Tomorrow Is a Big Day for Bitcoin: A Major Change Is Coming

Luke Dashjr, a <a href="https://xpertsstudio.com/gold-silver-and-bitcoin-prices-hit-as-warsh-revives-fed-hike-risk/” title=”Gold, Silver And Bitcoin Prices Hit As Warsh Revives Fed Hike Risk”>Bitcoin developer and leading figure in the Bitcoin Knots project, has indicated Sunday, August 30th, as the target date for a significant Proof of Work (PoW) change that could affect Bitcoin’s mining algorithm. Dashjr stated that miners using SHA-2 should halt mining on Saturday, as this would be used to prepare for the mainnet rehearsal of Bitcoin Knots version 29.4.1rc4.

According to Dashjr’s post, Bitcoin Knots version 29.4.1rc4 will be configured to fix the last SHA-2 block before the transition. Then, after the online version of the New York Post’s Sunday morning print edition is published, the “canonical blake2b_headline” parameter, to be used at the start of the new BLAKE2b-based chain, will be shared.

Dashjr stated that if the process proceeds smoothly, the final version of Bitcoin Knots 29.4.1 will be released as planned on September 1st, and the blockchain history created on August 30th will be preserved.

However, the developer stated that in the event of an unexpected problem, the system can be reverted to the last SHA-2 block and a new attempt can be made with version rc5.

Dashjr also recommended that those who want to start mining from day one after the changes should prepare in advance on testnet4 with Bitcoin Knots rc3 version.

What’s Changing Technically?

Bitcoin’s current Proof of Work system uses the SHA-256 hash algorithm, which belongs to the SHA-2 family, during mining. Miners perform SHA-256 calculations to create new Bitcoin blocks.

The change Dashjr mentioned involves using a different hash algorithm called BLAKE2b in PoW calculations.

BLAKE2b is a cryptographic function, like SHA-256, that converts data into fixed-length hash values. However, because the computational structure of the two algorithms is different, most current Bitcoin ASIC mining devices cannot directly mine BLAKE2b.

Therefore, if such a change were implemented, it might not just mean a software update; it could also have serious consequences for the hardware used by a significant portion of Bitcoin mining infrastructure.

The “last SHA-2 block” that Dashjr refers to means the final block generated according to the current SHA-256-based Proof of Work rules.

After this block, nodes using the new rules can start following blocks created with BLAKE2b. However, if other nodes on the Bitcoin network do not accept the same change, the chain may split into two different sets of rules.

Therefore, this initiative should not be considered a definitive protocol change accepted by the entire Bitcoin network. Dashjr’s statement specifically refers to the planned process for Bitcoin Knots software and users who choose to adopt these rules.

*This is not investment advice.

Source: cryptonews.net