Ten largest mining pools back Taproot upgrade on Bitcoin network

Binance Pool announced support for the Taproot upgrade in the Bitcoin network. According to the Taproot Watch service, this was the only top-10 pool that did not express a position.

Based on community feedback, #Binance Pool has begun signaling for Taproot.

It is estimated that #Binance Pool will fully support Taproot before Friday this week. https://t.co/eukp3FlEA8

— Binance (@binance) May 17, 2021

According to BTC.com, at the time of writing, Binance Pool’s hash rate stood at 13.47 PH/s. By this measure, it ranked sixth with an 8% share.

As of May 17, 2021, of the 21 mining pools tracked by Taproot Watch, the upgrade was not supported by Rawpool, OKExPool, WAYI.CN, ArkPool, BTCPool, TMSPool, OKKONG, Sigmapool.com and an unknown group — collectively they controlled 4.43% of the hashrate.

According to the service, during the current difficulty epoch there have been several episodes in which there was a run of at least ten consecutive blocks signaling support.

The upgrade mechanism envisages a three-month window through August 11. During this period, in any of the roughly two-week intervals between difficulty retargets, 90% of mined blocks must contain the corresponding signal. If this is the case, Taproot will be deployed in November 2021.

The upgrade will be one of the most important in Bitcoin’s history. In addition to increasing scalability and privacy, it is aimed at improving network functionality and coin fungibility.

In mid-October 2020, Taproot, together with the Tapscript technology and Schnorr signatures, were included in the Bitcoin Core source code.

Earlier, the first ‘signal bit’ [signal bit] was added to mined blocks by SlushPool.

Earlier ForkLog reported on the upgrade’s support by the five largest mining pools.

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