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Tag Archives: China

The Bitcoin Hash Rate is Leaving China and Moving to America: Report

The Bitcoin hash rate appears to be migrating west after the percentage of BTC mining taking place in the United States increased by 78%, leading into 2020.That’s according to the latest data from the Cambridge Center for Alternative Finance (CCAF), presented in a report by TokenInsight, which shows the US-based Bitcoin hash rate rose from 4.06% to 7.24% between September of 2019 and April of 2020.US-Based Bitcoin Hash Rate Climbs 78%While that moved the US into second place in CCAFs global...

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Chinese National Bank Uses Blockchain For A $17 Billion Asset-Backed Commercial Paper

China Zheshang Bank (CZB) – a national joint-stock commercial bank based in the Zhejiang province – has employed blockchain technology to bring an asset-backed commercial paper (ABCP) to the Chinese financial market. Competed last week, the issue was worth nearly $17 billion.A Chinese Bank Employs BlockchainCZB successfully executed the issue called “Lianxin 2020 Lianjie First Phase Asset-backed Commercial Paper” on June 5th, a local report informs. It became the country’s first ABCP and one...

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Fedеral Reserve Philadelphia: CBDCs Could Disrupt Current Financial Systems

The Federal Reserve of Philadelphia believes that central bank digital currencies (CBDCs) could significantly impact global finance. In a recent paper, the Fed even suggested that digital currencies could replace commercial banks if they manage to tone down any associated risks.Fed Philadelphia Pro-CBDCIn its comprehensive report on the matter, the Fed examined the potential merits and drawbacks of CBDCs in an ever-digitalizing world.“The introduction of a CBDC can represent an important...

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Bitmain’s Co-Founder Reportedly Storms The Company’s Beijing Office Using ‘Brute Force’

The drama surrounding one of the world’s largest Bitcoin mining equipment manufacturers, Bitmain, continues. According to recent reports, exiled co-founder Micree Ketuan Zhan used private guards to storm in the company’s Beijing offices today.Using ‘Brute Force’ To Enter Bitmain’s OfficesThe controversy around Bitmain’s leadership continues with full force. A video showing several uniformed men marching in an office building is all over crypto Twitter.According to Dovey Wan, a popular...

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Chinese Bitcoin Mining Base Reportedly Caught Stealing Electricity, But There’s a Catch

Recent Chinese reports informed of hidden Bitcoin mining rigs stealing electricity in the northern city of Daqing. Interestingly, the perpetrators were concealing their operation under two mysterious grave mounds in a relatively empty field.BTC Mining Operations In HidingAccording to the recent report, a Chinese oil field company sent a tip to local police asking them to investigate suspicious power losses near Daqing. Upon arriving at the scene, the police officers spotted something somewhat...

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In The Footsteps Of Binance, OKCoin Expands Presence In China

OK Group, a leading blockchain company and operator of OKCoin cryptocurrency exchange, has announced the launch of a new blockchain development scheme to help develop blockchain talents in China.OK Group Launches OK RecruitAccording to the press release, the initiative dubbed “OK Recruit” is a blockchain recruitment and training scheme designed to help create hundreds of job opportunities in different areas of the blockchain industry, particularly in research, development, and...

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The U.S. and China Duke It Out; BTC Is in the Middle

Tension between the U.S. and China is spiking, and many are worried about what will happen with bitcoin.China Is Being Eyed by the U.S.On Thursday, President Trump explained to a room full of reporters that he and fellow regulators are looking into what their options are for dealing with China. The nation is widely blamed for the release of the coronavirus on the world, and Trump is potentially looking to initiate economic strikes against China in the form of further sanctions and tariffs.The...

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BTC Slides North as the Yuan Declines

China’s national currency, the yuan, is slipping in price, and it looks like the currency’s downfall could be good for bitcoin.As the Yuan Heads Down, BTC Moves UpThe currency fell by about 7.16 percent against the U.S. dollar on Tuesday. This is the yuan’s lowest numbers since last September, and the decline is only slated to get worse. In the past, every time the yuan has slipped into red territory, bitcoin has swiftly moved up, meaning that if this trend continues in any way, we could...

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The U.S. vs. China: How It Could Work for BTC

Could the United States and China enter a cold war now that the coronavirus pandemic is beginning to calm down? According to some analysts, this is very much a possibility, and should both east and west take this route, the results could be quite positive for both gold and bitcoin.A Cold War Between the U.S. and China?Both assets have been getting a lot of attention lately from figures such as Robert Kiyosaki, the author of “Rich Dad, Poor Dad.” In a series of tweets, Kiyosaki recently warned...

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Tencent Plans to Invest $70 Billion In Blockchain And Emerging Tech

Chinese multinational tech behemoth, Tencent has revealed its plans to invest heavily in emerging technology industries, including blockchain.Tencent To Invest $70 BillionAccording to a Tuesday report, the company will, over the next five years, invest 500 billion yuan ($70 billion) into this project, which it describes as investing in “new infrastructure.” Speaking about the development, Dowson Tong, Senior Executive VP at Tencent, revealed that the investment covers other tech sectors such...

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