Binance Supports Bitcoin’s Taproot Upgrade; Over 91% Mining Network in Favor Now
The leading cryptocurrency exchange Binance has also announced its support for Bitcoin’s first big protocol change in three years.
Binance’s mining pool is fast climbing up the ranks, accounting for 11.23% of the bitcoin hashing power.
There are only two other mining pools, F2Pool and Poolin have a higher share at 19.28% and 12.49% respectively. Antpool and another exchange’s Huobi Pool are also among the top, but below Binance, with 10.05% and 9.71% share respectively.
Now, 91.05% of the total hashrate is in support of the Taproot upgrade that will bring privacy and smart contract flexibility to the world’s largest cryptocurrency network.
The last time such a big update was made to Bitcohttps://bitcoinexchangeguide.com/cryptocurrency-news/bitcoin/btc-price/in was in 2017 in the form of Segregated Witness (SegWit) that increased the block size limit, clearing up space or capacity to add more transactions to Bitcoin’s blockchain.
While the broad Bitcoin community is in support of this planned upgrade, there is yet to have a detailed activation plan to be settled upon as there are a few activation proposals.