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China Crypto Roundup (Apr. 12-Apr. 18):China Bought Most DOGE, Bitcoin Computing Power Plummeting

1. Canaan shares plunged 29%! Last year, it had revenue of $450 million and a net loss of $220 million

On April 13, Canaan Technologies (NASDAQ: CAN), the first stock of bitcoin miners, released unaudited financial results for the fourth quarter and full year of 2020.

According to the financial results, Canaan’s total revenue in the fourth quarter of 2020 was 38.246 million yuan, compared with 463 million yuan in the same period of 2019 and 163 million yuan in the third quarter of 2020.The net loss was 71.955 million yuan, narrower than the 798 million yuan net loss in the same period in 2019, and 86.46 million yuan net loss in the third quarter of 2020.The adjusted net loss was 73.1 million yuan, narrower than the 751 million yuan net loss in the same period in 2019, and 84.77 million yuan net loss in the third quarter of 2020.

2. Dogecoin has gained about 370% of its market cap in a week to become one of the top 10 cryptocurrencies, with its purchasing power mainly coming from China

On April 16, data showed that Dogecoin broke through $0.42, up more than 215% on the day (a week’s increase of about 370%), its market cap exceeded $50 billion. Among all exchanges, OKEx and Huobi have the highest DOGE spot trading volume, accounting for 16.92% and 15.98% of the market, respectively. Binance’s trading volume accounts for 5.18%, less than another domestic exchange HBTC, and ZB’s trading volume also accounts for 4.99%. This indicates that Dogecoin’s purchasing power mainly comes from the domestic market, not overseas, where Twitter jokes are rife.

3. Bitcoin computing power plummeting due to fire checks after Xinjiang security accident

On April 16, Bitcoin computing power dropped sharply. Mining pools computing power generally plummeted, Antpool fell 21.93%, fell 18.5%, Poolin fell 34.16%, Biance Pool fell 22%, Huobi Pool fell 25.5%. According to insiders, basically all big data centers in Xinjiang have been temporarily shut down to cooperate with fire inspection, and production is expected to resume in about a week.

Previously, at 18:10 on April 10, Xinjiang Uygur Autonomous Region Fengyuan Coal Mine in the process of technical renovation of a sudden flooding accident, resulting in the underground power and communication interruption.

4. Bitmain unveils new Ethereum ASIC miner E9

Bitmain announced the release of a new Ethereum miner, E9. It is reported that the Bitmain Ethereum mining machine is E-series. Due to the design failure of E3 and coincident with bear market, there was a large pile of goods, and the subsequent E-series products were basically not sold to the public.

5. Iran’s largest bitcoin mining farm has resumed operations thanks to huge financial backing from Chinese investors

Iran’s largest bitcoin mining farm has resumed operations after a four-month shutdown.It’s reported that as a result of Chinese investors with huge financial support, the mining farm in Iran’s kerman province restored operations. Although some people think that to some extent China manipulates mining industry all over the world, but it also helps save some facilities, to maintain the normal operation of mining equipment.

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