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Official Notice Says Cheap Electricity to End for Inner Mongolian Bitcoin Miners
26.8.2020
Regional reports say that officials from Inner Mongolia delineated 21 bitcoin mines, as the region plans to stop subsidized electrical rates for certain data firms. Unless the bitcoin mining facilities pack up and migrate, mining farms may see an electrical price increase by one third. The Chinese...
The Bitcoin Network Now Consumes 7 Nuclear Plants Worth of Power
25.8.2020
The SHA256 hashrate that secures the Bitcoin network has grown massively during the last few years, as Bitcoin’s processing power has touched all-time highs in 2020. Moreover, the gigawatts of electrical consumption powering industrial bitcoin mining today consumes as much as seven nuclear...
Sichuan Officials Continue to Foster the Relationship Between Bitcoin Mining and Hydropower
18.8.2020
The province of Sichuan is well known for being one of the largest concentrations of bitcoin miners on earth because electrical costs are extremely cheap in the region. Data shows that miners using hydropower in Sichuan are paying between 0.065-0.075 yuan or $0.01 per kilowatt-hour. According...
2020 Monsoon Season and Dam Stress Threatens Chinese Bitcoin Miners
24.7.2020
Digital currency proponents have been discussing the 2020 monsoon season in East Asia and how there’s a possibility it could wreak havoc on large bitcoin mining operations located in China. Recent estimates note that China has 50% of the world’s bitcoin mining capacity but if mining...
Chinese Authorities Confiscate $15 Million in Cryptocurrencies, Arrest 10 Scammers
11.7.2020
Chinese authorities have seized cryptocurrencies worth about $15 million while bringing down a scam involving fake Huobi tokens. In addition, ten people were arrested while luxury cars and real estate were confiscated. The police in the Chinese city of Wenzhou, Zhejiang province, have cracked...
Chinese Government Crackdowns and Cheap Hydropower- Miners Migrate from North to South China
4.6.2020
China-based bitcoin miners have started to migrate southbound from North China, according to local reports. The operators are having difficulties and are transitioning mining facilities for cheap hydro-powered electricity. Testimonials also show that 64 mining operations in the prefecture in Yunnan...
Bitcoin Mining Markets Heat Up: Ebang’s $41M Deficit, Bitmain’s Alleged 2020 Revenue
10.5.2020
The Chinese ASIC mining rig manufacturer Bitmain reportedly pulled in $300 million in revenue during Q1 2020. Meanwhile, as Bitmain claims to be regaining market share, the firm Ebang recently applied with the U.S. Securities and Exchange Commission (SEC) for initial public offering (IPO) status....
1 Cent per Kilowatt-Hour: China’s Sichuan Province Encourages Hydro-Powered Bitcoin Mining
29.4.2020
The local government of Ya’an city, in China’s Sichuan province, has announced the region is encouraging bitcoin mining in Sichuan if operations leverage the local hydropower plants. The document released by Ya’an city officials is in stark contrast to how Sichuan lawmakers felt...
Chinese Court Declares Ethereum Legal Property With Economic Value
28.4.2020
A district court in China has reportedly ruled that Ethereum’s cryptocurrency is legal property with economic value. This ruling follows a couple of other verdicts on the legality of cryptocurrency, including bitcoin, by various Chinese courts. While cryptocurrency is not legal tender...
10 Countries Actively Regulating Cryptocurrency Despite Global Crisis
6.4.2020
Despite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They include Japan, Malaysia, Singapore, China, Spain, Germany, India, the Philippines, the U.S., and South...
$30M Bitcoin Cash ‘SIM Hack’ Sparks Wild Crypto Tales With Vague Sources
23.2.2020
On February 21, the crypto Twitter commentator Dovey Wan published a series of tweets about an alleged SIM card hack that purportedly saw the loss of $30 million in bitcoin cash. The story stemmed from a Reddit post that’s now deleted and so far no one has provided any verifiable proof from...
Bitmain Responds to Layoff Rumors From Ousted Co-Founder Zahn
7.1.2020
Ousted Bitmain co-founder Micree Zahn took to Weibo on Monday to speak out against a reported Bitmain “personnel optimization plan” which could purportedly see around 500 Bitmain workers dismissed by January 17. Chinese media broke the story last week citing inside sources at...
Shenzhen Stock Exchange Launches Index of Top 50 Blockchain Public Companies
27.12.2019
The Shenzhen Stock Exchange has launched a blockchain index comprising 50 of the largest publicly listed companies with blockchain ventures by market capitalization. Blockchain-related stocks in China have been gaining value since President Xi Jinping openly advocated for the technology. Also read:...
Regulatory Roundup: Crypto ‘Inevitable’ in India, China Rankings, NY Streamlines Policy
16.12.2019
In this regulatory roundup, we cover a positive crypto story in India, China’s year-end rankings, and the European Central Bank entering the stablecoin race. We also cover the New York regulator’s proposed Bitlicense revision — the first in five years — and several other...
Indian Crypto Trading Volumes Accelerate on Positive Sentiments
28.10.2019
Cryptocurrency trading volumes in India have accelerated despite regulatory uncertainty and banking restrictions imposed by the Reserve Bank of India (RBI). Global trading platforms and service providers have also been expanding their operations to serve Indian users. Also read: Mistakes Crypto...
Chinese Bitcoin Miners Migrate North After Wet Season
10.10.2019
A China-based crypto news outlet recently published a comprehensive report on the costs associated with building a digital currency mining farm in China. Additionally, the local publication revealed that Chinese miners are starting to migrate north to access cheap thermal power and wind power after...
Video Shows $10M Chinese Bitcoin Mining Farm in Flames
1.10.2019
During the early morning hours of September 30, a nine-minute video circulated on Twitter showing a large bitcoin mining farm burning down. Sources say the mining farm belonged to the company Innosilicon and roughly $10 million worth of mining rigs were destroyed. Also Read: Central Banks in Panic...
Bitmain Launches Next Gen Miner as Bitcoin Hashrate Touches 100 Exahash
11.9.2019
Last Thursday the China-based mining rig manufacturer Bitmain announced the launch of two new Antminers that offer hashrates between 53 to 64 terahash per second (TH/s). When the Antminer sale started on Monday, first batch devices sold extremely fast and Bitmain expects to deliver units...
Market Update: Economists Envision Global Recession While Crypto Prices Soldier On
26.8.2019
Last week cryptocurrency prices bounced around after a majority of coins dropped in value on August 21. Today on August 26, digital currency markets have gained around 1.52%, gathering $4 billion since the initial slump. Despite the volatility, cryptocurrencies have consolidated and a...
US Lagging behind China’s Development of National Digital Currency, Circle CEO
24.8.2019
Jeremy Allaire, the Circle CEO, mentions that the U.S. is falling behind the development of China’s national digital money, which could change the manner in which western organizations conduct payments. Recently, the Circle CEO, Jeremy Allaire spoke to the Global Coin Research podcast this...