This weekly roundup of news from mainland China, Taiwan, and Hong Kong attempts to curate the industry’s top news, including influential projects, changes in the regulatory landscape, and corporate blockchain integrations.
So deep that you have to reach up to touch the ground
This week in China felt like a huge pile of FUD the size of a mining farm. This is usually a pretty good indication that a bottom is near, but you can never be sure when it comes to the downside volatility of the cryptocurrency. Canaan, one of the largest mining companies in China, announced that it is opening a branch in neighboring Kazakhstan. This is an ideal compromise for Canaan as it allows it to stay close to China while reducing its regulatory risk. Between the lines it looks like the company’s administration is to be continued primarily from China while the machines are being sent overseas.
This would thwart the Bitcoin purists who believe the raids are a great way to break China’s dominance in the mining industry. Just this week, a professor at a university in Singapore wrote in Chinese that moving to a more decentralized network would be a good thing. This raised some eyebrows for the use of a made up word that roughly translates to “de-China-isation,” but the article carries even less weight when large mining companies like Canaan are able to move physical equipment overseas, however still in control of the rulership.
Too big for postage stamps
On June 21, Eunice Yoon, head of CNBC’s Beijing office, posted on Twitter that a logistics company in Guangzhou was shipping 3,000 kilograms of mining hardware to Maryland, USA. According to their claim, the price was $ 9.37 per kilogram. Some quick calculations show that the total cost would be less than the price of a Bitcoin, at least at the time of writing.
Bitmain is helping
Cointelegraph reported on June 23 that massive mining company Bitmain is stopping mining hardware sales to support the oversupplied second-hand markets. According to the article, hashing power sales in China have declined around 75% since the spring. Bitmain is also reportedly moving its operations overseas, which would be an important step for the hardware maker.
Francis Suarez, everyone’s favorite bitcoin-friendly mayor, was back on June 18 when he announced that all Chinese bitcoin miners were welcome to Miami. The announcement was translated and posted on Sina Finance’s blockchain Weibo account, which attracted over 53 comments from surprised internet users. However, most of these user comments have been negative in nature, both to Suarez and to Bitcoin in general. A large proportion of Weibo users disregard cryptocurrencies, especially those that have invested in the stagnant Chinese stock market.
Amber is the color of your energy
Amber, a Hong Kong-based cryptocurrency service provider, has closed a $ 100 million Series B funding round. Amber is known to institutions for its financial services, which include asset management, OTC services, and lending.
Alipay’s foray into NFTs
Payment processor leader Alipay is advancing its AntChain technology through a partnership with Dunhuang Research Academy to release 8,000 NFT skins. Dunhuang is famous as the ancient Silk Road outpost and is home to the Mogao Caves, a UNESCO World Heritage Site. The NFTs displayed artwork inspired by the cultural site and sold out quickly. AntChain is a private blockchain developed by Alibaba’s Ant Group.