China Crypto Roundup: Miner Makers Resume Business, Steem Scandal, First Blockchain Undergraduate Degree
In recent Chinese cryptocurrency news: major Chinese miner manufacturers gradually resume business as coronavirus gets controlled; Huobi and Binance distance themselves from the Steem scandal amid community backlash; A university in Chengdu is about to launch the nation’s first blockchain engineering undergraduate degree; Chinese tech giants are gearing up blockchain projects.
Bitcoin hashrate hit new high as Chinese miner manufacturers resume business
The hashing power on bitcoin hashrate network saw steady growth last week and on March 4 it reached an all-time high of around 136 quintillion hashes per second (EH/s).
The growth comes as major Chinese bitcoin miner manufacturers including Bitmain, WhatsMiner, Canaan, PandaMiner have gradually resumed production and delivery in the past one to two weeks which has been postponed by the coronavirus outbreak.
At present, these major miner makers are actively improving production capacity and introducing next-gen machines with higher energy efficiency ratio. Miners are busy looking for new mining farms gearing up for the upcoming wet season in Sichuan and Bitcoin’s third halving; upstream and downstream industries in the mining space are all on the move looking for new opportunities.
Huobi, Binance throw Justin Sun under the bus in Steem scandal
The “hostile takeover” of the Steem blockchain has been one of the most talked-about issues in the crypto last week.
The majority of Steem’s witnesses, which are entities tasked with making decisions about the blockchain’s governance, initiated a soft fork that further censored the stake held by Steemit until either Justin Sun or Tron who had acquired the company behind the Steem blockchain provided more details about his plans for the platform. While Justin Sun took drastic action in response. In collusion with Binance, Huobi, and Poloniex, he executed a hostile takeover of the Steem blockchain and went on to publicly denounce community-elected witnesses as “malicious hackers.”
Facing widespread anger from the Steem community with allegations of mobilizing customer deposits to take over the network, Huobi and Binance had removed their votes, suggesting that they were misled by Sun. With the loss of critical support and Steemians rallied, thousands of token holders came out to vote against Sun’s puppet accounts, putting community representatives back in power.
China to launch its first blockchain undergraduate degree
China’s Ministry of Education has approved the country’s first Blockchain Engineering undergraduate degree at Chengdu Information Engineering University.
The blockchain engineering major is set to provide technical training to students to cater to the growing demand in the blockchain sector, as an increasing number of young talents look to gain experience in what LinkedIn describes as the most in-demand hard skill of 2020.
Prior to it, Zhejiang University, one of China’s oldest and most prestigious institutes of higher education, has reportedly offered the country’s first course related to blockchain and digital currency early in 2018, in an effort to keep up with demand from students and their future employers.
In fact, blockchain has been or is being a must skill for tech savvy. According to the Chinese Developers Annual Report recently released by the Chinese tech community CSDN, 22% of Chinese developers are using or about to use blockchain to solve tech issues.
Chinese tech giants are gearing up blockchain projects
Chinese smartphone and electronics giant Xiaomi recently set up a $9.5 million joint venture, which will focus on new business areas involving blockchain, artificial intelligence and big data.
The Hong Kong-listed company has been eyeing blockchain since 2017 and the latest move indicates Xiaomi’s ambition to compete in the intense blockchain race with other tech giants of Alibaba and Tencent.
As large tech companies are making deployment in blockchain, there’s actually little room left for those small startups. A recent report from Huobi Labs indicated that only about 1,000 can function well although there’re more than 28,000 blockchain companies in China, and only 10.83% of the blockchain startups can receive early investment and the capital amounts are usually small.
FCoin followup: Zhang Jian, founder of insolvent FCoin, announced that he had been handing over all his wallets to the interim committee for temporary safekeeping. According to the previous announcement he made, the platform has approximately 10 million worth USDT crypto asset remaining. The exchange’s abrupt shutdown has been one of the biggest failure stories in China’s crypto sector with 7,000-13,000 BTC unpaid.