Binance Pool, the mining pool operated by one of the largest crypto exchanges, is ready to endorse Taproot, a good omen for the next big Bitcoin upgrade. Adding Binance Pool to the “Yes” column means that all major pools are now on board.
Taproot is a scaling and privacy change that is the biggest upgrade digital currency has received in years – and one that is far less controversial than the last.
According to the crypto mining pool Poolin VP Alejandro De La Torre, Binance Pool will support the Taproot upgrade and clear up ambiguities as the pool was the only one with over 10% of the network that did not say “yes” to the application. The Binance pool accounts for 11% of the Bitcoin mining hashrate, so its support increases the mining pool support to around 91% of the hash rate.
Binance did not immediately respond to the request for comment.
De La Torre leads Taproot Activation, an initiative to find out if there is an agreement on Taproot as a change. According to the website, some smaller mining pools, including Lubian.com and BTC.TOP, haven’t responded on whether or not they support the upgrade.
This miner support is in stark contrast to SegWit, the last major upgrade to Bitcoin that was activated in 2017. SegWit was deployed through BIP 9, so 95% of flags for mining pools must support the change before the change is officially activated. To block the change, mining pools simply weren’t flagged.
So far, mining pools have had no problem with Taproot. The support from Binance Pool is a sign that the change could be activated soon if no one finds a fatal bug in it.
This message is particularly momentous because when Taproot is deployed via BIP 9, mining pools must mark that they are ready for the change before they can be activated.
However, there is still some debate about this process. The mechanics of Taproot itself are not controversial. Bitcoin’s most active developers all agree that this is a positive change.
Still, As The implementation of the change is still up for debate. For the past few months, developers have been debating how best to deploy Taproot. To simplify a complex debate, some consider BIP 8 to be better, as it does not allow mining pools to block change out of inertia or apathy.
Knowing that mining pools like Binance Pool are helping the change, BIP 9 can get a boost.