US mining company Marathon Digital Holdings has announced the launch of what it claims is the first North American bitcoin mining pool to be fully compliant with US requirements.
According to the announcement of 30. In March, the pool complied with U.S. anti-money laundering guidelines and regulations established by the Office of Foreign Assets Control (OFAC). Marathon ensures that transactions processed through its pool meet regulatory standards by using DMG Blockchain’s own licensed technology to filter transfers.
On 1. In May, the company will begin diverting 100% of its current hash capacity to the new pool. The new Marathon pool also plans to 1. June hash out other American miners. By 2022, Marathon plans to deploy 103 120 miners to feed the mining pool at 10.37 hashes per second (EH/s), which is about 6.4% of the Bitcoin network’s current total hash rate.
By avoiding transactions from individuals on the U.S. Treasury Department’s list of Specially Designated Nationals and Blocked Persons, Marathon claims to be in full compliance with legal requirements.
The announcement does not specify how DMG’s technology will determine whether the transactions were made by individuals on the Treasury Department’s blacklist.
Merrick Okamoto, president and CEO of Marathon, stated that despite the recent increase in institutional interest in bitcoin, the lack of regulatory protection has deterred many companies from participating in bitcoin mining:
Although institutional interest in bitcoin is growing, many large funds and corporations are concerned that their bitcoin purchases will be tainted by malicious actors.
While we understand that some miners like to process messy transactions, we believe that as a US-listed company that wants to create the conditions for greater institutional adoption of bitcoin, we have an obligation to follow US rules, he added.
Despite the apparent reluctance of institutions to participate in bitcoin mining, analysts believe that some US investors are speculating in the shares of major mining companies to gain regulated access to BTC markets.
Last week, Cointelegraph reported that bitcoin mining shares have outperformed BTC by an average of 455% over the past 12 months, with gains of around 50,000% over the same period that bitcoin has risen 900%.
Fundstrat’s vice president of digital assets strategy, Lior Shimron, surmised: Until the bitcoin ETF is approved, investors can consider listed mining companies as one of the only ways to access bitcoin.
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