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Blockchain analytics firm BlockSeer has launched a private mining pool, currently in beta, which will censor some Bitcoin transactions.
Given that the Bitcoin community emphasizes resistance to censorship, an essential feature of cryptocurrency that differentiates it from central bank digital currencies, it is quite obvious that the company would be under fire for its move.
The community has never favored such steps and has repeatedly criticized those, such as Coinbase and Tether and other cryptocurrency exchanges, who censored specific transactions or parts.
Last month, DMG Solutions, of which BlockSeer is a subsidiary, suggested that ensuring that transaction blocks are compliant with the US government’s Office of Foreign Assets Control (OFAC) will help in mainstream adoption of leading digital assets.
DMG COO Sheldon Bennett said at the time that this pool would be “the first of its kind focused on governance, transparency, and building Bitcoin blocks on the network,” that instead of focusing on transaction fees it would be “data and solid transaction history. “
The company wants to bring “a new standard focused on compliance to the industry” by focusing on
“To be transaction-free from known nefarious wallets using this medium in ways that continue to tarnish the reputation of cryptocurrencies, particularly Bitcoin, in the mainstream and prevent their widespread adoption.”
Protesting this move, Monero lead developer Riccardo Spagni says that with transaction censorship as a key selling point for these new mining pools, regulators will try to take advantage of it by encouraging other mining pools to implement similar measures.
“It’s only a matter of time before most Bitcoin mining pools are forced to do this transaction filtering. It may be time to brush up on p2pool + focus on Stratum v2 support for pools.” sustained Spagni. “It is also worth noting that adding more privacy to Bitcoin would prevent this,” he added.
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