Re:Ponzi Schemes Using Virtual Currencies (2014) [pdf]
by elmar on Tuesday October 03, 2017 @08:00PM
(#15397285)
Bitcoin mining is like buying a lottery ticket, you exchange electricity cost for the chance of wining Bitcoins.
You could make the case that Bitcoin main valuation is from the network efect, so other people buying and using Bitcoin increases the value of your Bitcoin.
However if I created a coin the possession of which entitles you to a cut of my bitcoin mining operation, yes that would be a security.