SegWit underway: mining pools signaling support

SegWit, the update of the Bitcoin network that improves its scaling, has reached the threshold of its lock-in the day before, tells CoinDesk portal. One hundred percent of mining pools signaled that they support it. Block 479 707, the last one of blocks required for lock-in, had been mined by BitClub.

The scaling of Bitcoin network that will happen due to SegWit activation is anticipated to further increase the number of users. SegWit has already been implemented by some other cryptocurrency communities – last spring, the update was successfully implemented in the Lightcoin network. The original concept of SegWit was proposed in December 2015 by Peter Wuille.

This current signaling stage will officially end today, on 9 August 2017, thus also making it the day when the change will lock-in. SegWit will be inactive during the following two weeks, around this time all users and mining pools will be able to upgrade their software.

From 21 to 23 of August, the final activation of SegWit will take place, after this, blocks that don’t support this update will be rejected by miners.