Mining firms told to orderly exit business, ICOs banned, shut down domestic exchanges, blocked 124 offshore exchanges, Baidu and WeChat restrict or ban crypto related content. Last updated: August 28, 2018.

World latest news

Chinese Central Bank Governor Defines STOs as ‘Illegal Financial Activity in China’

Chinese Central Bank Governor Defines STOs as ‘Illegal Financial Activity in China’ The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, English-language local news outlet South China Morning Post (SCMP) reports Dec. 9. A deputy governor of China’s central bank, Pan Gongsheng, reportedly […] Cet article Chinese Central Bank Governor Defines STOs as ‘Illegal Financial Activity in China’ est apparu en premier sur Bitcoin Central.
Bitcoin Central

Bitcoin Mining in China

In life, they say that you can only rely on death and taxes. While this may be true, I’d like to propose a third: that China will always be the Bitcoin mining capital of the world. In fact, it controls up to 80% of the world’s total hash rate, is responsible for manufacturing the vast majority of mining equipment and is home to some of the world’s largest mining farms. But how did it get so big so quickly in one country? And what does the future hold as mining becomes less cost-effective? Let’s take a look at the past, present, and future in the world’s most populous country. The Early Days Back when Bitcoin was nothing more than a bit of fun, mining difficulty was low, and anyone who could be bothered to do it could easily mine a few BTC with no specialist equipment – although there wasn’t really any money in it. If those people had had time machines, of course, they would have taken it a lot more seriously! But this all changed when the code for GPU mining was released. Suddenly, there was a hardware cost attached to mining, which made things more efficient, but also meant that it started to represent a living for some people. Inevitably, as the difficulty rose, so did the need for hardware. Application Specific Integrated Circuit (ASIC) systems were built to improve efficiency and Bitcoin mining officially became big business. What we see today is just a scaled-up version of this, but of course, with mining difficulty now extremely high, the systems are far too large and sophisticated to set up at home. You need a large, energy-efficient building – a mining farm. The majority of Bitcoin mining now happens in these large farms. China Steps In Suddenly, the cost had become king. The priority for businesses establishing themselves as miners were to find a location that was cheap to run regarding energy costs, allowed access to large spaces at low cost and had access to affordable hardware. China had all of these in abundance and was a forward-thinking country regarding technology anyway, so it positioned itself as the ideal choice early on. Energy in China is incredibly cheap compared with other countries – especially European and other western countries. Not only that, but large areas of the country benefit from significant government subsidy, making it far more affordable on a large scale. There is also the benefit of coal and other so-called unclean energies. China’s environmental policy is not particularly robust so that companies could get their hands on substantial amounts of coal. Another reason to look at is the tech side. Technology is available very cheaply in China – often more so than the country in which the company in question actually is. It is also able to manufacture same-spec hardware at a lower cost. This means that companies based in China had a significant advantage on two cost fronts. The final reason is to do with space – and this is similar to the US, where there are also lots of large mining facilities. China had a lot of rural space lying just outside city centers, where large farms can be established. This meant that companies could buy up warehouse space quite cheaply, while still retaining the same access to energy and networking as the very centers of the cities. All in all, China was an ideal location. The Backlash Don’t be fooled into thinking that it has all been plain sailing for China though. In fact, regarding mining, the country is experiencing something of an exodus at the moment, with a reported 20% of Chinese-based mining businesses shipping out to other countries. Again, there are several reasons for this. Firstly, China began clamping down on cryptocurrencies a few years ago, and their progressively hard-line approach has seen some countries deciding to move to more crypto-friendly locations. Binance is a good example of this. One of the largest exchanges in the world, it moved to Malta in 2018 to escape governmental pressures. Now, while Binance is an exchange rather than a mining business, it has still caused a bit of unrest and increased focus on major mining firms. For example, Bitmain, which made most of the world’s commercial mining rigs, has recently been expanding to other locations – particularly in America and Singapore. While the company has not yet said that they are leaving Beijing altogether, it certainly seems like they are preparing for the possibility. The simple fact of the matter is that China is no longer the cheapest and safest option. With financial institutions banned from dealing in crypto and all ICOs now banned in the country, China quickly focused its attention on mining. The government has moved to restrict energy usage for miners and has even been known to confiscate equipment under extreme circumstances. At the same time, other countries started heavily incentivizing mining operations. There are now several countries that offer better running costs and subsidies than China. Scandinavia is profiteering from this in particular, as they can also provide a setting with a cooler climate, which means that companies need to spend less money on cooling huge rigs and servers. All of this means that China has started to loosen its grip on the mining industry – although it still controls an overwhelming majority of operations. What Does This Mean for the Future? With a natural diversification in mining-centric countries, things are set to change. However, this could be for the better. One of the main concerns surrounding Bitcoin mining, in general, is that too much of the overall hash rate is controlled by too few companies. This mirrors the mainstream world of capitalism and centralization. The founding of Bitcoin was originally based around the idea of decentralization – or lack of single, controlling authority. Mining has become such big business that individuals were priced out of the market a long time ago, but it is even worse if all those companies are in the same place. To put it simply, China has too much power in the Bitcoin world. A bit of national competition could well be a positive step. The other issue is that mining difficulty is now so high that energy demands are unreasonable. Many countries are clamping down on this, declining to offer reduced rates and subsidies. This will force mining firms to look at more environmentally friendly alternatives. This is not China’s strong point, so the expectation is that diversification will happen due to national attitude as much as governmental pressure. The final advantage to this shift is that it will help to safeguard Bitcoin over time. It is currently a tough environment for crypto as a whole, with the heady days of late 2017 no more than a distant memory. As BTC struggles at the $4000 mark leading up to Christmas 2018, there is a lot of Fear, Uncertainty, and Doubt (FUD) on the markets. But what if the Chinese government turned around at the beginning of 2019 and said: “no more” to mining firms? This would cause an absolute catastrophe in the Bitcoin world, with such a huge amount of mining taking place there. The network would grind to a halt, and the price dip would likely be catastrophic. With major mining firms now located around the world, the effect would be far less devastating than even a year ago. Beyond Bitcoin If we look to 2140, when there are no more Bitcoin to mine, then everything becomes speculative of course. With no more rewards, miners would only benefit from transaction fees, but mining would still be necessary to verify transactions. In its current state, this would mean a major deflation of the mining market, with major firms closing down and walking away. This would then pave the way for a return to the individual, household mining. However, the most likely occurrence is that the way in which Bitcoin works changes. The problem with the consensus mechanism on which Bitcoin operates is that it isn’t energy or time-efficient. An automated, proof-of-stake model is far easier to run, and it may be that forks in the future take Bitcoin in a new direction – far more successfully than previous attempts, such as Bitcoin Cash or Bitcoin Diamond. Changes will be necessary to keep the network operating, and this is something that many are looking to tackle right now – not in 100 years. Despite these issues though, mining remains a big business, and China remains the undisputed king. Despite this recent shift, it is extremely unlikely that it will relinquish its status as the world’s mining center shortly, if ever. But any diversification is positive for the integrity of what Bitcoin stands for – decentralization. So, perhaps there is a shining light amid the doom and gloom of late 2018 after all! The post Bitcoin Mining in China appeared first on ZyCrypto.

