30% of Bitcoin Network Supports Taproot; OKEx Mining Pool’s Hash Power Crashes Over 99%
The Bitcoin network is strong, with the 7-day transaction count keeping above 2 million and the hash rate of the network recovering at a healthy pace.
Amidst the growing hash rate, as we reported, the OKEx mining pool's dominance has tanked while Bitcoin’s mining pool is slowly climbing the ranks.
The exchange has lost 99.5% of its hashing power ever since it suspended withdrawals, which is still not resumed. Once the world’s largest mining pool, OKEx hasn’t mined any new blocks in more than two weeks.
Launched in Oct. 2018, OKEx contributed 5.36% of the hashing power at the beginning of this year by controlling 9,000 petahashes per second (PH/s) of SHA-256 mining power has now come down to a mere 20 PH/s, as per BTC.com. Jameson Lopp, the co-founder of Casa, commented,
“Proof that mining pool centralization concerns are FUD. If a pool starts screwing up, hashpower won't hesitate to leave.”
Complications with OKEx have pushed miners to switch pools, which have resulted in the exchange mining a single block compared to 150 in October and 288 in the month before that.
While shuffling is happening among the mining pools, one of the biggest mining Pools, Poolin, which accounts for over 13.4% of the hash power, has signaled support for Taproot — the much-coveted upgrade to the Bitcoin network that will boost its privacy.
Soft forks Taproot and Schnorr signatures are the first significant update since Segregated Witness was implemented in 2017. As we reported, just last month, the code for Taproot was merged into the library of Bitcoin Core.
Recall miners follow the market of investors, hodlers, users; pools reduce variance on the economic chain, or miners switch immediate. They're all rational so far. But none fear irrational mining, that's playing chicken with the #bitcoin freight train🚆🚅 https://t.co/oKFxLCLefh
— Adam Back (@adam3us) November 18, 2020
Besides Poolin, Slush Pool, and BTC.com are also signaling support for this soft fork, which means about 30% of the network is in support, as of writing.