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A New Bitcoin Mining Pool Claims It Has Tools to Censor Blockchain Transactions

A blockchain and expertise firm claims its new bitcoin mining pool is embedded with instruments that allow the pool to censure transactions within the blocks they mine. In accordance to a press release issued by the DMG, the guardian firm to Blockseer mining pool, this skill permits the latter to “exceed” the compliance necessities of the U.S. Authorities’s Workplace of International Belongings Management (OFAC).

The mining pool’s skill to filter or censor transactions means “high-risk wallets is not going to be included in Blockseer’s posted blocks.” Detailing the corporate’s breakthrough, DMG, in a press release, says “all customers of Blockseer’s pool are required to cross Know Your Buyer (KYC) protocols.” The assertion provides:

Blocks posted to the Bitcoin blockchain by Blockseer’s pool will solely include filtered transactions utilizing Blockseer and Walletscore’s labelling information, together with verified sources reminiscent of the USA OFAC blacklist for crypto.

Moreover, DMG claims that Blockseer’s pool “might additional decentralize the bitcoin blockchain, readjusting the steadiness of hash price to North America, the place extra Bitcoin nodes function.”

Nevertheless, others see Blockseer’s new mining pool, which is the fruits of a two-year effort by DMG, as a risk to bitcoin. Bitcoin transactions are censorship-resistant, whereas its blockchain community is decentralized. Due to this fact, when centralized entities retain the fitting to reject sure transactions, this doesn’t bode very for bitcoin’s future.

Others worry that if Blockseer’s new mining pool proves to achieve success, most miners can be pressured to allow the identical transaction filtering sooner or later. On the time of publication, Blockseer’s pool just isn’t represented among the many 15 mining swimming pools pointing hash on the BTC chain.

What are your ideas on Blockseer’s claims that it might probably censor bitcoin transactions? Share your views within the feedback part beneath.

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