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Bitcoin Mining

In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations

Author

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  • P. Carl Mullan

    (PDX Currency Corporation)

Abstract

Bitcoin mining is the process by which new Bitcoins enter the world. This is an online mathematical process which is generally operated as a business. The process of mining Bitcoin furnishes the computing power which operates the network. Mining builds the block chain which is a continuous public record of all transactions occurring on the network from day one. Mining generally occurs in pools of more than one user. FinCEN issued guidance on March 18, 2013, for the application of regulations pertaining to persons administering, exchanging, or using virtual currencies. This guidance seemed to state that miners are considered money transmitters with no activity threshold.

Suggested Citation

  • P. Carl Mullan, 2014. "Bitcoin Mining," Palgrave Macmillan Books, in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, chapter 14, pages 97-101, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38255-9_15
    DOI: 10.1057/9781137382559_15
    as

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