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110 Fallout Gives Birth to Bitcoin Blake2
BTCB2 is the coin that came out of the BIP-110 fiasco that happened last month. Basically, Luke Dashjr and his group of Knots-aligned developers pushed a change called BIP-110, which restricted non-monetary data (large OP_RETURNs, bulky scripts, contiguous junk data), and 97% to 98% of the SHA-256 hashrate did not go along with this plan. So on Aug. 8, 2026, the chain split at block 961632, and the network Bitcoin Blake2, formerly referred to as the minority fork, split away on its own.
The newly created fork struggled a great deal at first, and because it had to adopt $BTC’s difficulty, mining blocks on the BTCB2 chain proved difficult, and the network stalled. Dashjr and BIP-110 advocates have since changed the network’s proof-of-work (PoW) to work with the Blake2 hash function, and it has shrunk its block size. This means the protocol can be mined with Blake2-compatible ASIC mining machines, and the chain has since started back up again.
BTCB2 Lands Its First Exchange Listings as Traders Test the Price Discovery Waters
Then Bitcoin.com News reported that BTCB2 was listed on Neoxa Exchange, its first public booking. There were some initial complaints about Neoxa on social media platforms like Reddit, saying the platform was “high risk,” but Neoxa staff wholeheartedly denied the allegations and even threatened to delist BTCB2 over the controversy. Since then, that part of the discussion has quelled, and traders are still using Neoxa to swap and offload BTCB2 to buyers. Neoxa lists BTCB2 with three pairs: $BTC, $USDC, and $USDT.
Nonkyc.io also recently listed BTCB2, now as well, and it too offers a $USDT trading pair with the forked asset. However, both exchanges are relatively unknown compared to giants like Coinbase or Kraken, and liquidity is super spotty. Additionally, major crypto coin market cap aggregation websites like coinmarketcap.com (CMC) and coingecko.com do not have BTCB2 listed on their web portals.
Replay Attack Risks Put BTCB2 Holders in a Tight Spot
One issue with BTCB2 is that the UTXO (unspent transaction output) must be split away from genuine $BTC, or the assets could be vulnerable to replay attacks. A replay attack could cause a BTCB2 transaction to be copied onto the Bitcoin blockchain, potentially moving $BTC unintentionally if the coins have not been safely split first. This is one reason why people are not running to these small trading platforms to sell BTCB2. However, this week, people have been releasing splitting software and sharing information on how to properly split coins. On top of this reason, some users may be waiting for prominent trading platforms to list the coin, and others may never touch BTCB2 at all.
BTCB2 Hits $1,799
There still has been a moderate influx of trading on these exchanges, and BTCB2’s price tapped an all-time high of $1,799 per unit against $USDC on Sept. 5. Over the last four hours, as stated above, BTCB2 has been trading for $750 to $1,000 on Sunday morning around 10 a.m. EDT. There’s been around $1 million in trades over the last 24 hours via the Neoxa $USDC market. At a $1,000 price, BTCB2’s fully diluted valuation (FDV) stands around $20.9 billion, and if the price were static and listed on Binance today, it would be the ninth largest market cap, just above zcash (ZEC).
But BTCB2’s valuation is far from static, and it’s very possible that the fork could sit unlisted for weeks or months if no tracked venue like CMC or Coingecko picks it up. Alongside this, BTCB2’s price and FDV market cap should be 100% treated as hypothetical and pretty much a coin in price discovery right now. Volume is hundreds of thousands and $1 million on one $USDC market, not tens of millions or billions that major top ten coins log on a daily basis in terms of volume. In time, BTCB2 could see more listings; however, as the current prices right now may entice other trading platforms to hop on board.
Billion-Dollar BTCB2 Valuation Still Faces a Major Reality Check
On the network side, blocks are filled with small fractions of transfers between 1,225 transactions to 14 transactions per block over the last four hours. Miners are dedicating around 5.1 petahash per second (PH/s) toward the BTCB2, and overall hashrate has increased by 30.41% over the last seven days. Mining distribution shows around 60 distinct pool/miners mining BTCB2, and Pyblock is comfortably the largest, followed by Mycology, Pow.re, Placeholder, Knots, Alphapool, Titus 1:15, and unknown miners. After those leaders, the distribution set gets progressively smaller.
While there’s a great deal of discussion around BTCB2, its billion-dollar valuation looks very shaky. Thin liquidity, replay risks, and trades logged on obscure exchanges remain significant problems. On the other hand, major exchange backing could move the needle. But without real utility, speculation is still driving the show.
Source: cryptonews.net