Daily Archives: 18/05/2021

Largest Bitcoin Mining Pools Voted To Update Taproot

The ten largest Bitcoin mining pools have signaled in favor of activating Taproot. In general, the update was supported by pools that control over 87% of the network hashrate. To activate, it remains to collect only 3%. The vote to roll out Taproot, the largest Bitcoin update in years, continues. All ten largest Bitcoin mining pools have expressed support for the upgrade. Preparations for activating Taproot began as planned on May 5th. Mining pools, representing…

Galaxy Digital: “banks spend twice as much electricity as bitcoin”

According to Galaxy Digital researchers, the traditional banking system and the gold mining industry each separately consume twice as much electricity as the Bitcoin network. Specialists of the mining division of Galaxy Digital, owned by Michael Novogratz, published a report “On Energy Consumption by Bitcoin Miners: A Quantitative Approach to a Subjective Question.” According to their estimates, the annual electricity consumption for bitcoin mining is 113.89 TWh. This includes the energy consumed by miners, pools…