Four years after the last major update of Bitcoin, the investors now await the next big update in a bid to improve its smart contracts and security amid the growing cyber-attacks on smart chains. The new Taproot update is likely to make the currency’s operations and services more efficient.
Per the data provided by Taproot, the ratio of signals for the new update stood at sixty-four percent as three more mining pools, including BTC. Top and Binance pool started producing blocks.
Besides that, in a statement, Binance revealed that given the feedback from its users, the world’s largest exchange is now signaling for Taproot, with the full backing expected by the end of this week. The exchange’s mining pools account for almost ninety percent of BTC’s hash rate.
Apart from Binance, 1Thash.top, the sixth biggest mining pool, and the tenth BTC.top announced that they mined their first block supporting Taproot. The latest development suggests that almost all the ranking mining pools that account for more than ninety percent of BTC’s hash rate have now started signaling for the new update.
The update comes following months of consultations between the BTC developers, who later agreed on the update. To activate the update later this year, the Taproot signaling blocks require at least ninety percent of the threshold.
On May 1, the first activation phase began that could not hit the expected threshold. Meanwhile, the second one was launched last week, with some miners still in trial mode; the threshold is likely to be pushed to the coming week.