Bitcoin News

Bitcoin Taproot Now At 90% Support – Scheduled For 14th Nov.

The Taproot upgrade has achieved the primary significant milestone on the road to activation as 90% of the Bitcoin [BTC] mining hash rate allocates for the protocol improvement within the present difficulty epoch.

In line with data provided by Taproot.watch, a webpage created by Bitcoin developer Hampus Sjöberg, reveals the lock-in stage is now completed.

All recognized mining pools signaled for the upgrade with Slush Pool being the primary to try for so. It’s perhaps fitting that Slush Pool also mined block 687285 that sealed the Taproot lock-in.

Bitcoin Taproot Now At 90% Support - Scheduled For 14th Nov.

AntPool and F2Pool – the major two Bitcoin mining pools by hash rate share – were also among the earliest supporters of the Taproot activation within the BTC mining arena.

Within an official conversation with Bitcoin core developer Pieter Wuille revealed that the activation step for Taproot, stating: “According to BIP341, once locked in, activation is automatic at block height 709632 – is expected around 14th Nov. 2021.”

Wuille also commented on the importance of Taproot, adding:

“It’s the primary consensus change since Segwit activated in august 2017. It extends Bitcoin’s script capabilities in ways it makes sure things are cheaper [especially more complex apps like multi-sig and layer 2 things], and somewhat more private by often hiding what the precise spending rules were.”

As per Wuille, the activation in November is merely the starting as the real work will be building the software to leverage the advantages of the protocol improvement.

June 12’s historic significance for Bitcoin has also moved beyond Taproot as the day seen a record number of transactions mined within a single block. Data from blockchain explorer Blockchair reveals 4,075 transactions in block height 687249.

Bitcoin Taproot Now At 90% Support - Scheduled For 14th Nov.

This record figure is near twice the standard transactions per block recorded on 11th June and is fourfold the typical transaction count for Bitcoin blocks.

With the hash rate declining amid mining restrictions in China, Saturday’s transaction count average might be due to a slowdown in block production forcing more transactions to be included within a single block.

Leave a Comment

Your email address will not be published. Required fields are marked *