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China Crypto Roundup (May. 31-June. 6):Chinese Miner Waiting for the Policy, More Digital Yuan Red Envelopes Coming

1. Canaan released a first-quarter financial report: revenue of 400 million yuan overseas revenue accounted for nearly 80%

On June 1, Nasdaq-listed Chinese miner manufacturer Canaan released its first-quarter financial report. According to the report, thanks to the increase in the number of Bitcoin miners delivered in the first quarter, the revenue of Canaan in the first quarter was 402.8 million yuan, with a year-on-year increase of nearly 4.9 times and a sequential increase of 9.5 times. In terms of revenue structure, the company’s revenue from overseas markets accounted for 78.4% of the total revenue in the first quarter of 2021, compared with 4.9% in the same period in 2020.

Zhang Nangeng, chairman and CEO of Canaan, said on a conference call with investors that judging from experience and the current market situation, the main impact of policy uncertainty and price fluctuations at this stage is not the selling price, but the decision on when to place an order. Domestic customers need to wait for the exact regulatory policy, while overseas customers prefer to wait for the price to stabilize. From the current situation, overseas customers have basically resumed normal futures and spot orders. In terms of prices, the impact is there, but not much.

2. The tide of overseas mining under the pressure of supervision: it is not easy for the top mining enterprises to go out to sea, and the small and medium-sized miners are still watching

8btc interviewed some Chinese miners on how they plan for their future operation since the government announcement.

A Yunnan mining farm operator told us they had no plan for moving overseas. They’ll do nothing before any specific policy comes out.

Another miner said that both mining and crypto market are disordered capital markets, and capital is the dominant player. Unless there’s any clear policy to crack down Bitcoin mining, they’ll not move overseas.

As they say, in fact, at present, moving operation overseas may be more of the choice of large and some medium-sized mining farms. Most Chinese miners do not have the ability to move since they are too small.

3. Shanghai and Beijing gave out digital yuan red envelopes

Beijing launched a digital yuan pilot program on June 2, handing out 200,000 digital yuan red envelopes to consumers who successfully made reservations and signed up. Each red envelope, worth 200 yuan, can be used without a threshold at nearly 2,000 designated merchants in the city.

On June 5, a total of 350,000 red envelopes worth 55 yuan was handed out by random lottery to individuals in Shanghai.

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