
What this means for BTC holders
At the time of analysis, Bitcoin was trading around $77,655, down 0.6% over the day, although the asset rose 23.3% over the month. However, the network's hashrate has been declining all year: miners are moving to AI contracts, which reduces the number of devices the new chain can attract. Holders face two key questions: the risk of a replay attack, when a transaction can pass on both networks, and uncertainty — which chain your wallet will follow. Dashjr recommends using light wallets rather than full nodes, but this is only a temporary measure.
The previous fork attempt did not gather even 3% support, so September 1 is a test of reality. Either BLAKE2b will attract significant power, or we will see a repeat of the scenario where the network stalls within a few hours. The market itself will decide which chain retains value.
My view: This hard fork is more of an ideological gesture than a practical threat to Bitcoin. Even if the new chain survives, its liquidity and utility will be minimal. Investors should remain calm but closely monitor wallet updates to avoid confusion with assets.