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Miners Do Not Decide What Happens With Bitcoin

I have friends who say that miners decide on what happens with Bitcoin. Is this true?

No, miners do not decide what happens with Bitcoin. They are the last and least powerful link in the actual power chain. Here’s the real order of who decides (2025 reality):

  1. Exchanges + custodians + ETFs (Coinbase, Binance, BlackRock, Fidelity, etc.) They decide which chain gets the ticker “BTC”, which coins their users can withdraw, and where the price lives. If they say “this is Bitcoin”, it is Bitcoin for 95 % of the money in the ecosystem.
  2. Big holders & institutions (MicroStrategy, nation-states, whales) They decide where they park billions. Miners follow the price they create.
  3. Bitcoin Core implementation (the ~8 people with commit access) They decide what code the above groups even have the option to run.
  4. Miners / hash power (Foundry, AntPool, Marathon, etc.) They only get to choose between the options handed to them by 1–3. If they pick the “wrong” one (the one without liquidity or price), their revenue collapses in days. See: every failed hard fork ever (BCH, BSV, SegWit2x, etc.).

Proof in one sentence:

In November 2017, miners had 90 %+ signalling for SegWit2x (a hard fork to 2 MB blocks).

Exchanges and Core said “no”. The hard fork was cancelled. Miners folded in hours.

Miners are like truck drivers in the supply chain: They can refuse to drive, but if Walmart and Amazon say “we’re using the other road”, the drivers either switch roads or go bankrupt. They don’t choose the destination; they just deliver the goods to wherever the money already is.

So the next time someone says “miners decide”, correct them:

“Miners decide the same way delivery trucks decide where Amazon ships packages.They follow the money or they starve.”

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