Regulations continue to take center stage as miners argue for green energy powered operations, state run TV warns of fraud on Uniswap, and a former banking head claims digital yuan is needed to counter the private sector.
Chinese crypto mining equipment producer Canaan is arguing against the indiscriminate crackdown on cryptocurrency mining in China, citing mining’s economic efficiency.
Cryptomining firm Canaan slams PRC’s broad crackdown
Reuters, SHANGHAI and HONG KONG
A major Chinese maker of bitcoin mining machines yesterday argued against an indiscriminate crackdown on cryptocurrency mining in China, saying that the business helps make better use of electricity, and contributes to employment and the local economy.
Canaan Inc (嘉楠耘智) chief executive officer Zhang Nangeng (張楠賡) told an earnings conference call that although fossil-fuel powered cryptomining activities hamper Beijing’s greenhouse gas reduction efforts, those powered by clean energy should be spared from the crackdown.
“For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste,” Zhang said. “Bitcoin miners also help create jobs in impoverished regions and contribute to fiscal coffers.”
Canaan Soars After Predicting Max Quadrupled Revenue in Second Quarter After Bitcoin Rally Xu Wei Canaan Soars After Predicting Max Quadrupled Revenue in Second Quarter After Bitcoin Rally
(Yicai Global) June 2 Shares of Canaan Technology surged after the Chinese cryptocurrency mining machine maker said it is expecting to report as big as a fourfold jump in revenue this quarter after turning profitable in the first quarter due to the soaring Bitcoin prices.
Canaan s stock price [NASDAQ: CAN] closed 22.1 percent higher at USD10.26 in New York yesterday. Last March, the equity price hit an all-time high of USD39.10. Canaan listed its shares on the Nasdaq in November 2019.