Originally published by InvisibleHill Research. This cross-post preserves the original research cut-off and source list.

Research cut-off: July 30, 2026. Miner signaling is a live metric and may have changed after publication.

BIP 110 begins with a problem that many Bitcoin users can recognize. A miner

can collect a one-time fee for including an image, token payload, or other

arbitrary data, while thousands of node operators absorb the cost of