The majority of the Bitcoin hash rate is in favor of Taproot, the biggest upgrade to the largest cryptocurrency network since SegWit implementation in 2017.
This upgrade will expand Bitcoin’s smart contract flexibility while bringing more privacy to the network.
“Taproot has a lot of use cases that will help with user privacy, save on block space, and should marginally reduce the overhead to run a node,” noted a developer.
This has been made possible because of the biggest Bitcoin mining pools, Poolin, F2Pool, Antpool, and BTC.com, all of which account for 10 to 20% of the global hash rate in the past month. Combined, they account for more than 50% of the Bitcoin mining hash power.
When it comes to the exchange mining pools, Huobi, which has a share of more than 10%, has also given its nod to the upgrade. The mining pool of the leading spot exchange, Binance Pool, which accounts for just under 10% of Bitcoin’s total hash rate, is yet to announce its support.
It is basically the smaller mines that have to signal their support, although a few like ViaBTC, 58COIN&1THash, SlushPool, and NovaBlock, which accounts for 7.85%, 6.36%, 2.60%, and 1.04% share respectively, have given their yes.
So, basically, Binance Pool and SigmaPool are the only ones left.