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Over 50% of Bitcoin’s Mining Power Already Approves Taproot Activation

So far, six Bitcoin (BTC) mining pools have expressed their approval of the proposal to activate the Taproot enhancement in the protocol. The hash rate that they add up between these pools amounts to 56%.

Poolin (12.4% hash rate), Slush Pool (2.3%), (10.7%), F2Pool (19.5%) Ant Pool (11.2%) and Luxor (value less than 0.28%) are the mining groups that have participated in a survey that Poolin proposed just 3 days ago.

Poolin, is known to support the proposal for being the creator of the initiative, in addition to the signatures that it leaves in its coinbase with the message “/”; Slush Pool announced it in a tweet; and F2Pool stated its approval on Github.

Regarding the rest of the participants, there is no way to verify their preference, which may have been sent by email to the address that appears on the survey website.

As reported by CriptoNoticias, the questions in this survey, in addition to whether they accept the Taproot update in Bitcoin, were: 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?

survey activation taproot network bitcoin pools mining

survey activation taproot network bitcoin pools mining

The 6 pools that responded so far have a hash rate of 56% (weekly value). Source: /

Which method do miners prefer to activate Taproot on Bitcoin

About the activation method, Poolin and Luxor are willing to accept the BIP9. This is a warning system that gives nodes time to update and for miners to indicate when they are ready to enforce the new rules. This method does not have an expiration date.

Poolin too would be willing to accept BIP8, like Slush Pool and AntPool. This method proposes a deadline of one year (flag day), after which a forced activation occurs. But it can be activated earlier if a super majority is reached., on the other hand, prefers the modern soft fork activation. There, the miners have time to activate the fork with their hashing power. If after this time they do not activate it, the developers will evaluate what happened. If they think there was no problem with the proposal, they can set a date for the force activation to run. The whole process could take up to 3 years.

Whether the individual pool votes or the sum of their hash rate is considered, activation by BIP8 is the winning proposition.

Although it is not activated, Taproot has been part of the Bitcoin code since mid-October. This implementation will expand the capabilities of the multi-signature protocol, as it establishes different conditions so that BTC can be spent. In addition, privacy will be greater since different types of transactions (standard or multi-signature) will be indistinguishable from each other.