Preparations for activating the Bitcoin Taproot update have started as planned through the Speedy Trial. Mining pools representing about 46% of the network hashrate have already expressed support for the upgrade.
According to Taproot.watch, a web page created by Bitcoin developer Hampus Sjöberg, Taproot’s approval has so far been expressed by mining pools representing about 46% of Bitcoin’s total hashing power.
AntPool and F2Pool – two of the largest Bitcoin mining pools by hash rate – were among the early proponents of Taproot activation. The update was also supported by the Foundry USA and Slush Pool pools, with the latter being responsible for mining the first signal block. Note that Taproot activation will only occur if 90% of all mined blocks turn on the activation signal in the difficulty adjustment window.
If miners express support for Taproot, then in early August the update will be committed for deployment and activated in November. Given the current situation, the activation of Taproot, which will be one of the most significant network updates in the last four years, will proceed without much controversy when compared to the SegWit rollout.
The developers could not decide on the details of activating Taproot and used a “draw” in the Bitcoin blockchain to complete discussions that began a year ago. Bitcoin developers and community members have decided on a timeline for rolling out the update in March. Note that Taproot and Schnorr signatures are the biggest Bitcoin updates since SegWit.
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