China Retains Control Of Mining? Alipay’s antique NFTs and Amber’s big win

This weekly news aggregator from mainland China, Taiwan, and Hong Kong seeks to curate the top industry news, including impactful projects, changes in the legal landscape, and positive corporate blockchain.

So deep that you have to raise your hand to touch the ground

This week in China is like a huge pile of mining farm-scale FUD. This is usually a pretty good sign of bottoming out, but you can never be sure when it comes to the downside volatility of the cryptocurrency. Canaan, one of China’s largest mining companies, has announced plans to set up operations in neighboring Kazakhstan. This is an ideal compromise for Canaan as it can still be close to China while minimizing regulatory risk. Reading between the lines, the plan seems mainly to be to keep the company running out of China while the machine is shipped overseas.

This will be key to the work of the bitcoin purists who believe the raids are a great way to break Chinese 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 has cast some doubts about the use of a made-up word that roughly means “de-Chineseization,” but the paper carries even less weight as great miners like Canaan can ship physical equipment overseas but still have control of the administration to keep.

Too big for postage stamps

On June 21, CNBC Beijing Office Manager Eunice Yoon posted on twitter that a logistics company in Guangzhou is shipping 3,000 kg of mining hardware to Maryland, USA. According to her, the price is $ 9.37 per kilogram. A quick calculation shows that the total cost will be below the price of a Bitcoin, at least at the time of writing.

Bitmain Help

Cointelegraph reported on June 23 that major mining company Bitmain has stopped selling mining hardware to support the oversupplied second-hand markets. According to the article, hash power sales in China have declined by about 75% since the spring. Bitmain is also reportedly moving its operations overseas, which would be a big step for the hardware maker.

My-ami

Francis Suarez, everyone’s favorite bitcoin-friendly mayor, was back on June 18 when he announced that all Chinese bitcoin miners are welcome to Miami. The announcement was translated and posted on Sina Finance’s blockchain Weibo account and attracted more than 53 comments from surprised internet users. However, most of the comments made by this user are negative for both Suarez and Bitcoin in general. A large segment of Weibo users despise cryptocurrencies, especially those that have invested in the stagnant Chinese stock market.

Amber is your energy color

Amber, a Hong Kong-based crypto service provider, has closed a $ 100 million Series B funding round. Amber is known to institutions for its financial services, including asset management, OTC services, and lending.

Alipay is breaking into NFTs

Alipay, the leading payment processor, is advancing its AntChain technology through a partnership with the Dunhuang Research Institute to publish 8,000 NFT interfaces. Dunhuang is famous as an outpost of the ancient Silk Road and home to the Mogao Cave, a UNESCO World Heritage Site. NFTs feature artwork inspired by cultural venues and sell out quickly. AntChain is a private blockchain developed by Alibaba’s Ant Group.