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Half of the bitcoin network is ready for a historic update

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Half of the bitcoin network is ready for a historic update

Half of the bitcoin network is ready for a historic update
CONTENT

  • Nearly 50% of Bitcoin Network Hashrate Expresses Support for Major Blockchain Update

  • The mining pool of the Binance exchange is still on the sidelines

  • When the process of updating the codebase of the leading cryptocurrency may begin remains unknown

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Half of the Bitcoin mining market has expressed support for a major Taproot update&Schnorr, aimed at improving the privacy and efficiency of the network

Almost half of the mining pools on the bitcoin blockchain support an upcoming update called Taproot&Schnorr. This is reported on the official website, which lists the pools that support the update.

Half of the bitcoin network is ready for a historic update

At the time of this writing, the list of mining pools that have agreed to update the bitcoin network includes:

  • PoolinCryptocurrency is not only an alternative to traditional money, but also a tool for making money. To process transactions in the network of coins, a computing … More (owns 11.99% of the hash rate);
  • Slush Pool (owns 2.14% of the hash rate);
  • BTC.com (owns 11.35% of the hash rate);
  • F2PoolCryptocurrency is not only an alternative to traditional money, but also a tool for making money. To process transactions in the network of coins, a computing … More (owns 19.49% of the hash rate);
  • AntPool (owns 10.49% of the hashrate);
  • Luxor (owns <1% hash rate).
Half of the bitcoin network is ready for a historic update

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Thus, the total hashrate power of all mining pools that supported the initiative is more than 45%. However, not everyone supports yet, possibly the largest bitcoin update. So, for example, the mining pool of the Binance cryptocurrency exchange, Binance Pool, which owns 11.13% (takes 4th place in terms of hash rate), does not appear in the Taproot list&Schnorr, which could mean that the pool did not agree with the proposed update.

At the time of this writing, the price of BTC / USDT is $ 18,238.

Key event

The Bitcoin community has been debating the idea of ​​upgrading the network for a long time. At the beginning of January 2020, the BeInCrypto editorial staff reported that the co-founder of the blockchain company Blockstream Peter Will has completed the formation of a new upgrade for bitcoin..

Recall the Taproot update&Schnorr is focused not only on the scalability of the bitcoin blockchain network, but also on its performance. It is assumed that the upgrade will speed up the processing of blocks in the blockchain network by 2.5 times, which should significantly improve the throughput of operations, as well as reduce commission costs..

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In early November, Blockstream also announced the preparation of a new multisig concept for bitcoin wallets, which could be implemented if the upgrade is supported. It is noted that the new multisignature mechanism reduces the number of operations to sign a transaction, while maintaining the same level of confidentiality.

Read about why the creator of Litecoin is confident in the inevitability of a hard fork for the implementation of anonymous bitcoin transactions – read the material BeInCrypto.

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