Bitcoin Mining

P. Carl Mullan
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P. Carl Mullan: PDX Currency Corporation

Chapter 14 in The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, 2014, pp 97-101 from Palgrave Macmillan

Abstract: 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.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-38255-9_15

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DOI: 10.1057/9781137382559_15

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