The large American mining company Marathon Digital Holdings has announced the launch of what it describes as the first Bitcoin mining pool in North America, “fully in accordance with US regulations.”
In accordance with the March 30 proclamation, the complex follows the US guidelines and regulations against money laundering established by the Office of Foreign Assets Control (OFAC). Marathon ensures that the transactions processed by his group comply with regulatory standards using DMG Blockchain® Exclusively Licensed Transfer Filter Technology.
The company will begin redirecting 100% of its existing retail capacity to the new pool from 1 May. The new Marathon conglomerate also plans to accept the total retail force with other miners in the United States from June 1. By 2022, Marathon plans to distribute 103,120 miners directing 10.37 hours per second, or EH / s, to the mining pool, which is about 6.4% of the Bitcoin network’s current combined hash rate.
Marathon announces that by avoiding transactions by blacklisted individuals marked with the United States Treasury, Marathon transactions will be in full compliance with the regulations.
The announcement does not clarify how DMG decides whether transactions were carried out by individuals who are blacklisted by the Ministry of Finance.
Marathon Chairman and CEO Merrick Okamoto argued that despite the recent increase in institutional interest in bitcoin, the lack of regulatory guarantees has prevented many companies from participating in bitcoin mining:
“As institutional interest in Bitcoin accelerates, many large corporations and companies are expressing concern about buying bitcoins that may be tainted with outrageous numbers.”
“While appreciating the appetite of some miners to cope with random transactions, we believe that as a U.S.-incorporated public company focused on ensuring a broader institutional adoption of Bitcoin, we are committed to complying with U.S. regulations,” he added.
Despite the organizations’ apparent reluctance to participate in bitcoin mining, analysts believe that some US investors are speculating in the shares of large mining companies to gain access to the regulated Bitcoin markets.
Cointelegraph reported last week that bitcoin mining outperformed Bitcoin by an average of 455% in the last 12 months, an increase of almost 5000% in the same period as Bitcoin rose 900%.
Fundstrat Vice President of Digital Asset Strategy, Lior Shimron, suggested: “Until the Bitcoin ETF is approved, investors may see public miners as one of the only ways to access Bitcoin.”