Is this the end of Cloud Mining Contracts?
The Attorney General of South Carolina has served a cease and desist order on Genesis Mining. In documents filed before its Securities Commissioner, it has declared cloud mining contracts to be securities, in a move that could have repercussions beyond the confines of the Palmetto State.
ATTORNEY GENERAL FORECASTS DARK CLOUDS FOR MINING CONTRACTS
Cloud mining contracts enable individuals to purchase hashing power without the need to get their hands dirty. Rather than have to order, install, and maintain a bunch of miners, capacity can be purchased from a datacenter that’s set up to mine crypto. Genesis Mining is one of the most well established operators in the space. It, as well as companies such as Hashflare, has been plying its trade for years. Now, a cease and desist order looks set to put paid to that, in the state of South Carolina at least.
Read the rest of the news article here:
https://www.cryptocurrencyguide.org/us-is-this-the-end-of-cloud-mining-contracts/
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