In the dusty corners of the digital frontier, Bitlayer’s Bitcoin smart-contract system is being woven into the very fabric of the network, with mining pools holding a hefty 31.5% of the hashrate. It’s a development that promises to keep the wheels of the Bitcoin blockchain turning, or at least that’s what the company claims.
On this fine day, May 27, as the sun rises over the crypto landscape, an announcement shared with CryptoMoon reveals that Bitlayer’s BitVM implementation is getting a boost from the big guns of Bitcoin mining: Antpool, F2Pool, and SpiderPool. Antpool’s CEO, Andy Chow, with a grin that could light up a dark room, declared:
“Antpool has become the bridge operator for Bitlayer to support Bitcoin innovation and protect miners’ interests.”
Ah, the BitVM (Bitcoin Virtual Machine) — a framework that allows for the deployment of complex smart contracts on the Bitcoin blockchain without the need to change the base protocol. It’s like trying to fit a square peg in a round hole, but hey, Robin Linux had a vision back in 2023, and who are we to argue with a visionary?
A BitVM Implementation
Bitlayer, in its infinite wisdom, aims to let Bitcoin flow through the wild waters of decentralized finance (DeFi) systems and layer-2 networks. According to our friend Chow, this implementation could stir up quite the ruckus in Bitcoin’s network, generating revenue for miners:
“This expansion of Bitcoin’s use cases will drive more network activity, generating additional transaction fees and revenue opportunities for miners. As block rewards decrease over time, growing fee markets are critical for miners’ sustainable income.”
Mining pools, like Chow’s Antpool, are the gatekeepers of this brave new world, determining which new types of transactions and scripts get a ticket to the show at the consensus layer. It’s a bit like a bouncer at a club, deciding who gets in and who gets left out in the cold.
Now, BitVM requires miners to include custom Taproot-based transactions that encode interactive verification logic. It’s a mouthful, isn’t it? Mining pools must agree to include these non-standard or computationally intensive scripts in blocks, or else the whole shebang would come crashing down like a house of cards.
Mining Pool Support
According to the wise sages at Hashrate Index, Antpool controls 17.2% of Bitcoin’s hashrate as of May 26, while F2Pool holds 8.2% and Spiderpool 6.1%. Together, they form a mighty coalition, boasting a total supporting hashrate of 31.5%.
This is enough to secure transaction inclusion in under one in every three blocks. It’s like having a VIP pass to the Bitcoin party, just enough for testing, prototyping, and early-stage applications.
With this percentage of supporting hashrate, developers can build functional systems, assuming that, despite some latency, BitVM transactions will eventually be processed. While it’s hard to see this hashrate as a golden ticket to a fully functional deployment, it’s likely enough for the early phases of BitVM development.
A Bitlayer representative, with a twinkle in their eye, told CryptoMoon that “should collective hashrate support weaken or policy shifts occur within Bitcoin Core, we have a multi-layered contingency plan.” This plan includes “expanded mining pool partnerships,” which sounds fancy and all, referring to the company’s intention to keep onboarding more mining pools. Because who doesn’t love a good backup plan?
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2025-05-27 04:35