As of today, BitMEX supports withdrawals to Bech32m Bitcoin addresses. These are also called “taproot addresses”. The first BitMEX client withdrawal to such an address occurred earlier today.
BitMEX is proud to use the latest Bitcoin technology, to provide better features and lower fees for our users. We have made considerable progress in this area, including the successful rollout of Bech32 deposit addresses in March 2021. Since then we have seen considerable adoption of the new native SegWit format from our clients. Native SegWit means that on redemption of the client deposits, there are significant blockchain weight savings. In the case of BitMEX, due to the 3 of 4 multi-signature system used, these weight savings are around 65%. Currently around 73% of client deposits are to Bech32 format addresses, addresses starting bc1qmex… The data is illustrated in the below chart.
BitMEX Deposits By Receiving Address Type (Deposit count)
Source: BitMEX Research
Note: Deposit data batched into 1,000 block windows.
Despite the impressive progress we have made, we’re not done yet – there’s more to come and we’ll be in touch with more updates soon.