January 19, 2021

Cryptheory

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Taproot activation: over 80% of Bitcoin mining pool in support

2 min read

  • Bitcoin mining pools are supporting a Taproot activation upgrade
  • Binance Pool is yet to announce its decision 

After the implementation of the SegWit upgrade to Bitcoin in 2017, it appears there is another massive upgrade on the way. Currently, the majority of Bitcoin hash rate wants a Taproot activation on the network system.

According to available information, the proposed upgrade will lead to more flexibility in Bitcoin’s smart contract. This would also lead to a development in the privacy setting of the most popular crypto asset.

Many Bitcoin mining pools have already given the green light to this upgrade. Over 80% of these pools have spoken of the need for this upgrade. This is a massive leap from two weeks ago, where just 30% of the mining pools had supported the Taproot activation.

When a developer was asked for his opinion, he claimed that a Taproot activation will definitely help the system with users privacy, help to save space on blocks, and it would, in the long run, help to reduce the overhead needed to run a node.

Binance Pool yet to announce support for Taproot activation 

Binance Pool and SigmaPool are the only major mining pools yet to announce their support for the Taproot activation upgrade.

Presently, the majority of the mines to have declared their support for this new development are the smaller pools. 

Pools like ViaBTC, 58COIN&1THash, SlushPool, and NovaBlock have given their permission to the upgrade. Exchange mining pools like Huobi that have over 10% of the shares of the Bitcoin hash rate have also given their consent to the upgrade.

Other mining pools that account for over 50% of Bitcoin mining hash power like Poolin, F2Pool, Antpool, and BTC.com have agreed to the Taproot activation upgrade.

However, Binance Pool which is the mining pool of the leading crypto exchange firm, Binance, is yet to make its decision known. Binance Pool controls almost 10% of Bitcoin’s total hash rate.

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