News View Non-AMP

Blackrock’s Bitcoin Mining Monopoly: What’s Really Going On?

Published by
Qadir AK

As the world was glued to the news of the Securities and Exchange Commission (SEC) delaying the approval of six Bitcoin spot ETFs, a few significant developments were quietly unfolding behind the scenes. Events that could arguably signal a potential orchestrated move by Blackrock, the world’s largest asset manager, in the Bitcoin ecosystem.

Blackrock’s Mining Monopoly

Blackrock has secured majority shareholding in 4 out of the 5 largest Bitcoin miners by market capitalization. The stakes are:

Though Bitcoin is not a Proof of Stake (POS) cryptocurrency, making Blackrock’s influence seemingly less harmful, there’s more to this than meets the eye.

Bitcoin mining is a significant determinant of its governance and future changes. Blackrock’s ownership in these major mining companies could, hypothetically, offer a lever to influence Bitcoin’s network decisions, should the asset manager opt to exert its influence.

Adding fuel to the fire is the fact that the two largest Bitcoin mining pools now require their users to go through the Know Your Customer (KYC) process. KYC, previously a requisite only for regulated exchanges, now extends its tentacles into the mining realm. This compliance shift could reduce the decentralization ethos that Bitcoin has held since its inception.

Why it Matters

The infusion of KYC into mining pools could potentially allow companies like Blackrock to access significant amounts of data related to Bitcoin transactions. This is an alarming trend given the increasing institutionalization of Bitcoin mining.

Let’s not forget that the SEC has conveniently delayed its decision on six Bitcoin spot ETFs. Among the applicants? You guessed it—Blackrock. The other companies facing delays include Invesco Galaxy, WisdomTree, Valkyrie, Bitwise, and Fidelity.

The delays raise eyebrows, not because of the delay itself—which is quite typical of the SEC—but due to the simultaneous backdoor moves made by Blackrock. Is the asset manager using this as a smoke screen for its actions in the mining space?

Blackrock’s Mysterious ETF Wording

On Page 24 of Blackrock’s original Bitcoin ETF filing, the company states that they are under no obligation to “choose the most economic chain in the event of a Bitcoin hard fork.”

Why wouldn’t Blackrock commit to selecting the most valuable Bitcoin fork? Could they be planning to create a hard fork themselves, nudging their investors onto an uneconomic chain? 

While we’re not making any assertions about Blackrock’s intentions, we cannot ignore the possibility that they might be subtly laying the groundwork for something more extensive! 

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Top 3 Best Cryptos to Buy Now for Under $1 — One of Them Is Still at $0.025

Not all high-potential cryptocurrencies come with high price tags. In fact, some of the most…

April 22, 2025

WhiteBIT Reveals the First Participants for ICTC 2025: The Ultimate Crypto Trading Cup

WhiteBIT, Europe’s largest crypto exchange by traffic, has officially announced the initial lineup of participants…

April 22, 2025

Dogecoin Price Prediction 2025, 2026 – 2030: Will DOGE Price Hit $1?

Story Highlights The price of Dogecoin today is . Dogecoin price may reach a maximum…

April 22, 2025

Token Unlocks Worth $235M Could Shake Up Crypto Markets This Week

This week, between April 21–28, tokens worth over $235 million are scheduled to be unlocked…

April 22, 2025

Cardano Price Prediction 2025, 2026 – 2030: Will ADA Price Hit $2?

Story Highlights The live price of the Cardano token is . ADA coin price could…

April 22, 2025

Solana Price Prediction 2025, 2026 – 2030: SOL Price Targets $500 Next?

Story Highlights Solana Price Today is . Solana coin price could reach a potential high…

April 22, 2025