After Binance announced its readiness to support Taproot, 91.5% of the Bitcoin network’s total hashrate signals support for the upgrade.
On Sunday, December 27, Poolin vice president Alejandro De La Torre said on Twitter.
Binance responded with a YES for Taproot! 🎊
*Mining pools in favor of the #taproot upgrade now at 91.05%!!*
Big thanks to the #bitcoin community for pressuring Binance to give us a response 🙂 pic.twitter.com/iyIUgBkbru
— Alejandro De La Torre (@bitentrepreneur) December 27, 2020
In November, the Antpool mining pool voiced support for Taproot.
According to data from Taprootactivation, Binance Pool’s hashrate over the last 30 days accounted for 11.23% of the network’s total hashrate. BTC.com data indicate 13% over the last three days, making Binance Pool the second-largest mining pool after F2Pool.
Data: BTC.com.
Support at above 90% does not mean the upgrade will necessarily be included in the next Bitcoin Core release. There is no requirement to reach 95% of support, as has been the case in some past instances – the developers still have to decide the final activation method for Taproot.
Among the options under consideration are various activation approaches for the soft-fork activation proposal described in BIP-8. Its main idea is that miners cannot block the soft fork (provided it is supported by users) and, therefore, cannot use this influence to their own advantage. Miners can accelerate activation and help coordinate the protocol update, but ultimately it will occur even if they do not activate it themselves.
Schnorr signatures and Taproot technology were included in the Bitcoin source code
Taproot is expected to be one of the most significant upgrades in Bitcoin’s history. In addition to boosting scalability and privacy, it aims to improve the network’s functionality and the fungibility of coins.
In November, the Antpool mining pool voiced support for Taproot.
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