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China Crypto Roundup (June. 14-June. 20):Bitcoin Mining Becomes a Past in China

1. Andrew Y. Yan: I have been buying bitcoin since 2015

Managing Partner of Chinese private equity firm SAIF Partners Andrew Y. Yan revealed that he has been buying Bitcoin since 2015 and has HODL it ever since. SAIF currently manages nearly 6 billion RMB and 4 billion US dollars of investment funds.

Here are what he said:

-Investing in bitcoin is only for the rich and the knowledgeable.
-Bitcoin is worth a lot more than #GOLD . Investing in bitcoin is better than buying gold, it’s an asset allocation strategy.
-Buffett doesn’t buy bitcoin because he doesn’t understand it.
-I do not advocate or encourage others to hype up this industry, which requires people of faith to participate in.

2. Beijing took the lead in launching the exchange function between digital RMB and cash using ATM

At present, ICBC(Industrial and Commercial Bank of China) Beijing Branch and ABC(Agricultural Bank of China) Beijing Branch have taken the lead in ATM exchange function between digital RMB and cash. The function has been activated in more than 3,000 of ICBC’s machines, making it the first bank in Beijing to fully support the function. ABC has set up more than 10 ATMs in the Wangfujing area, all of which can exchange digital yuan with cash.

3. Sichuan issued an announcement to crackdown bitcoin mining

Sichuan Development and Reform Commission and Energy Bureau issued a notice today, requires to shutdown 26 “suspected key projects” of virtual currency mining before June 20.

According to the notice:

-Sichuan Electric Power Company has investigated and reported 26 suspected virtual currency mining projects to the central government, and clearing and closing work will be completed before June 20.
-All power generation companies are required to stop supplying electricity to virtual currency mining projects and report their rectification by June 25
-Governments at all levels immediately carried out a comprehensive investigation, and shut down any virtual currency mining projects found, and reported the shutdown before June 25. All regions are strictly prohibited from approving new virtual currency mining projects.

Actually mining pools in Sichuan only use hydropower, which is clean energy. Sichuan has abundant hydropower. If miners don’t use it, it’ll be wasted otherwise.

4. Alibaba Cloud notified customers involved in digital currency that the filing may be cancelled, and the new filing will no longer be approved

On June 18, a number of industry professionals said that Alibaba Cloud made calls to some companies involved in digital currency and mining , said that since the second quarter, the supervision has been strengthened, it is required that such websites are no longer allowed to be recorded, some websites are required to be cancelled and the domain name may be blocked, and that if there are further supervision requirements, the server will be stopped at any time.

5. Historic moment: Sichuan mining farms will all be closed in the early morning of June 20, and Chinese miners may usher in the darkest moment

China’s Bitcoin mining industry will soon usher in a historic moment. It is reported that at 0:00 on June 20 (1 and a half hours left), all Bitcoin and other virtual currency mining facilities in Sichuan will be collectively powered off. Bitcoin miners who are too late to move the rigs will suffer huge losses as a result. Sichuan is the largest gathering place of Bitcoin miners in China and even in the world.

Industry insiders said, “With the shutdown of Sichuan mining, the most tragic moment for miners in blockchain history is ushered in. How far-reaching is the historical significance of this time? You will know.”

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