Bitcoin upgrade news

The planned upgrade to the Ethereum network that will start to destroy ether coins has angered many of the cryptocurrency's miners, with some trying to organize a form of strike to demonstrate their opposition.

Taproot, One Of Bitcoin's Biggest Upgrades May Be Coming Next Year

On Friday, Ethereum blockchain developers approved a major change to the network that runs the ether cryptocurrency. It is set to overhaul the bitcoin rival's auction system, under which users send tokens to miners to pay for transactions to be completed. Under the changes, known as EIP, users will send a base transaction fee to the network that would then destroy or "burn" ether tokens , reducing the number of coins in circulation. The changes are scheduled to come into force in the summer, most likely in July.

New Taproot Activation Timeline Means the Upgrade Is (Probably) Coming to Bitcoin This Fall

Many ether miners are angry about the overhaul, which would slash their fees. Spark Pool, a major mining group, has signaled opposition on Twitter.

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One Twitter user said the proposed changes showed that Ethereum network managers' attitudes towards miners were "absolutely disgusting. Some miners are now attempting to rally support to disrupt the Ethereum network to express their opposition to the changes, by redirecting their mining power to Ethermine. The idea is that miners could show they have enough power to alter the network themselves, according to a popular cryptocurrency YouTuber called Bits Be Trippin' , whose comments were reported by Cointelegraph.

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Others have been discussing going on strike by shutting down their mining power, which could also disrupt the Ethereum network. We deserve our gains," one Twitter user said.

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  • Bitcoin Taproot Upgrade Nailed Down for July, but Some Finer Details Still Aren’t Finalized.

Miners complete transactions and create cryptocurrencies by using computing power to solve puzzles on the network. It is not yet clear whether the miners' plans will come to fruition. This would give node operators the option to force-activate Taproot should miners fail to update their own nodes with the upgrade by rejecting blocks from noncompliant miners.

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If Speedy Trial were to fail, then nothing would happen and Taproot would simply fail to activate. Under this scenario, a UASF could be deployed, probably next year, to bring the upgrade online. This is largely unlikely, however, given broad miner support for the uncontroversial upgrade.

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