The poolinWallet team has initiated an IOU issuance exercise that is aimed at mitigating the effects the recent suspension of withdrawals on its platform will have on its customers. This development was announced on the company’s official Medium profile where it was stated that “the tokenom...
One of the top Bitcoin mining pools in currency existence, Poolin has made known to its community that it is having liquidity problems. This perhaps is not unconnected with the global issues that are currently plaguing the Bitcoin mining industry. The liquidity problems faced by Poolin wer...
The unaudited financial results of Canaan show its three months ending June 30 saw the China-based chip producer generate revenue of RMB1,652.7 million (US$246.7 million). The record represents an increase of 21.9% from RMB1,356.1 million in Q1 2022 and an increase of 52.8% from RMB...
The crackdown on Bitcoin mining and other cryptocurrency activities in China has left a significant mark on the entire blockchain and cryptocurrency industry. China used to be the global Bitcoin mining hub, with over 65% of the global hashrate emanating from within the country. Things have cha...
The drop in the price of Bitmain mining machines could have contributed directly to the woes of crypto lending firm, Celsius Network LLC (CNL), and its bankruptcy filings have shown. The use of borrowed funds to buy Bitmain’s high-priced mining machines added to the platform’s accum...
China may have been gone for a while but is back in the Bitcoin mining fold, as the Cambridge Centre for Alternative Finance (CCAF) has shown with its new mining map data. Covering September 2021 to January 2022, the CCAF states that the US grew to be responsible for producing 37....
After about a year since China exited the Bitcoin mining scene, talk of its ban of related activities has resurfaced and become quite topical as the call for similar actions to be taken in different parts of the world rages on. From Europe, where the deputy chief of the European Securit...
The Chinese government has officially included cryptocurrency mining in its list of industries that should be eliminated. China’s state planner, the National Development and Reform Commission (NDRC), in its communication No. 49 dated December 30, 2021 but made public this week, notes t...
Contrary to earlier reports that cryptocurrency mining has been eliminated from China, recent data shows that up to 20% of the global Bitcoin hashrate is still resident in the country. Even though this is a significantly lower value than the number before the implementation of the 2021 cryptocur...
Escalated efforts in 2021 towards the clampdown on cryptocurrencies are returning impressive results for the Chinese government. Some key milestones have been achieved with results that are evident based on results from the country. One of the latest achievements towards the elimination of cr...
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