Why The Chinese Government Started Mining Bitcoin (BTC)
Reporter Colin Wu shared news published by Chinese state media PengPai related to Bitcoin mining activities by the national government. At the very least, China’s view of cryptocurrencies is ambiguous, but according to the report they have been dabbing with BTC. The state media confirmed a rumor on the Beijing government’s collection data center being […]
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A recent report from the Chinese government’s financial committee has reiterated the country’s stance on bitcoin mining and that it would continue to monitor the sector closely. The report follows a recent article from Reuters published three days ago, which also reiterates China’s older warnings against the crypto industry. Chinese Government Report Mentions Bitcoin Mining, Announcement Sparks Speculation On Friday, a report stemming from China’s 51st meeting of the Central Financial and Economic Affairs Commission led by the organization’s director, Liu He,....
Shenzhen-based Bit Mining has started shipping bitcoin mining machines to Kazakhstan as the Chinese government cracks down on bitcoin mining operations in the country. Bit Mining Ltd., a mining company based in Shenzhen, announced Monday that “it had successfully delivered its first batch of mining machines to Kazakhstan.” The company explained that bitcoin mining machines will be delivered to Kazakhstan in three batches. The first batch consists of “320 mining machines with a theoretical maximum total hash rate capacity of 18.2 PH/s,” Bit Mining claims, noting....
The recent steps taken by the Chinese government with regard to Bitcoin may reduce the cryptocurrency's volatility. The best performing asset of 2016, Bitcoin has been under the weather lately. The cryptocurrency whose price had crossed the $1100 mark started losing steam, to fall as low as $767. The fall is said to be fueled by recent developments in the Chinese market. Following the initial drop, fueled by a short-lived positive performance of Chinese yuan, the government decided to review the cryptocurrency platforms. The review came amid allegations of Bitcoin fueling the capital....
Alibaba, the Chinese e-commerce giant, has announced it will no longer allow the sale of cryptocurrency mining gear on its platform. The sales behemoth made this announcement yesterday via its official website. The move is a direct consequence of the latest ban the Chinese government has applied to cryptocurrency trading and mining. Other institutions and exchanges have also been affected.
Alibaba Bans ASIC Miner Sales
Alibaba, one of the biggest sales companies in China, has announced it intends to ban the sale of cryptocurrency miners and cryptocurrencies themselves on its....
An otherwise decentralized cryptocurrency, Bitcoin, might have become a victim of a centrally orchestrated price dumping attempt. According to data fetched by CryptoQuant, a South Korea-based blockchain analytics firm, Bitcoin miners at Chinese mining firm F2pool started the massive sell-off that crashed the BTC/USD exchange rate by almost 20 percent in just less than 24 hours. Oversupplied Bitcoin CryptoQuant CEO Ki-Young Ju listed a series of bearish alerts he received when Bitcoin started plunging on […]