Bitcoin, Crypto Mining News

This ‘Upgrade’ Will Increase Bitcoin’s Mining Pool By 82%

The bulk of the Bitcoin hash rate favors Taproot, the most notable upgrade to the most extensive cryptocurrency network since SegWit implementation in 2017.

This upgrade will increase Bitcoin’s smart contract versatility while producing 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.

When this article was published, a total of 82.05% of Bitcoin mining pools have declared their support. That figure was sitting at approximately 30% just a couple of weeks back.

This has been made conceivable because of the most significant Bitcoin mining pools, Pooling, F2Pool, Antpool, and, all of which account for 10 to 20% of the global hash rate past month. Merged, they value for more than 50% of the Bitcoin mining hash power.

When it comes to the market mining pools, Huobi has a share of more than 10% and 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.

The more modest mines have to signal their assistance, 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.

With all things considered, Binance Pool and SigmaPool are the only ones left.

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