Bitcoin’s Price Jumps Above $2,500 as Segwit Lock-in is Now Imminent – Trustnodes

Bitcoin’s Price Jumps Above $2,500 as Segwit Lock-in is Now Imminent

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Bitcoin will likely lock-in segwit in the next few hours as its hashrate rises to 83% with just 80 blocks left, amounting to around 10-12 hours.

New miners have joined, such as GBMiners – who used to support Bitcoin Unlimited – with seemingly all other small miners joining the segwit hashrate.

It appears only F2Pool and Slush are left. F2Pool’s co-founder stated they had been dealing with DDoS attacks which had delayed their upgrade to segwit, but will soon start voting for it.

Slushpool, on other hand, said BIP91 – which activates segwit at a lower threshold of 80% and is what miners are voting for – is too rushed. Before adding:

“Serious stability fixes at last moment. We’re doing our best to deploy on time & responsibly to not endanger network.”

Current miner support for segwit.

Based on the current hashrate, segwit is now projected to lock-in with just 82 blocks left in total, 64 of which need to be voting for segwit.

It remains to be seen whether variance will play a role in either direction as it does appear somewhat close, but if segwit locks-in then it will activate in early August. Otherwise, it goes through another three day lock-in period.

Segwit lock-in data – image source xbt.eu.

The market’s response appears to be positive, if not bullish, as bitcoin’s price rose to a recent high of around $2,550, currently trading at $2,530 at the time of writing.

Price quickly jumped, just hours ago, by $200. Up from $2,300 as news arrived of new miners joining segwit while F2Pool made it clear they are soon to start voting for the upgrade.

Bitcoin’s recent price action.

The sharp move may be due to the market gaining some certainty regarding bitcoin’s direction, as well as potentially because of perceived lower risks of a chain-split.

That’s because it appears as good as all miners are now supporting segwit, as well as nearly all businesses. So bitcoin, after more than two years of heated scalability debate, is finally nearing a decision.

 

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