Chinese Retailer Goes From Bubble Tea to Crypto Mining in Unlikely Pivot
Urban Tea has hired two new executives ahead of its expansion into cryptocurrency mining.
Related News
A Chinese tea retailer is looking to make its inception into the bitcoin mining business. Publicly-listed Urban Tea announced the expansion of its operations by appointing two executives to pursue its crypto plans. Urban Tea Praises Cryptocurrencies’ Widespread Popularity Per the announcement, Urban Tea Inc. hired Fengdan Zhou as the company’s new chief operating officer and Dr. Yunfei Song as an independent director. The tea retailer expects the new roles to lead the “company’s critical strategic expansion in blockchain and cryptocurrency mining.” Zhou will....
The Chinese mining crackdown forced many miners to stop their operations and relocate. But another group of miners is planning to pivot to new, more efficient mining schemes to keep operating in the country. Lesser-known tokens and proof-of-stake-based systems are now in the sights of these miners as ways to continue their work away from government oversight. Chinese Miners Pivoting to Other Crypto Activities The recent mining and trading crackdown in China affected the lives of thousands of miners that had to stop their operations due to new policies established by the government. While a....
Former directors of Canaan Inc. are investing in the Shanghai firm and will help launch its new mining subsidiary.
Bitcoin miner Bitfarms has announced plans to pull back on Bitcoin mining in the coming two years and pivot toward AI-compute centers. Bitfarms CEO Says Pivot To AI-Compute Business Could Out-Earn Bitcoin Mining In a press release, Bitcoin mining company Bitfarms has revealed plans to convert one of its facilities to support High-Performance Computing (HPC)/Artificial […]
Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT). According to reports, this move to NFTs is happening despite the Nigerian central bank’s renewed anti-crypto stance. NFT Bubble Concerns As a recent CNN report explains, growing interest in NFTs from Nigerian artists comes alongside warnings of a potential downturn in sales. For instance, Bitcoin.com News has already reported that NFTs sales plummeted by 90% since the market’s record sales on May 3. The same report also revealed that the number....