Miners activate BIP91

Last night Bitcoin miners passed the Bitcoin Improvement Proposal 91 by a large majority. The purpose of this proposal is to subsequently activate the Segregated Witness soft-fork and is central to the SegWit2x compromise (New York Agreement) for Bitcoin scalability by miners to implement SegWit and then do a 2MB hard fork.

The date on which a significant group of users want to force SegWit, August 1, is getting closer. Apparently miners are feeling the pressure and they don’t dare to wait any longer, something that happened with Litecoin before. It is therefore possible that the UASF movement has already achieved its goal before the time has come, and threats have turned out to be enough.

In any case, the price of Bitcoin reacted strongly to the various mining pools that announced their support for BIP91 during the day yesterday and recorded it via the blockchain. The decline of the past few weeks has fully recovered.

Is SegWit coming to Bitcoin now?

Segregated Witness is required before the Lightning Network can be used in Bitcoin, the solution to the problem of limited transaction space in the Bitcoin blockchain, according to many engineers. The SegWit softfork should be adopted with 95% of the mining power, at the moment this proposal remains below 50%.

BIP91, the proposal now passed, would lower the SegWit activation threshold by excluding all non-SegWit miners once at least 80% of miners express their support. By excluding only SegWit blocks are added to the blockchain and the limit of 95% is then reached. According to the specification, this should happen in about 2 days.

However, it is very questionable whether the miners who have now adopted BIP91 will also keep to that agreement. At the moment, half of the miners who support BIP91 do not yet vote for SegWit. This may indicate that they are not actually using the software that is going to force SegWit, just stating the intention to eventually do so. In that case, nothing will change in the near future and August 1 will remain an exciting day for Bitcoin.

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