A miner’s Self (or Solo) Mining is not undertaken with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.
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SEC says proof-of-work mining does not implicate US securities laws
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Solo proof-of-work mining does not satisfy the Howey Test criteria for securities transactions because individual miners do not rely on others' managerial efforts for profits, according to the SEC’s statement that proof-of-work mining isn't a security
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