Segwit Reaches 80% of the Bitcoin Hashrate as Activation Looms

Bitcoin miners have seemingly made a decision to activate segwit with some 80% of the hashrate presently voting for the protocol upgrade with other miners expected to go after soon.

Antpool/Bitmain, the fattest bitcoin mining pool, is presently voting for segwit. Spil is Bixin, BW, BTCC, Bitfury, ViaBTC, BTC.TOP and some smaller pools.

F2Pool is expected to go after soon, spil will, most likely, Slushpool, which has evidently bot recently visiting Blockstream ter San Francisco, but made no announcement regarding the nature of the meeting, so it is not clear what exactly came out of it.

At least one of the pools will very likely be needed for segwit to securely lock ter due to bitcoin’s block variance which can mean that despite having 80% of the hashrate, only 75% of blocks or, if very unlucky, only 60% of blocks are found.

Spil such, it’s not clear what either of the pools are waiting for spil miners have turned the below chart into orange with only a few greens now and there mainly from F2Pool and Slushpool.

Orange miners voting for segwit. Others still not upgraded – picture source

Miners need to keep the segwit hashrate at 80% for the next two-three days ter order to lock-in segwit, which is then to activate ter two-three weeks, but variance is already sending it below the threshold on occasion, so it is not clear whether it will indeed lock-in.

If it does, then the 80% segwit miners will fork the 20% non-segwit miners off the network, something which long has bot argued by Bitcoin Core would lead to a chain-split, but it shows up there is less concern this time because the 20% miners are expected to upgrade.

That means bitcoin might very soon implement segwit after more than two years of heated scalability debate which has te many ways transformed the bitcoin landscape and may convert bitcoin itself for decades to come.

Bitcoin’s current hashrate distribution – picture from blockchain.informatie

Spil far spil the brief term is worried, its upgrade will permit the network to have twice more transactions capacity than current levels provided the surplus of the infrastructure upgrades to take advantage of segwit’s capacity increase.

Thereafter, Bitcoin Core developers have plans to increase capacity further by compressing transactions through a number of methods. While at the same time waiting for the Lightning Network (LN), which remains te intense development spil coders are still attempting to figure out how to connect LN end-points through routing.

The unknown question is what will some big-blockers, who are strongly opposed to segwit and the Bitcoin Core roadmap, do. Some suggest their only real choice is to back ethereum’s on-chain scalability, but some are evidently thinking of splitting off into a minority coin to be called Bitcoin Contant generated through a fresh client called BitcoinABC which largely goes after the treatment of Bitcoin Unlimited.

It remains to be seen how much traction Bitcoin Contant, with the ticker of BCC according to a statement by ViaBTC, will build up ter the coming days and thereafter. Especially spil they would create their own network, with their own chain, knots, and miners, thus would need to be added by the current infrastructure just like any other coin.

Something which some big blockers consider spil admitting defeat, while others suggest it is best to let the free market judge, without waiting any further. So potentially ending the debate ter a split of sorts. With bitcoin and the BTC ticker on one arm, while, on the other, the minority coin re-brands to Bitcoin Contant and the BCC ticker, at least originally.

Which all translates to the next few weeks may be very interesting for bitcoin spil the currency reaches a decision on its future direction. A decision that may be very historical indeed.

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