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The largest Bitcoin mining pools are indicating Taproot activation, but it does not meet the 90 percent critical consensus level during this complexity epoch.
The top ten Bitcoin (BTC) mining pools in terms of hash rate distribution are now indicating that Taproot will be enabled with BTC.
TOP is the most recent as of the time of publication.
Indeed, 90 percent of Bitcoin’s hash rate momentarily signalling the need for the protocol update, which is now at about 73 percent.
Tweeting on Monday, crypto exchange giant Binance announced that Binance Pool had begun signaling for Taproot. According to the Taproot Signal Twitter bot, Binance Pool’s maiden Taproot signal occurred at block height 683,878.
Based on community feedback, #Binance Pool has begun signaling for Taproot.
— Binance (@binance) May 17, 2021
As previously noted, the two main Bitcoin mining pools, AntPool and F2Pool, were early backers of the protocol update in the mining arena. The first transaction block with a Taproot signal was mined by SlushPool, the 12th-largest pool by hash rate distribution.
On block height 683,945, BTC.TOP, the last of the top-10 pools to signal for Taproot, did so. The mining pool previously reported that it had completed the requisite testing protocols to begin using Taproot activation signals in mined transaction blocks.
According to data from Taproot.watch, a website developed by Bitcoin developer Hampus Sjöberg, there have been many instances with at least 10 consecutive blocks of Taproot signals throughout the current complexity epoch.
However, with 190 non-signaling blocks so far, it is impossible that Taproot activation will be locked in during the current complexity window. The protocol upgrade will only proceed if 90% of the 2,016 mined blocks in a complexity epoch contain an activation signal.
Non-signaling blocks currently account for more than 9% of all blocks at 190. The Taproot lock-in threshold requirement will be moved to the next complexity change in around 11 days at 202 non-signaling blocks.
Taproot activation must be completed by August 11 in order for the network upgrade to take place in November. If it occurs, that would be the most significant protocol-level change in the last four years for the biggest cryptocurrency by market capitalisation.
The Taproot update would effectively mask spending requirements specified by transacting parties, a functionality that is said to have important consequences for the Bitcoin protocol’s privacy and smart contract capability.