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Mining pools involved in activating Taproot for Bitcoin

Key facts:

Poolin developed a website to publicize the results of a survey.

So far, 2 pools responded: one voted BIP8 and another BIP9.

Poolin, the second Bitcoin (BTC) mining pool, according to its hashing power, implemented an initiative to facilitate consensus regarding the activation of Taproot. Through a website they invite managers of other pools to answer some questions that will make it possible to know what they consider to be the best way to do it

The questions are: Do you accept the Taproot update? What activation method do you prefer? What percentage of the hash rate threshold must be reached to activate it? How long before activation expires or is applied?

The responses that the pools send to the email of Alejandro de la Torre, vice president of Poolin, can be read at taprootactivation.com. At the time of writing this article There are two answers: Poolin ‘s own and Slush Pool.

Both pools agree that activating Taproot is necessary and believe that the maximum time that should be waited is one year, but they differ in the form of activation. While Poolin prefers BIP9 and expects at least 95% processing power, Slush Pool considers BIP8 to be better and its acceptable hash rate threshold is 90%.

With BIP8 activation occurs forcibly when there is an absolute majority of hash power. Instead, with BIP9 A warning system is provided so that nodes can be updated and miners can indicate when they are ready to enforce the new rules.

Two Bitcoin mining pools participated up to the time of the survey and differ in the form of activation of Taproot. Source: taprootactivation.com.

In dialogue with the press, the CEO of Poolin, Kevin Pan, explained the reason for his decision:

Unlike what the SegWit activation process was, there is no heated debate surrounding Taproot and BIP9 has also been used successfully before SegWit. Therefore we prefer the old school method, BIP9. But the community could still have a user-activated soft fork.

Kevin Pan, CEO of Poolin.

But Pan is not inflexible in his stance and believes that a forced activation would also be fine if it turns out to be the chosen option.

Poolin, founded by former Bitmain and BTC.com employees, it was the first mining pool to publicly indicate its support for the Taproot upgrade.

In another survey, BIP9 was the chosen option to activate Taproot on Bitcoin

The survey recently launched by Poolin bears some similarity to the one carried out in early November by developer Anthony Towns, although the respondents were not mining pools but anonymous developers.

As revealed by CriptoNoticias, in the Towns survey won the option to use the BIP9. According to the developers, ignoring the update would be financially unfeasible for miners.

Like Pan, Towns is convinced that the way in which Taproot is activated is the least relevant. For him, what matters is “the fact that the activation could be successful” and the benefits it will bring to Bitcoin users.

Taproot, although not activated, is already in the Bitcoin code. It will allow expanding the capabilities of the multi-signature protocol, by giving the possibility of establishing different conditions so that the BTC can be spent. Further, Taproot increases privacy as it makes standard private key transactions and more advanced multi-signature transactions indistinguishable.