July 30, 2021

PC TECH THERAPY

PC Tech Therapy Blog by Daniyal Computer

China keeps mining regulate? Alipay’s historic NFTs and Amber’s large lift

3 min read



This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s maximum vital information, together with influential initiatives, adjustments within the regulatory panorama, and undertaking blockchain integrations.

So low you have to succeed in as much as contact the ground

This week in China felt like one large mining-farm sized pile of FUD. That is generally an attractive just right indication {that a} backside is with regards to being in, however one can by no means be too positive in the case of downwards volatility in cryptocurrency. Canaan, one of the crucial biggest mining firms in China, introduced it was once putting in place store in neighboring Kazakhstan. This is a perfect compromise for Canaan as it could possibly stay with regards to China, whilst mitigating their regulatory possibility. Studying between the strains, it kind of feels just like the plan is to most commonly proceed management of the corporate from China whilst sending the machines in a foreign country.

This might put a wrench within the works of the Bitcoin purists who consider that the crackdowns are a great way to get a divorce China’s dominance within the mining business. Simply this week, a professor at a school in Singapore wrote in Chinese language that the shift to a extra decentralized community could be a just right factor. This raised some eyebrows for the usage of a made up phrase that interprets kind of to ‘de-China-ization’, however the article holds even much less weight when massive mining firms like Canaan are ready to shift bodily apparatus in a foreign country however nonetheless stay in regulate of the governance.

Too large for postage stamps

On June 21, CNBC’s Beijing Bureau Leader Eunice Yoon posted on Twitter {that a} logistics corporate in Guangzhou was once delivery 3,000 kilograms value of mining {hardware} to Maryland, US. In keeping with her declare, the associated fee was once $9.37 in keeping with kilogram. Some fast math finds that the overall value could be lower than the cost of one Bitcoin, no less than on the time of writing.

Bitmain lends a serving to hand

Cointelegraph reported on June 23 that huge mining corporate Bitmain was once postponing gross sales of mining {hardware} in a transfer to make stronger the over-supplied secondhand markets. In keeping with the object, gross sales of hashing energy in China has noticed a lower of round 75% for the reason that Spring. Bitmain is reportedly shifting operations out of the country as smartly, which might be a big transfer for the {hardware} production large.

Mine-ami

Francis Suarez, everybody’s favourite Bitcoin-friendly mayor, was once at it once more on June 18 when he introduced that each one Chinese language Bitcoin miners have been welcome in Miami. The announcement was once translated and posted on Sina Finance’s Blockchain Weibo account, which attracted over 53 feedback from shocked netizens. These types of person feedback have been unfavorable in nature on the other hand, each against Suarez and Bitcoin generally. A big portion of Weibo customers hang cryptocurrencies in ill-regard, particularly the ones which have been making an investment within the stagnant Chinese language inventory marketplace.

Amber is the colour of your power

Amber, a cryptocurrency provider supplier based totally in Hong Kong, finished a Collection B investment spherical value $100m. Amber is widely known amongst establishments for his or her monetary products and services that come with asset control, OTC products and services and lending.

Alipay’s foray into NFTs

Best fee processor Alipay continues to push its AntChain generation by means of partnering with the Dunhuang Analysis Academy to liberate 8,000 NFT skins. Dunhuang is legendary for being an previous silk street outpost and is house to Mogao Caves, a Unesco Heritage website. The NFTs featured paintings impressed by means of the cultural website and briefly bought out. AntChain is a personal blockchain evolved by means of Alibaba’s Ant Workforce.





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