China Crypto Roundup (Jan. 3-Jan. 9) ：More Companies Start Mining Despite Crypto Ban In China
1. Digital RMB app provided by PBoC (People’s Bank of China) Institute of Digital Currency is now listed on Apple’s app store. Users in white list can use this app to pay and receive digital RMB.
2. Canaan announced that it has reached a strategic cooperation agreement with a number of Crypto Mining companies to carry out joint mining operations in Kazakhstan. As of December 31, 2021, Canaan has a total of 10,300 Avalon mining machines in operation in the country.
3. China state media China Media Group’s video platform released its first digital ID as “Snowflake” to welcome the upcoming Winter Olympics.
4. Chinese crypto mining company BIT Mining (NYSE:BTCM): We are still evaluating the impact of the situation in Kazakhstan , and it is unlikely that our mining machines will be evacuated to North America. Regarding the impact of the current situation in Kazakhstan on the Bitcoin industry, the relevant personnel of the US listed company BIT Mining responded that they are still evaluating and will pay close attention. At the same time, the person said that Kazakhstan’s business is not the main business, and the mid-to-high-end mining machines are deployed in North America. It is unlikely that the machine will be withdrawn from Kazakhstan to North America, and further actions will be disclosed.
5. Chinese company PLIN Food (mainly sells meat) subsidiary SonicHash US purchased 686 cryptocurrency mining machines with a total purchase price of $5,995,640. The company’s mining business is expected to include 1,428 Bitcoin mining machines, and is expected to generate approximately $11 million in revenue in the first year.