Bitcoin price soaring as miners lean towards upgrade over split

0
3364
Bitcoin

Bitcoin price is soaring again with reports signalling increased support for BIP91 and SegWit – an indication that a split / fork would most likely be avoided.

Some believe that an upgrade and not a split is a disaster postponed if not averted. While the discussion and debate of split vs. upgrade will continue, for now it looks like the battle for Bitcoin’s (immediate) future, has been won within hours of the first shots being taken.

After successful mining of the first BIP91 blocks by BiXin and Antpool, an increasing number of the larger mining pools are signaling adoption of the new protocol.

At the time of writing, XBT.eu was showing that over 80{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} of the last 144 blocks mined were BIP91 protocol. This effectively means there has been a whopping near eight-fold increase in mining and a fulfillment of the 80 per cent threshold needed for lock-in. Further, almost 60{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} of these blocks were being mined by those who had already upgraded to SegWit.

This figure doesn’t yet include blocks mined by Slush Pool, who have signaled for BIP91 but not yet implemented. In fact, the hash-power represented by the total of all miners and pools who have signaled for BIP91 is already safely at a level which should see the Bitcoin network avoid a split. F2Pool and BitFury have yet to signal, but the latter has confirmed it will signal shortly.

There are still over 200 blocks needed for lock-in, so if the hashrate support remains above 80{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca}, we should have a definitive outcome within the next few days.

Confidence in Bitcoin is steadily returning with the cryptocurrency trading at $2385 – much higher than the prices over at the weekend. The confidence in the currency is likely to remain with prices maintaining an upward trend and there could be a huge upsurge when BIP91 gets officially locked in.

So what are your thoughts? Will Bitcoin avoid a hardfork and lock in SegWit?

LEAVE A REPLY

Please enter your comment!
Please enter your name here