Cryptocurrency News

Bitcoin Taproot Upgrade Finally Locked In, Activation Set For November


The Taproot Upgrade Has Achieved The First Important Milestone On The Road To Activation As 90% Of Bitcoins (B T c) mining hash rate is indicated for protocol improvement within the current difficulty era.

Data from Taproot.watch, a webpage created by bitcoin developer Hamps Sjöberg, shows that the lock-in phase is now in That which has been completed.

All accredited mining pools are indicated for the upgrade is the first slush pool to do so. It is perhaps fair that Slush Pool also mined block 687285 which sealed the Taproot lock-in.

AntPool and F2Pool – the top two bitcoin mining pools by hash rate share – were also among these. Early proponents of taproot activation BTC mining sector

In conversation with Cointelegraph, Bitcoin Core developer Peter Wuille explained the activation phase for Taproot, saying: “According to BIP341, once locked, activation is automatic at block height 709632 – expected to occur around November 14, 2021.” have hope.”

Wuille also commented on the importance of the taproot, saying:

“This is the first consensus change since SegWit was activated in August 2017. It enhances the scripting capabilities of bitcoin in ways that make some things cheaper (especially for more complex applications like multisig and layer 2 things). , and were often a bit more private, hiding the exact spending rules.”

According to Vuil, activation in November is only the beginning as the real work will be to build the software to take advantage of the benefits of the protocol improvements.

The historical significance of June 12 for bitcoin also extends beyond the taproot as a record number of transactions took place in a single block that day. Blockchain Explorer shows data from Blockchain 4,075 transactions Block height 687249 in.

Source: Blockchair.com

This record figure is almost double the average transaction per block recorded on June 11th and four times the number of transactions typical for bitcoin blocks.

With a drop in the hash rate in between mining ban in china, Saturday’s transaction count may be forced to include more transactions in the same block due to a slowdown in average block production.