This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most necessary information, tog
This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most necessary information, together with influential initiatives, adjustments within the regulatory panorama, and enterprise blockchain integrations.
So low you have to attain as much as contact the underside
This week in China felt like one big mining-farm sized pile of FUD. That is normally a reasonably good indication {that a} backside is near being in, however one can by no means be too positive on the subject of downwards volatility in cryptocurrency. Canaan, one of many largest mining firms in China, introduced it was establishing store in neighboring Kazakhstan. This is a perfect compromise for Canaan as it will possibly stay near China, whereas mitigating their regulatory threat. Studying between the traces, it looks as if the plan is to largely proceed administration of the corporate from China whereas sending the machines abroad.
This could put a wrench within the works of the Bitcoin purists who consider that the crackdowns are a great way to interrupt up China’s dominance within the mining business. Simply this week, a professor at a college in Singapore wrote in Chinese language that the shift to a extra decentralized community can be an excellent factor. This raised some eyebrows for the usage of a made up phrase that interprets roughly to ‘de-China-ization’, however the article holds even much less weight when massive mining firms like Canaan are in a position to shift bodily tools abroad however nonetheless stay in command of the governance.
Too large for postage stamps
On June 21, CNBC’s Beijing Bureau Chief Eunice Yoon posted on Twitter {that a} logistics firm in Guangzhou was transport 3,000 kilograms value of mining {hardware} to Maryland, US. In line with her declare, the worth was $9.37 per kilogram. Some fast math reveals that the full price can be lower than the worth of 1 Bitcoin, at the least on the time of writing.
Bitmain lends a serving to hand
Cointelegraph reported on June 23 that large mining firm Bitmain was suspending gross sales of mining {hardware} in a transfer to assist the over-supplied secondhand markets. In line with the article, gross sales of hashing energy in China has seen a lower of round 75% for the reason that Spring. Bitmain is reportedly shifting operations overseas as properly, which might be a serious transfer for the {hardware} manufacturing big.
Mine-ami
Francis Suarez, everybody’s favourite Bitcoin-friendly mayor, was at it once more on June 18 when he introduced that every one Chinese language Bitcoin miners had been welcome in Miami. The announcement was translated and posted on Sina Finance’s Blockchain Weibo account, which attracted over 53 feedback from stunned netizens. Most of those person feedback had been detrimental in nature nonetheless, each in direction of Suarez and Bitcoin typically. A big portion of Weibo customers maintain cryptocurrencies in ill-regard, particularly these which have been investing within the stagnant Chinese language inventory market.
Amber is the colour of your vitality
Amber, a cryptocurrency service supplier primarily based in Hong Kong, accomplished a Sequence B funding spherical value $100m. Amber is well-known amongst establishments for his or her monetary providers that embody asset administration, OTC providers and lending.
Alipay’s foray into NFTs
High fee processor Alipay continues to push its AntChain know-how by partnering with the Dunhuang Analysis Academy to launch 8,000 NFT skins. Dunhuang is legendary for being an outdated silk highway outpost and is residence to Mogao Caves, a Unesco Heritage web site. The NFTs featured art work impressed by the cultural web site and rapidly bought out. AntChain is a personal blockchain developed by Alibaba’s Ant Group.