Bitcoin Miners Begin Signaling Support for BIP 91

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Recent reports indicate that several major Bitcoin mining operations have started to signal support for the BIP 91 option that would implement the SegWit2x scaling solution and perhaps avoid the BIP 148 User-Activated Soft Fork currently scheduled for August 1. BitFury, AntPool, and BitClub are among the miners now expressing support for BIP 91 by adding the necessary signal code to newly-generated Bitcoin blocks.

Meanwhile, the Bitcoin community continues to hold its collective breath as it waits to see whether a possible split of the Bitcoin blockchain can be averted.

The SegWit2x code was made available just days ago, and many experts were expecting miners to wait until July 21st to begin showing support. However, CNBC reported on Tuesday that two-thirds of the 144 most recent blocks contain the signal code. That support needs to rise to eighty percent and be sustained for at least forty-eight hours to have a chance of preventing a potential split of the blockchain and currency.

In an email to CNBC, London School of Economics historian Garrick Hileman expressed optimism and suggested that Bitcoin’s price rally this week is an indication that others share his outlook. In his estimation, an end to the Bitcoin scaling standoff may be at hand -  as long as no new problems appear on the horizon. That outcome should be welcome news to a Bitcoin market that has been filled with uncertainty in recent weeks. As Hileman notes,

"The prospect of a contentious August fork has been hanging over bitcoin's price like a sword of Damocles, and so the 20 percent plus price pop we've seen in the last 24 hours is not surprising."

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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