By CCN Markets: The price of bitcoin (BTC) on Sunday surged above $ 9,300 to establish a fresh year-to-date high. The bitcoin-to-dollar exchange rate touched $ 9,388 at 0600 UTC — its highest since May 30 — on San Francisco-based cryptocurrency exchange Coinbase. The move brought the pair’s net rebound gains close to 200-percent, including a 154-percent since 2019 open alone. It further prompted bitcoin’s market capitalization to jump above $ 165 billion. At its highest, the cryptocurrency’s net valuation was more than $ 327 billion. The steady uptrend in the bitcoin market has coincided with notable volume growth. According to CoinMarketCap’s 24-hour adjusted timeframe, exchanges
Some Chinese listed companies have jumped on the bandwagon of bitcoin mining following the bitcoin bull run throughout 2017, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations considering the country’s tough stance on bitcoin.
A recent report indicating that Huatie HengAn, a subsidiary of Chinese publicly listed company Huatie, lost over $ 23 million for its secret bitcoin mining business has caused quite a stir among investors and triggered investigations from regulators.
According to regional reports, a few publicly listed Chinese companies have been secretly mining bitcoin by pretending to provide cloud or web hosting services. Moreover, recent studies have revealed a growing trend of mystery miners processing the BCH and BTC networks at the same time as these firms have been running undercover mining operations in China.
Also read: China Releases New Crypto Rankings
Many Chinese cryptominers have migrated to places with cheap electricity and favorable policies as a result of the escalated government crackdown on cryptocurrency and its production process.
With the rapid downfall of bitcoin prices in late 2018 and increasing electricity bills, Chinese mining investors are looking for alternative places to sustain their businesses. The tightened regulations on cryptomining in the country, for the risk of crypto speculation and concerns about energy usage, urge them to speed up their relocation.
Investors in China are reportedly loading up on Bitcoin (BTC) at a premium based on the multi-step process required to turn fiat into most cryptocurrencies in the country. According to a recent analysis by cnLedger, Chinese traders are paying a fairly decent premium (~4.5%) to buy Bitcoin over the counter (OTC), paying 7 CNY for […]
As a Saudi oil minister once remarked, the Stone Age didn’t end because we ran out of stones. It seems it’s neither the deficit of a tool nor its deficiencies that make it obsolete, but rather the invention of new tools that do the job better. With increasing competition, will the U.S. dollar continue to be the world’s primary currency, will it come to be just one of several reserve fiat currencies, or will cryptocurrency become the new instrument that powers the global economy?
A statement issued by the People’s Government of Yiling District, Yichang has revealed that Chinese officials have been the target of a ransomware email attack in recent days.
Chinese Government Officials Face Ransomware Attack
A statement issued by a Chinese provincial government website has announced that the National Network and Information Security Information Center has identified overseas hackers targeting the websites of government departments with emails containing ransomware.
Following our initial report that suggested that Nike (NKE) had entered into its first esports deal with the Chinese League of Legends Pro League (LPL), the athletic giant came out today to officially announce a four-year deal with the league. LPL x Nike Starting from the 2019 Mid-Season Invitational, you can purchase @Nike and LPL […]
The Chinese government’s China Electronic Information Industry Development (CCID) department has released its tenth public blockchain rankings. CCID’s index scoring, which is published every month, is broken out by technology (left column in the below table), application (middle column) and innovation (right column). Notably, EOS (EOS) continues to hold the top spot while newly added […]
Chinese video game publishing giants, Tencent (TCEHY) and NetEase (NTES), reportedly saw a major surge in mobile gaming revenue from outside of China in 2018. According to a recent report by IHS Markit, Tencent and NetEase’s combined international mobile revenue increased 505% in 2018 to $ 472 million. The growth in global revenue coincides with China’s […]
Over the last two months, the hashrate between the Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks has increased significantly since hitting a low on December 15, 2018. Numerous reports detail that many Chinese miners who control a large portion of SHA-256 hashrate have been recently setting up shop in Sichuan. During the wet season here, miners can get an astounding 0.08 yuan per kWh or $ 0.01 per kWh.
Apple co-founder Steve Jobs cultivated a streamlined strategy that focused on a few products suited for all its markets. The iPhone maker may, however, have to change in order to regain the growth momentum it has lost in China. Currently, analysts and ex-employees hold the view that Apple’s streamlined strategy has failed the tech giant in China, The Wall Street Journal reports. This is because the approach has left the company unable to adapt to the local user habits and preferences. Sales of the iPhone Falling by Double Digits in China In the most recent quarter, Apple’s sales in the
By CCN.com: Following CEO Elon Musk’s November announcement that Tesla will source production inputs for the new Shanghai Gigafactory locally, the company is now reportedly in the market for a new battery supplier. It will be recalled that in November 2018, Musk announced that the company intends to diversify its sources after experiencing several problems
The post Adios Panasonic? Tesla Is Fishing For A New Battery Supplier For Its Chinese Car Factory appeared first on CCN
The cryptocurrency mining manufacturer Bitmain may have a new chief executive officer in the near future according to regional reports. Bitmain’s director of product engineering, Haichao Wang, will apparently take the lead role within the corporation but no official timetable has been announced.
Chinese analysts expect the current bitcoin bear market to continue in 2019, contradicting the bullish projections of crypto bulls like Mike Novogratz, who predicts that the bitcoin price will hit record highs this year. “In 2018, bitcoin became an investment black hole,” according to the state-run Beijing News. “Entering 2019, bitcoin prices are still showing signs of
The post Chinese Analysts Say Bitcoin Bear Market Likely to Continue In 2019 appeared first on CCN
The China Banking Association, the country’s self-regulatory organization for the banking sector, has launched a new blockchain-based platform for trade finance.
A recent survey conducted by Chinese blockchain news site PANews made some interesting conclusions. Namely, overall 63% of 4,200 people surveyed think cryptocurrencies like Bitcoin are unnecessary as a payment system. However, 40% would consider investing in cryptos. About 14% of the people surveyed had invested in cryptocurrencies already. The majority of the people who … Continued
The post 63% Of Chinese Respondents Think Bitcoin and Cryptocurrencies Are Unnecessary appeared first on CCN
The year is not ending on a good note for Bitmain. The Beijing-based bitcoin mining giant is possibly looking at the resignation of its CEOs Jihan Wu and Micree Zhan, according to Odaily, a Chinese media outlet. The company has not officially confirmed any of the media allegations yet. But sources inside the organization have revealed
The post Bitmain: Chinese Media Reporting Jihan Wu and Micree Zhan to Step Down appeared first on CCN
Law enforcement agencies in the United States have expressed worries that Chinese crypto channels are increasingly being used to launder money by Mexican drug cartels and other transnational organized crime groups. This comes at a time when the size of Chinese exports such as chemicals and other ingredients used in making hard drugs to the
The post How Mexican Cartels Use Chinese Crypto Brokers to Launder Drug Money appeared first on CCN
An Internet Court launched in Eastern Chinese City Hangzhou will now use blockchain to fight plagiarism for online writers, local Chinese news outlet China.org.cn reported. China launched its first internet court in the city of Hangzhou to deal with internet related cases, save time and reduce overhead costs of getting justice out of the system. At … Continued
The post Chinese Internet Court Uses Blockchain To Combat Online Plagiarism appeared first on CCN