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The fact that there’s little evidence of any increase in using virtual money as a currency may be the reason there are minimal efforts to control it. The reason behind this could be merely that the market is too little for cryptocurrencies to justify any regulatory effort. It’s also possible that the regulators simply don’t understand the technology and its consequences, anticipating any developments to act. Mining cryptocurrencies is how new coins are placed into circulation. Because there’s no government control and crypto coins are digital, they cannot be printed or minted to create more. The mining process is what produces more of the coin. It may be useful to think about the mining as joining a lottery group, the pros and cons are precisely the same. Mining crypto coins means you will get to keep the full rewards of your efforts, but this reduces your odds of being successful. Instead, joining a pool means that, overall, members are going to have much greater chance of solving a block, but the reward will be split between all members of the pool, predicated on the number of “shares” won.
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