From May 1, Marathan intends to divert all hash power to its novel regulatory compliant mining pool.
The first North American Bictoin Mining Pool has been announced by Marathon Digital Holdings, a United States mining firm and they fully compliant with the United States regulations.
The Office of Foreign Asset Control or OFAC has set out some anti-money laundering guidelines and Marathon posited that the pool complies with the regulation.
Also by using technology exclusively licensed by DMG Blockchain, allowing transfers to be filtered, Marathon will ensure the transactions processed by its pool meet regulatory standard.
By May 1, 100% current hash power of Marathon will be diverted to the new pool. By June 1, hash power pooled form other U.S based miners will be accepted.
In order to direct 10.37 exahashes per second, Marathon intends to deploy by 2022, 103,120 miners equal to roughly 6.4% of the Bitcoin network’s current combined hash rate.
By avoiding transactions executed by individuals on the U.S. Department of Treasury’s Specially Designated Nationals and Blocked Persons List, Marathon claims its operations will be entirely regulatory compliant.
The announcement does not specify how DMG’s technology identifies whether transactions have been issued by individuals blacklisted by the Treasury Department.
Merrick Okamoto, Marathon’s chairman and CEO, asserted that despite the recent surge in institutional interest surrounding Bitcoin, a lack of regulatory assurances has deterred many firms from participating in Bitcoin mining:
“While institutional interest in Bitcoin is accelerating, many large funds and corporations have expressed concerns over purchasing Bitcoin that may have been tainted by nefarious actors.”