Sunday, February 5, 2023

Bitcoin Miner Support for SegWit2x Hits 90% — Scaling Resolution At Last?

Bitcoin Miner Support for SegWit2x Hits 90% — Scaling Resolution At Last?

The Bitcoin block size debate finally seems to be ending, with a near unanimous support for SegWit2x emerging from bitcoin miners overnight.

Also read: Ethereum’s Ecosystem Creaks As ICO Gold Fever Increases

Miner Support for SegWit2x Jumps to 90% Overnight

Social media exploded with excitement over this development Thursday morning, with influencers and commentators declaring SegWit2x a certainty at this point.

According to new data from Coin Dance — a Bitcoin statistics service — 89.6 percent of all blocks mined so far today have been in support of the SegWit2x network upgrade.

What does this mean? Simply put, almost all of the world’s miners want to see this upgrade implemented as a solution to the years-long bitcoin scaling debate. For many, this development comes as a welcome relief, with miners finally agreeing on something.

For others, though, the sudden spike in miner support for SegWit2x is concerning: they fear miners are making decisions about Bitcoin’s future without considering the community’s (and Core’s) opinion.

Do we Finally Have a Scaling Solution?

The Bitcoin community has seemed mostly on-board with the SegWit2x agreement coming from the New York Agreement in May. In this proposal, miners will begin activating SegWit on the bitcoin network on August 1. Then, some months later, miners will initiate a hard fork — with network consensus — to increase the block size limit.

Thus, on paper, this proposal seems like the best of both worlds: Core supporters get SegWit and Unlimited fans get on-chain scaling.

However, uncertainty quickly arose regarding the success of this agreement.

Blockstream, unhappy with the prospects of a block size increase in August, began pushing BIP 148 — a proposal that would force a User Activated Soft Fork (UASF) on the network, with or without consensus.

As a result, the community worried about a chain split, resulting in two competing versions of Bitcoin — much like what happened with the Ethereum hard fork in 2016.

Seemingly putting those fears to rest, however, bitcoin miners seem to have taken a final stance on the issue. SegWit right now, they say, and a block size increase shortly after.

And with such an overwhelming majority of miners supporting this approach, it looks as though SegWit2x will happen whether the community ultimately approves or not.

Not so Fast: Does Hashrate Even Matter?

While much of the community is excited about the massive growth in miner consensus, many people remain adamant about BIP 148’s imminent success.

On the Bitcoin subreddit, one community member repeated the argument that big block proponents focus so much on hashrate, when really it’s the Bitcoin-using individuals and companies that truly matter.

Pointing to Coin Dance, Reddit user “willsteel” claimed that support for the BIP 148 UASF continues to grow, with 33 percent of companies weighing in on the issue showing support for the soft fork.

UASF vs SegWit2x

Adding that to the 51 percent support of SegWit in general, and it seems that Core and Blockstream still have a firm support from the overall Bitcoin economy.

Regardless of economic support, however, the miner signalling for SegWit2x means that it will most likely get implemented. Therefore, if Core supporters still believe in the soft fork, they will have a big hill to climb in 2018.

UASF or SegWit2x? Which is the best way forward for Bitcoin? Share your thoughts in the comments below. 

Images via Pixabay, Coin Dance

Bitsonline Email Newsletter