First Day of SegWit Activation Signaling Lacks Mining Pool Support

Blockchain Media Group

Now that SegWit activation signalling has begun, it will be interesting to see which pools support Bitcoin Core. On the first day, support is quite lacklustre, with only three pools in favor. The vast majority of pools have not expressed their preference yet, and there is still a long way to go. But it goes to show reaching 95% consensus is not only doubtful, it is highly unrealistic

Whether or not one favors SegWit over anything else, a block size solution has to be formed. So far, BTCC, BitcLub, and a portion of Slush pool miners have agreed this is the best course of action. Other pools, however, have either not cast their vote, or want bigger blocks through Bitcoin Unlimited.

Support For SegWit Is Lacklustre So Far

The lack of support for SegWit is not entirely surprising at this stage. Few pool operators have made up their mind as to how they want to proceed. With over 360 days remaining to reach SegWit activation, there is no reason to panic just yet. However, it may only take one or two pools to block the activation altogether.

One thing people have to keep in mind is how Segregated Witness has an actual expiration date. If the solution does not meet the threshold by November 15, 2017, it will be ineligible for activation afterwards. That is a significant repercussion for the Bitcoin network even though no one expects the block size issue to linger for that long.

So far, the pools supporting SegWit are the usual suspects. BTCC would never upset Bitcoin Core development, and BitClub seems to think along the same lines. Slush’s divided response stems forth from the miners themselves, rather than the operators. That is the right way to go, as miners should vote on the outcome, rather that pool operators.

Segregated Witness still has a very long way to go, albeit there is plenty of time. However, depending on how the situation with ViaBTC plays out, SegWit activation may be impossible already. Moreover, newly launched mining pool GBMiners seems to favor Bitcoin Unlimited as well.

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