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Tag Archives: China

China Suspends Software Company Over Cryptocurrency Involvement

Jul 8, 2021

Beijing Qudao Cultural Development Co Ltd, a software development company based in China has been ordered by the country’s central bank to suspend operations. The reason for this suspension is reported to be as a result of the company's involvement in cryptocurrency activities, despite the ...

Miners Clampdown in China Good for Bitcoin in the Long Run

Jun 25, 2021

Recent Bitcoin predicaments have been compounded by the series of bans being carried out in China. Significant among these bans is the abolishment of mining activities within the country. The order to shut down Bitcoin mines has had a direct effect on the Bitcoin and cryptocurrency market, le...

Police in China Arrest Hacker, Recover $460,000 in Stolen Bitcoin

May 13, 2021

The police in China have apprehended a thief who hacked into the email of a Bitcoin owner and stole his funds through multiple transactions. The incident which happened in the Jiangxi province of eastern China is the latest among a couple of cryptocurrency thefts that have taken place recently...

China’s Bitcoin Mining Dominance is Dropping

May 7, 2021

China is gradually losing its grip as the dominant hashrate custodian for Bitcoin as new miners have started setting up rigs in other parts of the world. Some of the originally resident miners in China are also relocating.   Right from the early days, most of the network effect that sustai... Pays Employees Salaries in Digital Yuan

Apr 29, 2021

China’s digital yuan project has ticked yet another box as e-commerce giant recently implemented it as a payment vehicle to pay salaries of some of its employees. The platform also revealed that it used the digital yvan to make payment for some other businesses.  This will go down a...

China’s Hainan Province Set For Digital Yuan Test in April

Apr 9, 2021

All is set for the next step in China’s move towards the creation of a Central Bank Digital Currency (CBDC). This time around, a test of the developing product will be carried out in the country’s province of Hainan. The exercise is expected to kick- off on April 12, 2021, and run un...

Why Bitcoin Miners May Flee China in 3 Years With 0 Profit

Apr 8, 2021

Olusegun Ogundeji

Based on a Bitcoin blockchain carbon emission model (BBCE), a new study has put a timeline to when the profit of Bitcoin miners - majority of which are predominant in China - would likely drop to zero.  The authors of the paper which has been published in the broad open-access journal, ...