The major root update has reached its first major milestone on the road to activation with 90% of Bitcoin (BTC) mining speed indicating an improvement in the protocol in the current difficult period.

Data from Taproot.watch, a website created by bitcoin developer Hampus Sjöberg, shows that the blocking phase is now complete.

All reputable mining pools have indicated an upgrade, and Slush Pool was the first to do so. It is possible that Slush Pool also brought back block 687285, which unlocked the Taproot lock.

AntPool and F2Pool – the two largest bitcoin mining groups by hash share – were also among the early proponents of taproot activation in the BTC mining arena.

In an interview with Cointelegraph, Bitcoin Core Developer Peter Ville explained the activation phase of the Taproot, saying: “According to BIP341, when the lock is locked, activation occurs automatically at block height 709632 – expected around November 14, 2021.”

Phil also commented on the importance of Taproot and added:

This is the first unanimous change since Segwit was activated in August 2017. It enables Bitcoin programming by making some things cheaper (especially more complex implementations like multi-signatures and Level 2 things), somewhat more secretive, and often masking the exact costs of the rules. . ”
The activation in November is just the beginning, Vuille said, as the real work will be creating software that takes advantage of the improved protocol.

The historical significance of June 12 for bitcoin also surpassed Taproot as it recorded a record number of transactions processed in a single block that day. Data from blockchain explorer Blockchair shows 4075 transactions at block height 687249.

Source: Blockchair.com
This record figure is almost double the average number of transactions per block recorded on June 11, and four times the usual number of transactions for Bitcoin blocks.

With hash rates dropping due to mining restrictions in China, the average number of transactions on Saturday may be due to a slowdown in block production, forcing multiple transactions into a single block.

Source: CoinTelegraph

LEAVE A REPLY