"By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged

"By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter." If you mine bitcoins and then convert them to real money (i.e. not buy goods or services with them) then you will be regulated.