mining ¿Mining Launder?

[Amiami 1362]

I think that few are familiar with the concept associated with the title of the topic, but it is something that has been gaining strength lately and is the use of mining as an investment factor for those individuals who seek to launder money.

 

One of the stereotypes by which cryptocurrencies suffer is that they can only be used for illegal matters, but a recent report published by cointelegraph indicates that money laundering with Bitcoin or other cryptocurrencies has decreased exponentially.

 

This is where the "Mining Launder" comes in, a concept that was born to solve problems related to money laundering, which refers to mining farms set up by individuals, which are financed by certain investors of doubtful origin.

 

When making purchases of cryptocurrencies you can leave a trace, however if you mine, the funds go directly to your portfolio, thus reducing the possibility of catching those responsible and increasing the probability of success.

 

What do you think of this?

 From my point of view, it is a movement that although it is inappropriate, it is intelligent. (I do not support this type of practice)

[velasco19 1753]

The truth is, I had not heard of this method you mention, it seems to be very ingenious because it is enough to have the necessary equipment and work in a mining pool. I always thought that to launder money they only did it through cryptocurrencies like XMR or DASH that have better privacy.
Although I think that when there are regulations in the countries they will no longer be able to do so, for example in Spain they are trying to declare crypto assets as heritage.

[zagzag 320]

The standards adopted in June 2019 require cryptocurrency exchanges, some digital wallet providers, and other companies to send customer data, including name and account numbers, to institutions receiving the digital fund transfer. This "Mineral Laundering" concept you mentioned is very correct.

[Amiami 1362]

22 hours ago, velasco19 said:

The truth is, I had not heard of this method you mention, it seems to be very ingenious because it is enough to have the necessary equipment and work in a mining pool. I always thought that to launder money they only did it through cryptocurrencies like XMR or DASH that have better privacy.
Although I think that when there are regulations in the countries they will no longer be able to do so, for example in Spain they are trying to declare crypto assets as heritage.

@velasco19

Of course, it is very ingenious, imagine if they will use all that intelligence for something good?

 

They managed to avoid having to convert Fiat money to bitcoin or another cryptocurrency, opting to directly mine them and being a decentralized system, clearly nobody can track the transactions among the thousands that a pool makes, however the only weak point would be the energy consumption that could raise suspicions but who knows, they could use solar panels, a total madness.