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Full-Text Articles in Securities Law
The Case For The Regulation Of Bitcoin Mining As A Security, Benjamin W. Akins, Jason M. Gordon, Jennifer L. Chapman
The Case For The Regulation Of Bitcoin Mining As A Security, Benjamin W. Akins, Jason M. Gordon, Jennifer L. Chapman
Benjamin W. Akins
Bitcoin is rapidly increasing in use throughout the world. Instrumental to the Bitcoin system, the process for introducing new bitcoin into the system is known as “mining.” Mining involves the use of powerful computer systems and complex, computational algorithms to verify or validate prior bitcoin transactions. The reward for successfully undertaking this process is the creation and award of new bitcoin to the miner. Bitcoin mining has become a tedious and difficult process. The race to verify transactions, and thereby earn bitcoin, necessitates more sophisticated processes for verification and greater computational power.
Many bitcoin miners band together in groups called …