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A blockchain and technology company says its new bitcoin mining pool is integrated with tools that allow the pool to censor transactions in the blocks they mine. According to a statement released by DMG, the parent company of the Blockseer mining pool, this ability allows the latter to “pass” the compliance requirements of the US Government’s Office of Foreign Assets Control (OFAC).
The mining pool’s ability to filter or censor transactions means that “high-risk wallets will not be included in Blockseer’s published blocks.” Describing the company’s breakthrough in detail, DMG, in a statement, says that “all users of the Blockseer pool are required to pass Know Your Customer (KYC) protocols.” The statement adds:
Blocks published on the Bitcoin blockchain from the Blockseer pool will only contain transactions filtered using the labeling data from Blockseer and Walletscore, along with verified sources such as the US OFAC blacklist for cryptocurrencies.
Additionally, DMG says the Blockseer pool “could further decentralize the bitcoin blockchain by readjusting the hash rate balance to North America, where multiple Bitcoin nodes operate.”
However, others see Blockseer’s new mining pool, which is the culmination of a two-year effort by DMG, as a threat to bitcoin. Bitcoin transactions are resistant to censorship, while its blockchain network is decentralized. Therefore, when centralized entities retain the right to refuse certain transactions, this does not bode well for the future of bitcoin.
Others fear that if Blockseer’s new mining pool is successful, most miners will be forced to enable the same transaction filter in the future. At the time of publication, the Blockseer pool is not represented among the 15 mining pools that point the hash to the BTC chain.
What are your thoughts on Blockseer’s claims that it can censor bitcoin transactions? Share your views in the comments section below.
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