Chinese Mining Pool F2Pool Supports SegWit

Blockchain, FinTech, Investing, News | April 20, 2017 By:

Chinese mining pool F2Pool has announced support for Segregated Witness (SegWit) activation.

Segregated Witness is a bitcoin protocol upgrade that gradually increases capacity to around 1.7MB every 10 minutes, as well as fixes some aspects of transaction malleability, allowing for the Lightning Network and sidechains.

F2Pool, the third largest bitcoin mining pool, is currently commanding about 9.6% of the network’s total hashing power. The latest addition will push the network an inch further toward achieving the required 95% threshold for activation.

According to a translation by local crypto news resource cnLedger, F2Pool said that the debate over a scaling solution has already “taken too long.”

“Users are complaining about the long waiting times,” said F2Pool. “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 of scaling, and many foreign users are supporting Segwit. Therefore, it’s time we move on and activate Segwit first. Then we’ll leave the big blocks for future discussions.”

The announcement was made just days after F2Pool co-founder Wang Chun publicly stated that “Segwit will be a disaster. I am not going to support it on BTC because I am a bitcoin HOLDER.”

Currently, 37.4 percent of miners support Bitcoin Unlimited’s plans for block expansion, while the other 33.4 percent supported the activation of SegWit.