More Than Half of Bitcoin Hash Rate Is In Support for the Taproot Upgrade

0
2481
Taproot

54% of Bitcoin network’s present hash rate total, as represented by its many mining pools, is reportedly in full support for the privacy-centric and scaling protocol upgrade ‘Taproot.’ The most recent backer, Bitmain’s Antpool, now officially joins five other noteworthy pools in Poolin’s Taproot Activation protocol. This development last Thursday morning is what actually pushed the hash rate support for the upgrade past the 50% mark – remarkably reaching the majority.

Notably, among the top five BTC pools, Binance Pool is the only one left that hasn’t expressed support for the upgrade.

Alejandro De La Torre, Poolin’s Vice President, commented on this by stating that they are more than happy now that most prominent mining pools of Bitcoin are backing them up, realizing the potential Taproot can bring to the network.

The Taproot upgrade

Taproot is a particular protocol upgrade initially proposed by some of the blockchain’s most recognized contributors, namely Peter Wuille, Andrew Poelstra, and Greg Maxwell. Without going into the complexities and technicalities, Taproot basically renders BTC transactions as common transfers on the very blockchain while reinforcing its privacy and flexibility efficiency.

It is also worth noting that despite Taproot’s implementation in Bitcoin Core last October 15th, the upgrade is actually not activated yet. Furthermore, the activation framework it plans to use is still undisclosed, as well as the date when people can expect it to go live.

LEAVE A REPLY

Please enter your comment!
Please enter your name here