How does Bitcoin BIP 91 affect the mining process?

3 answers

• Dec 27, 2021 · 3 years ago
  Bitcoin BIP 91, also known as the SegWit2x proposal, is a significant upgrade to the Bitcoin network. It introduces a new signaling mechanism that allows miners to show their support for the implementation of Segregated Witness (SegWit). This upgrade aims to improve the scalability and efficiency of the Bitcoin network by increasing the block size limit and optimizing transaction data storage. As a result, BIP 91 affects the mining process in several ways. Firstly, it requires miners to signal their support for SegWit by adding a specific piece of data to their mined blocks. This signaling process helps activate the SegWit upgrade. Secondly, BIP 91 introduces a new threshold for miner support, which must be met for the upgrade to be activated. This threshold is set at 80% of the total mining power. If the threshold is reached, BIP 91 becomes active, and the SegWit upgrade is implemented. Lastly, BIP 91 also affects the mining difficulty and rewards. With the activation of SegWit, the block size limit increases, allowing more transactions to be included in each block. This, in turn, affects the mining difficulty, as more computational power is required to solve the larger blocks. As for the rewards, BIP 91 does not directly impact the block rewards for miners, which remain at 6.25 bitcoins per block. However, the increased transaction capacity and efficiency brought by SegWit can indirectly benefit miners by attracting more users and increasing transaction fees.
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• Dec 27, 2021 · 3 years ago
  Bitcoin BIP 91 is a game-changer for the mining process. It introduces a new signaling mechanism that allows miners to express their support for the SegWit upgrade. This upgrade brings several benefits to the mining community. Firstly, it improves the scalability of the Bitcoin network by increasing the block size limit. This means that more transactions can be included in each block, leading to faster and more efficient processing. Secondly, BIP 91 optimizes the storage of transaction data, reducing the amount of space required for each transaction. This optimization helps reduce the overall size of the blockchain, making it easier and faster for miners to synchronize with the network. Additionally, BIP 91 introduces a new threshold for miner support, which encourages cooperation and consensus among miners. By requiring 80% of the mining power to signal their support, BIP 91 ensures that the upgrade is widely accepted and implemented. Overall, BIP 91 revolutionizes the mining process by improving scalability, efficiency, and cooperation within the Bitcoin network.
  1081361
• Dec 27, 2021 · 3 years ago
  Bitcoin BIP 91, also known as the SegWit2x proposal, has a significant impact on the mining process. It introduces a new signaling mechanism that allows miners to show their support for the implementation of Segregated Witness (SegWit). This upgrade brings several changes to the mining landscape. Firstly, BIP 91 requires miners to signal their support for SegWit by adding a specific piece of data to their mined blocks. This signaling process helps activate the SegWit upgrade, which improves the scalability and efficiency of the Bitcoin network. Secondly, BIP 91 introduces a new threshold for miner support, which must be met for the upgrade to be activated. This threshold is set at 80% of the total mining power, ensuring widespread consensus among miners. Lastly, BIP 91 affects the mining difficulty and rewards indirectly. With the activation of SegWit, the block size limit increases, leading to larger blocks that require more computational power to solve. This, in turn, affects the mining difficulty. As for the rewards, BIP 91 does not directly impact the block rewards for miners, which remain at 6.25 bitcoins per block. However, the increased transaction capacity and efficiency brought by SegWit can indirectly benefit miners by attracting more users and increasing transaction fees.
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