BlackRock, along with other major asset managers, has been investing in publicly traded Bitcoin miners, including Marathon Digital. This institutionalization of Bitcoin mining raises concerns about potential conflicts with the network’s values and goals. The dominance of these larger players may lead to misaligned ESG objectives, potential censorship of transactions, and uncertainty about their intentions towards Bitcoin miners. While a “51% attack” is unlikely, there could be a risk of creeping influence. The article emphasizes that this should not be seen as fear-mongering, but rather as a potential challenge for the Bitcoin ecosystem.
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