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The Fascinating Rise And Fall Of Bitcoin Mining In China
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7/16/2021 4:09:42 AM GMT
With government officials trying to clean up the image of China prior to the start of the Winter Games, miners are leaving in droves and media group Bishijie has been forced to close down.
This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.
It has now been two months since the crypto crackdown and subsequent enforcement began. Most new stories are now just the trickling down of earlier national policies being enforced at a provincial level. The latest example was from the Anhui provincial government, as it announced a set of measures to reduce energy consumption, with cryptocurrency mining listed among the culprits. Anhui is a small province east of Shanghai, more known for its scenic rural landscape and agriculture than its contributions to the economic development of China
Bit Mining raises $50M to take operations out of China Bit Mining is looking to exit China’s market in response to the recent government crackdown on mining. 2177 Total views News
Shenzhen-based crypto mining firm, Bit Mining, is raising $50 million to fund an expansion out of the Chinese market.
Announced on July 12, the firm has entered into an agreement with select institutional and accredited investors to raise $50 million through a private placement.
Bit Mining is raising the funds in response to the Chinese Communist Party’s crackdown on crypto mining in May, noting plans to “acquire additional mining machines, build new data centers,” and expand its infrastructure overseas.