The majority of bitcoin’s mining power is lining up behind a scaling solution that would increase the network’s transaction capacity.
Known as Segwit2x, the proposal – if passed – could mark a significant advancement in bitcoin’s years-long scaling debate, effectively spurring the activation of Segregated Witness (SegWit), a scaling proposal introduced by developers in 2015, and doubling the current 1 MB block size. But while the actual Segwit2x code is not ready for mining pools to run yet (it’s still in the testing phase until 30th June), this isn’t stopping mining pools from demonstrating they support the measure.
Mining pools AntPool, Bitcoin.com, Bitfury, Bixin, BTC.com, BTC.top, BW Pool, F2Pool, and ViaBTC (which represent about 71% of the network’s mining power) are already adding a piece of text to each block that they mine to show their support.
Once the code is ready for showtime on 21st July, mining pools will be able to run the software. The Segwit2x scaling agreement will require 80% of the mining hashrate to run the code for roughly three days starting on that date.