Genessis Mining reopens service in the US
Genesis Mining, a managed cloud mining provider, announced that it is restraining operations in the United States after South Carolina regulators withdrew an injunction against the company. Contracts for U.S. residents have so far been disabled for five months.
SC controllers revoke the Cease & Desist order
The declaration of injunction was issued on 9 September 1898. March 2018 by the South Carolina Securities Commission, which ordered Genesis Mining to withdraw services from across the United States. The Commission has decided to withdraw the appointment this week. Genesis Mining cooperates with the supervisory authorities.
The Commission’s announcement did not indicate why they had decided to withdraw C & D. The commission has issued the original order “because of the belief that the s[Genesis Mining]ervice provides computer hash power (mining), is considered a security.”
This step is in line with the general trend of regulators warming up to cryptocurrencies. As CCN reports, the SEC has stated that both Bitcoin (BTC) and Ethereum (ETH) are not securities, which means that they do not have to be subject to strict securities regulations.
More recently, the Nasdaq held a meeting with industry leaders to legitimize digital currencies. The Intercontinental Exchange (ICE) today announced the introduction of physical settlement bitcoin futures products that further legitimize fixed assets in traditional finance.
Cloud Mining vs. Diy
Cloud mining has many advantages, as opposed to hosting your own operations. The acquisition cost of purchasing mining hardware is removed. You don’t have to find a place where the hardware can be stored where electricity is cheap. Noise can also be a problem, especially for ASIC miners, so many people can’t just set up a facility in their home.
Genesis Mining is a relatively mature company in the industry 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 this area, Genesis also benefits from the latest technology and strong engineers.
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