Marathon Digital Holdings, a major US mining company, has announced the launch of North America’s first “fully US-compliant” Bitcoin mining pool.
According to the March 30 announcement, the complex is following the US Foreign Assets Control (OFAC) money laundering guidelines and regulations. Marathon ensures that transactions processed by the collector are compliant with regulatory standards using licensed DMG Blockchain technology so that transfers can be filtered.
The company will begin transferring 100% of its existing retail capacity to the new complex from May 1. The new Marathon Rally also plans to accept hashish collected from other miners in the United States starting June 1st. By 2022, Marathon expects 103,120 miners to have deployed 10.37 tests per second, or EH / s, for the mining pool, equivalent to approximately 6.4% of the current aggregate hash rate of the Bitcoin network.
By avoiding transactions carried out by individuals on the Treasury Department’s List of Specially Designated and Blocked Persons, Marathon claims that the company will fully comply with regulations.
The announcement does not elaborate on how the DMG determines whether transactions are originating from individuals blacklisted by the Treasury Department.
Mirek Okamoto, Chairman and CEO of Marathon, argued that despite the recent rise in institutional interest in bitcoin, the lack of regulatory insurance is keeping many companies from mining bitcoin:
“As institutional interest in bitcoin grows, many funds and large companies are expressing concerns about buying bitcoins that could be spoiled by dangerous players.”
“While we appreciate the willingness of some miners to process transactions in an arbitrary manner, we believe that our company, registered in the US, and with particular attention to the further institutional implementation of Bitcoin, is our responsibility. Conforms to US requirements. regulations.”
Despite the organization’s apparent reluctance to mine bitcoin, analysts believe that some American investors have speculated about large mining stocks as a way of gaining orderly access to the bitcoin markets.
Cointelegraph reported last week that Bitcoin mining stocks have surpassed BTC by an average of 455% over the past 12 months and are up about 5,000% over the same period, with Bitcoin accumulating 900%.
Fundstrat’s vice president of digital asset strategy, Leor Shimron, suggested, “Until a Bitcoin ETF is approved, investors can view publicly traded mining companies as one of the only ways to gain access to Bitcoin.”