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Genesis Mining, a managed mining cloud provider, announced that is resuming operations in the United States after South Carolina regulators withdrew an order to cease and desist from & # 39; company. Contracts for US residents have been disabled for five months to date.
The SC regulators revoke the order of termination and withdrawal
The termination and the desistation originated from the South Carolina Securities Commission on March 9, 2018, which prompted Genesis Mining to withdraw services from all over the United States . The commission decided to withdraw the order this week. Genesis Mining worked with regulators.
The Commission's announcement did not provide details on why they decided to withdraw the C & D. The Commission sent the original order "because of the belief that the service [Genesis Mining] offers, power of computer hash (mining), is considered a security. "
This move is in line with the general trend of regulators that warm up to cryptocurrencies. As reported by CCN, the SEC has stated that both bitcoin (BTC) and ethereum (ETH) are not securities, which means they do not have to comply with strict securities regulations.
More recently, the NASDAQ held a closed-door meeting with industry leaders to legitimize digital currencies. Announced today, the Intercontinental Exchange (ICE) is launching a physically regulated bitcoin futures product, further legitimizing the asset in traditional finance.
Cloud Mining vs. DIY
There are many positive aspects in cloud mining, as opposed to hosting your own operation The initial cost to buy mining equipment is removed. It is not necessary to find a place to store mining equipment, where electricity is cheap. Noise can also be a problem, especially for ASIC miners, so many people can not create one alone in their home.
Genesis Mining is a relatively mature company in the business and has been in business for over four years. It has gained notoriety for high customer service and uptime. As one of the largest cloud mining providers in space, Genesis also benefits in terms of advanced technology and strong engineers.
Featured image from Shutterstock
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