{"id":23716,"date":"2023-09-27T04:25:42","date_gmt":"2023-09-27T04:25:42","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/blackrock-and-others-gaining-influence-over-bitcoin-miners\/"},"modified":"2023-09-27T04:25:42","modified_gmt":"2023-09-27T04:25:42","slug":"blackrock-and-others-gaining-influence-over-bitcoin-miners","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/blackrock-and-others-gaining-influence-over-bitcoin-miners\/","title":{"rendered":"BlackRock and Others Gaining Influence Over Bitcoin Miners"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Jamie Coutts, a crypto market analyst at Bloomberg, has voiced concerns over Bitcoin\u2019s potential vulnerability to the heavyweights of traditional finance.<\/p>\n

On platform X, he informed his audience of a noteworthy development. BlackRock, known globally as the preeminent asset manager, initiated an indirect approach to Bitcoin in 2020. They did so by investing in shares of Marathon Digital, a formidable player in the mining<\/a> sector.<\/p>\n

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A key observation by Coutts is that BlackRock\u2019s decision to venture into the Bitcoin space wasn\u2019t a sporadic move. It was merely a prelude to their more significant stride \u2013 applying<\/a> for a Bitcoin spot exchange-traded fund (ETF).<\/p>\n

Interestingly, the past saw BlackRock, Vanguard, and StateStreet, all stalwarts who emphasize ESG (environmental, social, and governance) criteria, venture into public mining stocks as early as 2020. BlackRock\u2019s foray into Marathon Digital occurred during a period marked by pronounced skepticism of mining, possibly due to the sector\u2019s substantial fossil fuel dependency.<\/p>\n

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Today, the landscape is shifting. The world\u2019s most formidable asset managers are carving out a niche for themselves. Coutts points out they have risen to command a dominant stake in the three major publicly-traded Bitcoin miners, holding sway over approximately 8.9% of total hash power.<\/p>\n

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Top three major publicly-traded Bitcoin miners hold approximately 8.9% of total hash power.<\/em><\/figcaption><\/figure>\n

This increasing influence by giant asset managers is reshaping the dynamics of the Bitcoin network. Coutts highlights the potential misalignment of intentions. Large-scale players might not always resonate with the aspirations of smaller participants.<\/p>\n

The idea of a \u201c51% attack,\u201d wherein an actor controls a majority of the hash rate, seems unlikely. The underlying economic and logical grounds don\u2019t support it. Nonetheless, a gradual sway, deviating from the network\u2019s core principles, cannot be entirely ruled out.<\/p>\n

Areas of contention might involve divergent ESG goals or even selective transaction censorship. While such hiccups wouldn\u2019t halt the chain\u2019s operation \u2013 other miners could take up the slack and benefit from the associated fees \u2013 questions remain. Given the proactive stance of these titan asset managers, will they stay passive with Bitcoin miners? Only time will tell.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) Jamie Coutts, a crypto market analyst at Bloomberg, has voiced concerns over Bitcoin\u2019s potential vulnerability to the heavyweights of traditional finance. On platform X, he informed his audience of a noteworthy development. BlackRock, known globally as the preeminent asset manager, initiated an indirect approach to Bitcoin […]<\/p>\n","protected":false},"author":5,"featured_media":23717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23716"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23716"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23717"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}