Major mining pools begin to validate Taproot transactions

Major mining pools begin to validate Taproot transactions

Key facts:
  • F2Pool already validated the first trades on Thursday and Antpool is expected to do so shortly.

  • Thus, Taproot transactions will not be excluded from the blocks and will be mined faster.

Four days after the activation of Bitcoin’s Taproot, F2Pool, one of the pools or mining pools with the greatest computing power in the world, included its first transaction with this format. Meanwhile, Antpool is expected to start doing the same in the next few hours.

According to site data btc.com, F2Pool and Antpool concentrate more than 30% of the hash rate of the Bitcoin network. In the last week, between them they accounted for 33.5% of the total blockchain processing. Therefore, your participation in the mining of transactions with this format is essential to avoid delays and congestion.

Since Sunday, November 14, when the update, these miners had been excluding this type of transaction of the mining blocks. At that time, as CriptoNoticias reported, the main hypothesis to explain the decision was that the miners’ nodes were not up to date. However, apparently this was not the case.

According to a publication on Twitter that shared the official account of the Muun Wallet, F2Pool had the nodes up to date, but he had no volunteers to relieve (relay) Taproot transactions.

Also, the original author of the tweet, b10c, shared the block which included this first transaction (710.269) and clarified that these pool members did not have the specific patches and commands (addnode) to process these operations. This problem “is now solved,” he reported.

F2Pool celebrated the activation of Taproot on Twitter, but did not mine these transactions for several days. Source: Twitter.

Antpool would start mining Taproot soon

For its part, the same could happen to Antpool in the next few hours, according to the aforementioned publication of b10c, who presents himself as a developer and analyst of bitcoin in his profile on the social network.

According to the thread on Twitter, the second mining pool with the highest processing power in the world would have had the same problem as F2Pool and I would already be working to solve it in the course of Friday, November 19.

Major mining pools begin to validate Taproot transactions
F2Pool and Antpool are two mainstays in the Bitcoin network processing today. Source: btc.com

Finally, this analyst also stated that, in his view, the pools that did not include Taproot transactions “did not act in bad faith.” It is important to clarify this because, as explained, there was minimal chance of network branching if most nodes didn’t update, despite the fact that it would have been very costly and dangerous to carry it out.

Taproot and the Bitcoin miners

In the weeks leading up to the activation of Taproot, the update of the nodes of the Bitcoin network was slow. 12 days from the estimated date for the update, less than 50% of the nodes were in technical condition to support it. As of today, the developer’s site Luke dashjr indicates that the figure has hardly changed since Sunday, November 14: it remains at 54%.

On the other hand, when it comes to cryptocurrency exchanges, the situation seems to be still in a less advanced stage. As published by CriptoNoticias, a study reported that most exchange houses do not support this new version of the software. As this media learned, in Latin America only Buddha has reported that he will soon launch a update to suit Taproot.

See also  Bitcoin remains concentrated in the hands of a few investors and miners, study indicates

Leave a Comment

Your email address will not be published. Required fields are marked *