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F2Pool Announces Support for SegWit

Avatar Gautham 3 years ago

Scaling of Bitcoin Network has been long due, thanks to various issues regarding consensus between the core developers and other community members. But now, things appear to be slowly resolving themselves amid controversies as Bitcoin Core’s scalability option- SegWit receives more support from the mining community.

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According to available information, the third largest Bitcoin mining pool, F2Pool has signaled its support towards the implementation of SegWit. The Bitcoin mining pool, currently commanding about 9.6% of network’s total hashing power will push the network an inch further towards achieving the required 95% threshold for activation.

F2Pool’s statement regarding its support towards SegWit posted on the mining pool’s website in Chinese was translated by a leading Chinese cryptocurrency channel, cnLedger. The statement reads,

“Bitcoin has been gaining more users, but problems have also emerged. Users are complaining about the long waiting without confirmations. Although various plans were proposed by devs, the debate has taken way too long time. F2Pool always favors SegWit + Big Blocks. SegWit can solve some technical problems and can bring some benefits. Big Blocks are also beneficial to the Bitcoin network in the long run. However, the reality is that we have not achieved SegWit + Big blocks up to now. We see the strong demand for scaling, and many foreign users are supporting SegWit. Therefore, it is time we move on and activate SegWit first. Then we’ll leave the big blocks for future discussions. We believe by that time, we will naturally arrive at a (good) result. Bitcoin will keep evolving. Let us witness the miracles of Bitcoin.”

The statement issued by F2Pool underlines the community’s split opinion about SegWit and increased block size. The mining pool appears to be signaling its support for SegWit as a temporary measure, for the benefit of the community. The mining pool’s half-hearted action is quite evident in its subtle message.

SegWit still needs a long way to go before it can be activated. The support for updated protocol currently stands at around 40%, less than halfway towards the required 95% threshold.

Meanwhile, the mudslinging match between Bitcoin Core and Bitcoin Unlimited continues, as the community suffers from delayed confirmation times owing to mempool backlogs.

Overall, it might take a while before the Bitcoin community can enjoy faster transactions speeds and lower miner fees, like in the early days.

Ref: cnLedger | Reddit | Bitcoin Core | Image: | NewsBTC
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