The SEC has issued a statement clarifying that mining and mining pool activities under the Proof-of-Work (PoW) mechanism do not constitute securities offerings. The agency stated that Protocol Mining on PoW networks involves only the contribution of computational resources, rather than reliance on the entrepreneurial or managerial efforts of others. As a result, PoW mining does not meet the Howey Test definition of an investment contract and falls outside the scope of securities regulation.