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NiceHash signaling support for SegWit

Bitcoin has never been that strong and it's power will be unleashed furthermore by enabling SegWit in transaction processing. Segwit is a proposal to allow transaction-producing software to separate (segregate) transaction signatures (witnesses) from the rest of the data in a transaction, and to allow miners to place those witnesses outside of the traditional block structure. This provides two immediate benefits:

  • Elimination of malleability: Segregating the witness allows both existing software and upgraded software that receives transactions to calculate the transaction identifier (txid) of segwit-using transactions without referencing the witness. This solves all known cases of unwanted third-party transaction malleability, which is a problem that makes programming Bitcoin wallet software more difficult and which seriously complicates the design of smart contracts for Bitcoin.
  • Capacity increase: Moving witness data outside of the traditional block structure (but still inside a new-style block structure) means new-style blocks can hold more data than older-style blocks, allowing a modest increase to the amount of transaction data that can fit in a block.

Segwit also simplifies the ability to add new features to Bitcoin and improves the efficiency of full nodes, which provides various long-term benefits.

NiceHash always supports great technologies that helps the advances in Bitcoin ecosystem. Therefore we are announcing immediate support for SegWit and will be signaling support for SegWit through our well-established solo mining pool, which is already running the latest Bitcoin Core daemon wallet.

Go, go, Bitcoin!

NiceHash Team

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