For some reason, people just keep repeating the same nonsense: the media is closing, bad news is just repeating, and the mining laws are beneficial. Here’s a blog post compiling the facts, and together they are easy to digest:
The recent closure of crypto media outlet “cryptoglobalist.com” reminds us that crypto media is far from being a mature industry. As the internet is becoming more and more hostile towards the crypto space, it’s difficulty to be heard and disseminated. Although there are only a few dozen crypto websites out there, the quality of their writing is very uneven. In fact, the distribution of their articles is not balanced: the ones published on “cryptoglobalist.com” are often overpriced, and their content is frequently superficial.
This weekly round-up of news from mainland China, Taiwan and Hong Kong seeks to gather key industry news, including influential projects, regulatory changes and blockchain business integrations.
Two months have passed since the crackdown on cryptocurrencies and subsequent enforcement actions. Most of the new stories today are merely echoes of earlier national policies at the provincial level. The most recent example is the provincial government of Anhui, which has announced a series of measures to reduce energy consumption, with cryptocurrency mining being one of the culprits. Anhui is a small province east of Shanghai, known more for its scenic landscapes and agriculture than for its contribution to China’s economic development. It is likely that other provinces, particularly those that rely on coal for electricity, will make similar announcements over the summer as the central government works towards a carbon-neutral future.
The thirteenth. In July, Chinese mining pool giant Bit Mining announced it had raised $50 million to expand outside China. The company is listed on Nasdaq and operates BTC.com, which is currently one of the top five pools for Bitcoin, Bitcoin Cash and Litecoin. This is yet another sign that Chinese mining companies are not giving up on domestic restrictions and are choosing to move their data centers and mining equipment overseas.
The demise of the industry has left a trail of impressive photos, published by the financial magazine Caixin and others. In one of the photos that have caught the attention of social media, a woman from an ethnic minority is seen holding a bundle of mining equipment and power cables like a bouquet of flowers.
Are we going for gold?
Jihan Wu, former CEO of Bitmain, believes that regulation of the mining sector will be beneficial in the long run, as it will improve the public image and get rid of the bad players. This is certainly a good idea, but for the moment China seems more determined to eliminate all actors, not just the bad ones.
With the upcoming Winter Olympics in February 2022, Beijing has a great opportunity to raise awareness of blue skies and clean energy. Moreover, China can demonstrate its modern digital central bank currency without the confusion created by more speculative digital assets that are similar at first glance. Those who watched the 2008 Summer Olympics live may also remember the strict technological regulations and social unrest that preceded this momentous event.
Lowest number of units in recent years
These effects are being felt in China’s major equity markets. The BTC/USDT pair on Huobi saw just 109,000 BTC transactions last week, the lowest weekly volume since October 2018. Stock exchanges worldwide also suffered from the drop in volumes, but not to the same extent as these mainly Chinese exchanges. In the current regulatory environment, there is no doubt that exchanges that actively decentralize trading and risk have a better chance of minimizing the damage of adverse action.
Collaborative compliance work ?
The thirteenth. In July, Nanjing’s Public Security Research Institute announced that it was cooperating with OKLink to combat money laundering. OKLink is a blockchain technology company linked to OK Group, the company that previously operated the leading exchange OKex. With stock market management coming under incredible scrutiny in 2021, it’s not surprising that regulators are making attempts at reconciliation.
The 15th. In July, cryptocurrency media company Bishijie announced it was ceasing operations after violating national cryptocurrency laws. Bishije, which translates to Coin World, has been very popular in 2018, right into the depths of the last bear market cycle. However, during this recent bull-run, it never fully recovered its previous position, so this is only a small loss to the current cryptocurrency space. It remains to be seen whether other media platforms based on the continent will be able to survive this difficult period.
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