How Regulation of Bitcoin Mining Results in Complete Government Control of all Bitcoin Globally
Last edited April, 2023
The current version of Bitcoin will not be banned or killed. Instead, it will be converted into another tool of government control. To achieve control of the Bitcoin blockchain, Western governments will jointly regulate the majority of the Bitcoin mining hash rate. They will require all Bitcoin miners in their jurisdictions to confirm only transactions that comply with internationally approved Know Your Customer (KYC) and Anti-Money Laundering (AML) rules. An entity that controls the majority of Bitcoin mining can control the entire Bitcoin blockchain.
“An attacker in control of the majority of the network’s hash rate is capable of manipulating the system at will, i.e., executing double spending attacks, prohibiting transactions from entering the blockchain, and effectively rewriting the transaction history within computational limits.”
From the introduction to: ‘A Deep Dive into Bitcoin Mining Pools an Empirical Analysis of Mining”
Why it is Nonsense to Say there is Not Enough Hash Power to Attack Bitcoin
No Additional ASICs Are Needed to Control Bitcoin
A simple majority (50+%) of the Bitcoin mining computing hash rate determines the ledger of transactions used by all Bitcoin merchants. The Bitcoin code requires machines running Bitcoin to recognize only the chain of transactions confirmed by the majority of the network hash rate. Today the majority of the Bitcoin mining hash rate operates within the jurisdiction of Western governments. A majority of the Bitcoin mining hash rate currently lies within just four Western nations; USA, Canada, Germany & Ireland.
Regulation of Bitcoin mining by governments does not require changing the Bitcoin code. Bitcoin’s code enables miners to choose which transactions to confirm. A template for transaction selection is provided by Bitcoin Core, but miners can and do create their own proprietary templates.
Within this decade, governments will require Bitcoin miners to censor the transactions included in each block mined. Such a regulation…