Blockchain Policy Development in China Concentrated in Three Cities

Blockchain Policy Development in China Concentrated in Three Cities Beijing, Shanghai and Guangzhou — or BeiShangGuang — has become the most concentrated area of ​​relevant blockchain legislation and policy in China, reports local finance publication Securities Daily Dec. 7. The Chinese securities newspaper has analyzed blockchain-related policies introduced throughout the country in the recent years, […] Cet article Blockchain Policy Development in China Concentrated in Three Cities est apparu en premier sur Bitcoin Central.
Bitcoin Central
More news sources

China news by Finrazor


Tether destroyed 500 million USDT, Swissquote allows ICO participation, Coinbase added its first stablecoin, IDEX to block NY users, Vertex Ventures invests in Binance, the biggest crypto theft in Australia, Sony creates contactless hardware wallet, Japanese crypto exchanges got a self-regulatory status, Bitcoin Futures still lack volume — in this weekly news

Read more

Russia edits its draft law on cryptos, Japanese crypto exchanges gain power to self-regulate, Albania plans for regulatory framework, FATF to come up with its first set of crypto rules, CGL partners with National Bank of Canada and Skuchain, China plans implementation of new rules, SEC confirms the launch of FinHub, owner of Unocoin arrested for operating BTC ATM

Read more


Hot news

Hot world news

Ethereum HARD FORK 2019? Biggest Challenge in Crypto...

