Earlier this evening, Microsoft announced a new hiking experience for the Microsoft Band. The new hiking experience is powered by the new Explorer tile which allows the in-built GPS to track your hike, add points of interest, track your heart rate, the calories you burned, and a bunch of other data.
Now, it seems like Microsoft has started rolling out the new firmware update for the Band 2. To get the latest update, you just need to open the Health app on your phone and you should get notified by the app to update your Band 2. Additionally, Microsoft has also started rolling out the new update for the Health app on Windows 10 Mobile which you can get from the link below.
Thanks for the tip, Rob!