Marathon Patent (MARA), a publicly traded North American mining company, has mined the first BTC block that is fully compliant with OFAC compliance requirements, which contains only transactions that are KYC-verified and does not contain transactions from U.S. sanctioned addresses.
OFAC, the U.S. Department of Treasury’s Office of Foreign Assets Control, is primarily responsible for U.S. sanctions in the foreign financial sector. And in order to avoid political pressure and legal risks from the U.S. government, all U.S. financial institutions are required to first confirm that the counterparty is not on the SDN (Specially Designated Nationals) list when conducting transactions, and only if the counterparty is not on that list can they transact with it; otherwise, the transaction must be suspended.
In 2018, OFAC blocked some of the cryptocurrency addresses associated with the SDN list that the department suspected were involved in illicit criminal activity, the first time in OFAC’s history that cryptocurrencies have been brought under its financial supervision. transactions” in order to comply with “U.S. regulatory standards. Although Marathon is a Canadian company, it is not surprising that it is not independent of the Canadian judiciary.
The first OFAC-compliant BTC block was discovered five days after Marathon shifted its computing power from other pools to a dedicated OFAC pool on May 1. The 10.37 EH/S of OFAC pool is dedicated to mining blocks that comply with KYC/OFA compliance regulations and processes.
Previously there was a wave of vocal criticism of the mining industry overseas, with many arguing that non-sustainable energy sources would lead to less than environmentally friendly BTC being dug out, and now the regulation of arithmetic power seems to have further increased the difficulty of mining. In an interview with foreign media, the company’s CEO said the decision was purely voluntary, and that OFAC was set up primarily so that “clean” BTC could be mined: “While institutional investor interest in bitcoin is growing, many large funds and companies say they are concerned about buying bitcoins that involve unethical practices.”
Marathon uses DMG’s Walletscore blockchain monitoring software to filter BTC transactions based on information provided by a blacklist “based on information provided by OFAC, a database of OFAC-tagged cryptocurrency addresses, and other sources, including the dark web. “
Marathon’s actions have already created a buzz within the BTC community, which is overwhelmingly critical. Critics believe that Satoshi Nakamoto designed BTC’s mining mechanism for the free transfer of value, and that Marathon’s behavior has deviated from its original design intent. In addition, many miners also questioned the fact that this behavior was designed to fool amateurs (after all, regulators don’t know much about cryptocurrencies and mining), and that BTC holders from Iran and other countries sent some BTC directly to Marathon’s “clean” block addresses to prove that the power censorship was stupid and ineffective. The
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Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-first-fully-compliant-btc-block-has-been-mined-in-the-us/
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