Let's discuss the Constantinople hard fork that is now scheduled for January. Also, I want to discuss the biggest issue the crypto ecosystem faces in the coming years. GET FULL ACCESS TO THE ACADEMY: LET’S MEET IN NEW YORK: 💰 GET $10 TO BUY YOUR FIRST CRYPTO: 🏆 BUY PHYSICAL BULLION GOLD: 📈 BEST ALTCOIN EXCHANGE: 🔐 BEST WALLET: Good Morning Crypto 🎓 LEARN SMART CONTRACT PROGRAMMING 🎓 Join my online academy 👬 Join the crypto discussion forum - 📣 Join Telegram channel 🎤 If you would like me to speak at your conference, book me here: #bitcoin #blockchain #ivanontech 👫👭👬Social: LinkedIn: Instagram: Steemit: Facebook: Exclusive email list: DISCLAIMER: This is NOT financial advice. This is just my opinions. I am not responsible for any investment decisions that you choose to make. Ivan on Tech is all about cryptocurrencies and the technology behind Bitcoin, Ethereum, Litecoin, Ripple, IOTA. We also cover Bitcoin price, altcoin price, investing, analytics, different altcoins. Ivan on Tech by Ivan Liljeqvist
Ivan on Tech

Brave Browser Confirmed as HTC Exodus’ Default Web Browsing App

HTC is resolved to win the race for the best blockchain phone on the market. Its commitment to the community seems to be genuine and not only have they bet on accepting payment exclusively in cryptocurrencies to promote their use but also decided to include third-party software that makes use of these technologies. In a tweet published a few hours ago by Mr. Brendan Eich, CEO of Brave Software, he expressed his satisfaction after confirming HTC’s decision to include Brave as the Exodus’ default web browser. We are very happy to have @Brave as default browser & to be working with HTC on their Exodus phone: — BrendanEich (@BrendanEich) December 8, 2018 Brave Browser: Using Basic Attention Token (BAT) To Create a Better Internet Brave Browser uses blockchain technologies to improve the user experience and change the way content providers relate to consumers. The idea is to make browsing faster and more convenient by rewarding not only users for consuming content but also giving them the ability to benefit content creators. “Once you enable Brave Rewards, the Brave browser automatically and anonymously keeps track of sites each user visits. The more times that a user visits a site, the larger the proportion of the user’s monthly contribution is “ear-marked” for that content creator. When contributions for a content creator exceed $100.00 USD, an email is sent to both the webmaster of the site and the registered domain owner from your WHOIS information. The email explains how to verify the ownership of your website with Brave Software.” The token used by Brave Browser is the Basic Attention Token (BAT), a cryptocurrency that has recently gained considerable popularity, especially after the announcement that it has been supported by Coinbase to be traded on its platform. #brave the new browser from @BrendanEich @brave wants to reward users with #cryptocurrencies to see ads and make browsing cleaner and safer #DMT18 — ralfscharnhorst (@RalfScharnhorst) December 6, 2018 Blockchain-Phones: The New Trend For its part, the HTC Exodus 1 Phone is a phone created by HTC with blockchain technology focused on those users who want to manage their crypto coins from their mobile phone without additional hardware. To do this, HTC developed its own hardware wallet with multi-asset support. The wallet is named Zion and runs on independent hardware embedded into the phone. The main competition of the HTC Exodus, is the Sirin Labs’ Finney Phone, a device that has similar features but runs under a proprietary Operating System developed as an Android fork. The post Brave Browser Confirmed as HTC Exodus’ Default Web Browsing App appeared first on Ethereum World News.
Ethereum World News

