Friday, January 27, 2023

SegWit2X Taking Bitcoin by Storm, Community Prepares for Upgrade

SegWit2X Taking Bitcoin by Storm, Community Prepares for Upgrade

All signs point to SegWit2X activating on August 1, as the number of miners signaling continues growing. Now, exchanges and others in the community have begun preparing themselves for the change.

Also read: The Future of Bitcoin 2017 Series: Dagur Valberg Johannsson, BIP 100

Number of Pools Signaling Segwit2x Spikes

July 17 seems to have been the impetus for SegWit2X signaling, as the number of miners running the new “BTC1” software has risen dramatically since then.

The most obvious reason for this sudden increase comes from Bitmain’s surprising decision to show their support for the BIP 91 proposal yesterday.

Soon after, the number quickly rose to 33 percent of hashing power in a matter of hours.

The momentum of that decision has continued into today with the BW Pool, another major mining operation, signaling its hash rate for the network upgrade.

In total, the hash rate support has risen to 75 percent over the past 24 hours.

Bitcoin Ecosystem Gets Ready to Scale


Everyone involved is beginning to believe that SegWit2X will go through without a hitch.

Exchanges such as BTCC have started preparing for the activation date, with BTCC releasing a public statement detailing their plans.

Firstly, in the statement, they reiterated their support for the New York Agreement and expressed their desire for consensus.

Secondly, they explained their involvement in testing BTC1 and will begin upgrading their pool wallets and exchanges so as to be compatible with activation (1.14.4).

Finally, BTCC has designed a contingency plan to protect their customers in the case of a hard fork.

As part of this contingency plan, they have focused on protecting their customers funds, including implementing “strong” replay protections.

In case of a hard fork, BTCC will give existing customers tokens on the minority chains based on how many tokens they have on the majority chain at the time of the hard fork.

The exchange noted that they will always recognize Bitcoin as the coin with the longest blockchain — presumably implying that they will list the longest chain as BTC and the shorter chain as the Bitcoin variant.

What do you think of the sudden increase in mining pool’s signaling BIP 91? Let’s hear your thoughts below.

Images via YouTube, Phase2 Technology

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