Bitlayer's Bitcoin smart contract system is being implemented by mining pools that control 31.5% of the network's hash rate. The company stated that this development will help ensure its system operates on the Bitcoin blockchain.
According to an announcement shared with Cointelegraph on May 27, Bitlayer's BitVM implementation will be supported by major Bitcoin (BTC) mining pools, including Antpool, F2Pool, and SpiderPool. Antpool's CEO Andy Chow stated:
"Antpool has become a bridging operator for Bitlayer, supporting Bitcoin innovation and protecting miners' interests."
BitVM (Bitcoin Virtual Machine) is a framework that allows complex smart contracts to be deployed on the Bitcoin blockchain without altering the underlying protocol. The idea was proposed by Robin Linux in 2023, allowing complex computations involved in smart contract systems to be verified on-chain and executed off-chain, similar to the way optimistic rollups work.
Bitlayer is a BitVM implementation plan designed to allow Bitcoin to flow through decentralized finance (DeFi) systems and layer two networks. According to Chow, this implementation could lead to increased activity on the Bitcoin network and create revenue for miners:
"The expansion of Bitcoin use cases will drive more network activity, generating additional transaction fees and revenue opportunities for miners. As block rewards decrease over time, a growing fee market is crucial for miners' sustainable income."
Mining pools like Chow's Antpool play a key role in the adoption of the BitVM implementation plan, as they directly determine the inclusion and validation of new types of transactions and scripts at the consensus layer.
BitVM requires miners to include Taproot-based custom transactions that encode interactive verification logic. Mining pools must agree to include these non-standard or computation-intensive scripts in blocks; otherwise, the protocol will not function.
According to Hashrate Index data, as of May 26, Antpool controls 17.2% of Bitcoin's hash rate, F2Pool controls 8.2%, and Spiderpool controls 6.1%. This brings the total supporting hash rate to 31.5%.
This is sufficient to ensure that one in every three blocks contains a transaction. This should be adequate for testing, prototyping, and early-stage applications.
With this proportion of supporting hash rate, developers can build functional systems, assuming that BitVM transactions will still be processed despite some delays. Therefore, while it is difficult to view this hash rate as allowing for fully functional deployment, it may already be sufficient for the early stages of BitVM development.
A representative from Bitlayer told Cointelegraph, "If collective hash rate support weakens or if there is a policy shift within Bitcoin Core, we have multiple layers of contingency plans." This plan includes "expanding mining pool partnerships," referring to the company's intention to continue bringing in more mining pools.
Related: Bitcoin (BTC) will reach $1 million by 2030: Notable figures predict a debt-driven BTC surge
Original article: “Bitlayer Secures 31.5% of Bitcoin's Hashrate Support from Mining Pools to Launch Smart Contracts”
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