Taproot update support reaches 91% of total bitcoin hashrate

by in Cryptocurrency News

Hashrate

After the Binance mining pool announced its readiness to support the Taproot technology, 91.5% of the total computing power of the bitcoin network signals in favor of the upgrade.

That was announced on Twitter on Sunday, December 27, by Poolin Vice President Alejandro De La Torre.

According to Taprootactivation data, the computing power of the Binance Pool has accounted for 11.23% of the total network hash rate over the past 30 days. BTC.com data says 13% over the past three days, making Binance Pool the second largest mining pool after F2Pool.

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Over 90% support does not mean the update will necessarily be included in the next Bitcoin Core release. In this case, there is no requirement to achieve 95% support, as it was in some cases in the past - the decision on the final method of activating Taproot has yet to be made by the developers.

Among the options under consideration are various options for using the proposal for activating BIP-8 soft forks. Its main idea is that miners cannot block a soft fork (provided that users support it) and therefore cannot use this influence to their advantage. Miners can speed up activation and help coordinate the protocol update, but it will eventually happen even if they don't activate it themselves.

The Taproot update is expected to be one of the most important in the history of Bitcoin. Besides increasing scalability and privacy, it aims to improve network functionality and coin interchangeability.