Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
Bitcoin Core recently announced the release of a new upgrade, Bitcoin Core version 22.0. This upgrade introduces some features that will help bolster the efficiency of bitcoin stakeholders. One of the most vital features added in the 22nd upgrade is the taproot support is coming soon.
Bitcoin Core Version 22.0
On Monday 13th, Bitcoin Core released a statement announcing their upgrade. Bitcoin Core is the home of bitcoin. Generally, this is the 22nd upgrade since launch in 2009. This is the first upgrade with a name without the leading zero from the version number (Bitcoin 22.0, not 0.22.0). This Bitcoin core upgrade comes after another one that occurred in January 2021. Yet, this introduces more features and services to bolster simplicity.
One of its primary upgrades is the GUI support for hardware wallets. Primarily, the Bitcoin Core native wallet has had problems linking with hardware wallets. Although earlier versions tried to solve it, connecting the hardware wallets is still tricky. Generally, the user has to copy and paste the address to sign transactions. Yet, this upgrade automates the process, thus making things easy for users.
Another incoming feature with the 22nd upgrade is I2P support. I2P(Invisible Internet Project) support aims to help bitcoin users remain anonymous. Typically, the system has always been compatible with TOR. Yet, by introducing I2P, users have an alternative privacy solution. Apart from the tools mentioned earlier, the upgrades have multi-sig output support and other features.
Setting Up for The Taproot Upgrade
The bitcoin Taproot upgrade is one of the most anticipated events of 2021. This upgrade aims to bring many top solutions to Bitcoin. In fact, it’s one of the most significant bitcoin upgrades ever, getting more privacy. Furthermore, for the first time, the Bitcoin network will introduce smart contract-related support.
The introduction of the core enhancement prepares it for the Taproot upgrade. Since the taproot upgrade goes live in November, Bitcoin core will have the capacity to validate the taproot rules. The bitcoin core wallet will also be capable of creating the taproot addresses. Furthermore, it brings in early support for creating taproot-specific descriptors.
This upgrade is the first one to introduce complete support for Taproot. Its compatibility with Taproot bolsters investors’ confidence. Thus, this upgrade was essential for the bitcoin ecosystem.
A Variety of Supported Devices
Bitcoin core comes with a list of its own supported Devices. Currently, only Windows versions 8 and above support the upgrade. However, in the next few weeks, it will add support for Mac OS and Windows 7.
Any device using Windows 7 or macOS 10.14+ will not support the upgrade. In its release, Bitcoin Core advises people not to use this upgrade on an unsupported device.