Bitcoin Cash on Gemini, Robinhood Hints at TRON - Today's Crypto News

Visit our website: In this video, Mattie talks about Bitcoin Cash being listed on the Gemini exchange and rumours about Robinhood listing Tron. He also gives you the latest from our Community Speaks segment and the eos hackathon winner. This is a daily segment! ----------------------------------------------------------------------------------- CHECK OUT OUR PODCAST: New episode every Monday and Friday! ----------------------------------------------------------------------------------- Check out Altcoin Buzz Ladies! ---------------------------------------------------------------------------------- Connect with us on Social Media: Twitter: Facebook: Telegram: ---------------------------------------------------------------------------------- Looking for the best cryptocurrency wallets? Check these out: BitLox: CoolWallet S: Trezor: Ledger Nano S: KeepKey: Read about them here: --------------------------------------------------------------------------------- References: Crypto Exchange Gemini Adds Support for Bitcoin Cash (BCH) Trading and Custody Bitcoin Cash Is Now Available on Gemini! Robinhood Hints That It might List TRON Robinhood Tweet DERO Introduction – Community Speaks DERO EOS Global Hackathon Winner Announced EOS VC Rewards GeneOS with 500,000$ Genomic Project GeneOS Wins Grand Prize of US$500,000 at EOS Global Hackathon Grand Finale in Cape Town -------------------------------------------------------------------------------- DISCLAIMER The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
Altcoin Buzz

Mining Company Sues Roger Ver & Group for BCH Hard Fork Price Manipulation

The American company Unitedcorp has filed a lawsuit against "bitcoin cash ABC" supporters. The company accuses the supporters of hiring mining power in order to control the bitcoin cash network. The Bitcoin Cash hard fork that took place several weeks ago resulted in two version of Bitcoin Cash, supported by two opposing parties: the Bitcoin ABC version, which uses the ‘BCH’ ticker symbol; and Bitcoin Cash Satoshi’s Version, which uses the ticker symbol ‘BCHSV.’ The lawsuit claimed that Roger Ver,, Bitmain, and co-founder Jihan Wu, crypto exchange Kraken and founder Jesse Powell, and Bitcoin ABC developers Amaury Sechet, Shammah Chancellor and Jason Cox centralized bitcoin cash and manipulated the price during its contentious hard fork. Especially by dedicating mining power in theory assigned to mining the bitcoin blockchain to mining what was then referred to as the Bitcoin ABC chain.  After the split, supporters of both sides of bitcoin cash have been “fighting” against each other in order to become the biggest “bitcoin cash”.

Basic Attention Token [BAT]: Brave is now available as the default browser on HTC Exodus phone

In a recent tweet by Brendan Eich, the CEO and Co-Founder of Basic Attention Token [BAT] and Brave, announced that Brave has been made as the default browser on HTC Exodus phones. Tweet by Brendan Eich: “We are very happy to have @Brave as default browser & to be working with HTC on their Exodus phone” In October 2018, Brave introduced the newer version of the browser which is compatible with all Chrome extensions. This version was named as Brave 1.0, which is a desktop browser with 22% faster browsing speed compared to older versions of Brave. During this announcement, the team also mentioned that they were working on multi-core capacity on the browser speed, the performance of the browser on mobile devices etc. Recently, HTC announced Exodus 1 as their first cryptocurrency enabled smartphone. The phone provides a storage solution for cryptocurrencies and gives accessibility to blockchain-based applications. An Android application named Zion, which is separated from the operating system of the phone has the ability to store all the private keys of the users. A Redditor named jajarz says: “HTC is a dying company, but they are going all in on hardware the incorporates future developments like VR, and Crypto. If they pull this off theyll be the next Apple.” Another Redditor named Gromerando says: “HTC phones run on Android, having Brave as default browser will only prevent Google from getting ur browsing habits, only if Google is not the default search engine on the browser So don’t really see the excitement as Google will still be able to track your every move” Brendan Eich, who is also the Founder of JavaScript and the Co-Founder of Mozilla project created both the Brave browser and Basic Attention Token [BAT]. The cryptocurrency BAT is an ERC-20 utility token which is used for all the advertising purchases and revenue on the browser. The post Basic Attention Token [BAT]: Brave is now available as the default browser on HTC Exodus phone appeared first on AMBCrypto.
By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.