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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

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  • Blockchain
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Home Mining

Third-largest Bitcoin mining pool ‘likely’ censored OFAC-sanctioned transactions

November 22, 2023
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Third-largest Bitcoin mining pool ‘likely’ censored OFAC-sanctioned transactions
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One of Bitcoin’s (BTC) core value propositions is it being a censorship-resistance form of money, not subject to arbitrary rule-making. With Bitcoin, anyone who can afford the network fees is supposed to be able to transact permissionlessly.

READ ALSO

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However, a report from pseudonymous 0xB10C, a Bitcoin developer and owner of miningpool-observer, found data that suggests F2Pool has censored OFAC-sanctioned transactions.

F2Pool is the third-largest Bitcoin mining pool, responsible for 13.7% of all mined blocks in the last 12 months, according to the mempool.space ranking. Essentially, one out of every seven BTC blocks could be mined under a censorship regime if F2Pool actively starts to filter sanctioned transactions.

It is also important to understand that both Foundry USA and AntPool, the two largest mining pools, require KYC from their miners. The identification process makes it more likely that some sort of compliance could happen in the future.

Interestingly, the three entities sum up to 66.19% of the 1-year global hashrate, responsible for two out of every three mined and confirmed blocks in the leading blockchain. This evidences a trending centralization in Bitcoin’s network hashrate.

Data suggests F2Pool censored 4 OFAC-sanctioned transactions

In particular, the most recent discoveries shared on November 20 by 0xB10C conclude that F2Pool “likely” intentionally censored four out of six missing OFAC-sanctioned transactions.

Notably, the miningpool.observer identified that a total of six mined blocks had not added an OFAC-sanctioned transaction in September and October 2023.

“One block was mined by the ViaBTC mining pool, another by the Foundry USA pool, and four by F2Pool. An OFAC-sanctioned transaction is a transaction spending from or paying to an address sanctioned by the US Department of the Treasury’s Office of Foreign Assets Control. I maintain a tool to extract a list of OFAC-sanctioned addresses from the Specially Designated Nationals (SDN) list published by the OFAC.”

– 0xB10C

In the report, 0xB10C interprets both the ViaBTC and Foundry USA missing blocks as a “false-positive” due to several factors. Nevertheless, F2Pool’s four blocks suggest the opposite.

See also  Bitcoin price hikes by +5% after softer-than-expected U.S CPI report

Essentially, data indicates that the block heights 810727, 811791, 811920, and 813357 mined by F2Pool deliberately filtered the OFAC-sanctioned transactions despite having a competitive fee related to all other added transactions.

Tags: BitcoincensoredMiningOFACsanctionedPoolThirdlargestTransactions

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