TL;DR
- Bitlayer has secured backing from major mining pools such as Antpool, F2Pool, and SpiderPool, which together control 31.5% of Bitcoin’s total hashrate, to support its BitVM smart contract framework.
- This move allows Bitcoin to support smart contracts without altering its base protocol.
- The initiative aims to expand Bitcoin’s use cases and strengthen miner revenues as block rewards continue to decrease over time.
Bitlayer has taken a major step toward expanding Bitcoin’s capabilities by announcing that its BitVM smart contract framework is now supported by mining pools that control nearly a third of the network’s total hashrate. This development opens the door for building more advanced systems on top of the most secure and decentralized blockchain without altering its fundamental code.
BitVM, introduced in 2023 by Robin Linus, is designed to verify off-chain computations on-chain, using a model similar to optimistic rollups. Bitlayer’s implementation takes advantage of this technology to bridge Bitcoin with DeFi ecosystems and layer-2 solutions, offering users a more powerful alternative while preserving Bitcoin’s security and decentralization. Developers can now explore possibilities previously reserved for other chains, such as automated protocols and decentralized governance models .
Reinforced Mining Support and New Opportunities for the Network
The backing from Antpool (17.2%), F2Pool (8.2%), and SpiderPool (6.1%) amounts to a total of 31.5% of Bitcoin’s global hashrate. This is a crucial figure, as it allows BitVM transactions to be included in at least one out of every three blocks. While this is not enough for full-scale deployment yet, it provides a solid foundation for testing and early-stage applications.
Antpool’s CEO, Andy Chow, stated that his pool would act as a bridge operator to support innovation on Bitcoin while safeguarding miners’ interests. As block rewards diminish over time, the transaction fees generated by these new functionalities represent an increasingly vital revenue stream for miners. Moreover, this technical leap could make Bitcoin more attractive to developers previously focused on Ethereum or Solana.
A Bitlayer representative added that the company has a contingency plan in place in case mining support decreases or Bitcoin Core policies shift. This includes expanding partnerships with additional mining pools. The strategy shows a pragmatic and sustainable vision for bringing smart contract capabilities to Bitcoin without compromising its core principles.
This development not only strengthens Bitcoin’s position as a store of value but also pushes it closer to a more dynamic future, one in which it can compete with networks like Ethereum in terms of functionality, all while maintaining its commitment to decentralization and security.
