This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most vital 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 certain with regards to downwards volatility in cryptocurrency. Canaan, one of many largest mining corporations in China, introduced it was organising store in neighboring Kazakhstan. This is a perfect compromise for Canaan as it could possibly stay near China, whereas mitigating their regulatory danger. Studying between the traces, it looks like the plan is to principally 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 could be a great factor. This raised some eyebrows for using a made up phrase that interprets roughly to ‘de-China-ization’, however the article holds even much less weight when massive mining corporations like Canaan are capable of shift bodily tools abroad however nonetheless stay in charge of the governance.
Too big for postage stamps
On June 21, CNBC’s Beijing Bureau Chief Eunice Yoon posted on Twitter {that a} logistics firm in Guangzhou was delivery 3,000 kilograms value of mining {hardware} to Maryland, US. In keeping with her declare, the value was $9.37 per kilogram. Some fast math reveals that the whole value could be lower than the value of 1 Bitcoin, not less than on the time of writing.
Bitmain lends a serving to hand
Cointelegraph reported on June 23 that huge mining firm Bitmain was suspending gross sales of mining {hardware} in a transfer to assist the over-supplied secondhand markets. In keeping 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 transferring operations overseas as properly, which might be a significant 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 have 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 consumer feedback have been unfavorable in nature nevertheless, each in direction of Suarez and Bitcoin basically. A big portion of Weibo customers maintain cryptocurrencies in ill-regard, particularly these which were investing within the stagnant Chinese language inventory market.
Amber is the colour of your power
Amber, a cryptocurrency service supplier based mostly 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
Prime fee processor Alipay continues to push its AntChain expertise by partnering with the Dunhuang Analysis Academy to launch 8,000 NFT skins. Dunhuang is legendary for being an previous silk street outpost and is dwelling to Mogao Caves, a Unesco Heritage website. The NFTs featured art work impressed by the cultural website and rapidly offered out. AntChain is a non-public blockchain developed by Alibaba’s Ant Group.
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