Post
Topic
Board Legal
Re: FinCEN
by
optimator
on 23/07/2013, 15:12:57 UTC

Tragically, the guidance does not literally exclude non-business miners.  By its terms:

a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.


Interestingly, I believe you could argue that participants in a mining pool do not "create units of convertible virtual currency".

A USB stick miner could go their entire existence and never even find a block, yet they would be paid by the mining pool.

I could even argue that the participant who finds the block does not "create units" because they (the participant) do  not submit the block to the network. The mining pool submits the block.