Crypto in China

Ever since the mid-year substantial sell-off, bitcoin miners’ reserves have been gradually rising, and their total holdings have reached a six-month high. Additionally, on-chain data showed that the reaccumulation levels had reached the September highs, right before BTC started to gain value rapidly. Miners Back to HODLing It was back in June this year when most bitcoin miners disposed of significant portions of their holdings in a relatively short period. This had a...

Xinhua News Agency, a Chinese state-run media company, has revealed that it will soon issue China’s first “news digital collectibles” in the form of non-fungible tokens (NFTs), Xinhua Launches NFT Collection In an official announcement on Wednesday, Xinhua will issue a total of 110,001 copies of unique photographs taken by journalists in 2021. According to the announcement, the digital items will be made up of 11 collections consisting of 10,000 copies, each with one special...

China made headlines this year when it decided to end all bitcoin and crypto mining projects within its borders. However, while many of the miners in the country decided to leave or call it quits, there are many others that felt they should stick around and carry out their mining projects in secret. They’re now running an underground mining ecosystem, and they’re hoping every day that the authorities don’t find out about what they’re doing. China Has Ended Crypto Mining,...

Canaan Inc – one of the largest bitcoin mining companies in the world – is now the subject of a class-action lawsuit brought forth by several investors through a Manhattan court. A federal judge has ruled that a Hong Kong couple should lead the securities-fraud suit against the firm even though the filing was delivered late. Canaan Is at the Center of a Heavy Suit The decision was made by U.S. District Judge John Cronan, who believes that Bill Lu and Liyang Huang are the...

It has taken the bitcoin hash rate less than six months to recover from its China-induced crash. The metric, displaying the robustness of the world’s largest blockchain, has increased by roughly three-fold since late June and is close to the ATH tapped in May. BTC’s Hash Rate Nears ATH Six Months Later The hash rate reached an all-time high in May this year at nearly 200 Ehash/s, according to data from BitInfoCharts, when the situation changed vigorously. China, the world’s...

Several Chinese crypto miners are getting kicked out again, though this time, it’s not Beijing that’s giving the order. It’s regions like Kazakhstan, which have seen a huge influx of miners from China following the nation’s decision that crypto mining is no longer an acceptable business within its borders. Kazakhstan Doesn’t Have the Energy for All This Regions such as Kazakhstan, Florida, and Texas were quick to offer homes to the many crypto miners that were forced to...

The digital asset industry has marked an impressive year so far as many cryptocurrencies painted all-time high prices. Numerous experts and public figures showed their support, highlighting the merits of the asset class, while global institutions started diversifying their portfolios with bitcoin or some alternative coins. Yet, Charlie Munger – Warren Buffett’s right-hand man – reiterated his skepticism once again recently by indicating that the hype around them is “crazier...

The last couple of years have witnessed explosive growth in the mainstream acceptance of cryptocurrencies as aggregate global digital asset capitalization surged past $3 trillion in market capitalization amid a flood of institutional demand and expanded use cases. Digital assets like bitcoin (BTC), ether (ETH), and several other altcoins have come a long way, gradually transitioning from speculative investments to crypto portfolio stablemates. As cryptocurrencies continue...

The number of digital yuan wallets in China has reportedly surged to 140 million, as 10 million of them are corporate accounts. Transactions in e-CNY reached 62 billion yuan, or $9.7 billion. Seven Times More Than in June When speaking of creating a digital version of a national currency, China’s efforts are among the most advanced globally. In recent months, the most-populated nation has launched numerous campaigns aiming to popularize the e-yuan among the locals. Following...

Tesla – the electric car company headed by South African entrepreneur and billionaire Elon Musk – has hinted in a recent filing that it may be open to accepting bitcoin and crypto payments for vehicles again in the coming future. Elon Musk Is At It Again Regarding BTC In a statement, Tesla explained: We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash. The news comes at a strange time when many once-anti...