Nine of the top 10 Bitcoin (BTC) mining pools by hash rate distribution are now reporting Taproot activation with BTC.TOP being the only exception at the time of writing.
Indeed, 90% of Bitcoin’s hash rate briefly signaled the protocol upgrade, with the figure now standing at around 73%.
Tweeter On Monday, crypto exchange giant Binance announced that Binance Pool has started reporting Taproot. According to Twitter bot Taproot Signal, Binance Pool’s first Taproot signal occurred at a block height of 683,878.
Based on community feedback, #Binance Pool started reporting Taproot.
It is estimated that #Binance Pool will fully support Taproot by Friday this week. https://t.co/eukp3FlEA8
– Binance (@binance) May 17, 2021
As previously reported by TBEN, the two largest Bitcoin mining pools – AntPool and F2Pool – were among the early proponents of protocol upgrade in mining. SlushPool – the 12th largest pool in terms of hash rate distribution – was the first to mine the first trade block with a Taproot signal.
BTC.TOP, the only top 10 pools not yet reporting Taproot is also would have set to start signaling for Taproot. Data from Taproot.watch, a web page created by Bitcoin developer Hampus Sjöberg, there have been multiple occasions of at least 10 successive blocks with Taproot signals during the current difficulty period.
However, with 190 blocks without signage to date, activating the locked taproot during this current difficulty window seems unlikely. The protocol upgrade can only advance if 90% of the 2,016 blocks mined in a time of difficulty include an activation signal.
At 190 blocks, blocks without signage now exceed 9%. At 202 blocks with no signage, the taproot locking threshold requirement will be pushed back to the next difficulty adjustment in approximately 11 days.
Taproot activation must be locked down by August 11 for the network upgrade to take place in November. If that happens, it will arguably be the most notable improvement at the protocol level over the past four years for the largest crypto by market cap.
The Taproot upgrade will essentially hide the spending terms prescribed by the parties to the transaction, a feature believed to have significant implications for both the privacy and smart contract capabilities of the Bitcoin protocol.