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Digital Renminbi: A Fiat Coin to Make M0 Great Again

Digital Renminbi: A Fiat Coin to Make M0 Great Again

Contrary to what many think, China does not oppose blockchain technology. Rather, it takes issue with bitcoin and other privately issued cryptocurrencies, which it fears may facilitate financial fraud and capital flight. The People’s Bank of China (PBOC) has, in fact, had an initiative for issuing a blockchain-based digital renminbi (RMB) since 2014. The project...

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Fundamental Labs Fund to Invest $44 Million in Brand-New Bitcoin Miners

Fundamental Labs Fund to Invest $44 Million in Brand-New Bitcoin Miners

Fundamental Labs, a blockchain fund manager that’s backed Binance, Coinbase and Canaan Creative, is investing $44 million in top-of-the-line bitcoin miners, a longer-term bet than most are making in the sector. Revealed exclusively to CoinDesk, the Shanghai-based firm plans to run 20,000 to 30,000 units of brand-new mining equipment starting in June to capture on...

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Majority of Chinese Mining Activity Happens With Renewable Energy

Majority of Chinese Mining Activity Happens With Renewable Energy

Bitcoin miners made the case for their industry as a driver of clean energy adoption, rather than the ecological disaster depicted by critics, at Fidelity’s Mining Summit Friday. The venue for the daylong event was as notable as the talks. The Fidelity Center for Applied Technology, an R&D division that has dabbled in bitcoin mining, hosted the...

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Bitcoin Mining’s New Bidding War

Bitcoin Mining’s New Bidding War

The Takeaway As bitcoin’s price edges up, secondhand mining equipment is becoming more profitable to run As a result, the price of used miners has nearly doubled in recent weeks, to $250-$320 for old Bitmain Antminers Somewhere between 220,000 and 700,000 mining units could come online this summer Newer, more powerful models won’t be shipped...

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Chinese Media Platform Publishes Chart On Bitcoin Mining Cost: China Cheapest, Denmark Most Expensive

Chinese Media Platform Publishes Chart On Bitcoin Mining Cost: China Cheapest, Denmark Most Expensive

Chinese media platform Odaily published its “Global Mining Cost Map”, showing the electricity cost of mining a Bitcoin in different countries across the world. Obviously, electricity makes up most of the cost for mining cryptocurrencies, hence this is a key consideration before choosing a location to start mining. Unsurprisingly, China is on top of the...

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Major Milestone: Binance DEX Launches on Binance Chain

Major Milestone: Binance DEX Launches on Binance Chain

Binance, the leading global cryptocurrency exchange and ecosystem, joins the community in celebrating the launch of Binance DEX, a decentralized exchange running on the Binance Chain. As part of Binance’s effort to push the industry forward, the Binance DEX development team invites projects to participate in and issue new tokens on the native blockchain. “We...

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Chinese Publicly Listed Construction Company Turned Mining Firm Lost Over $23 Million

Chinese Publicly Listed Construction Company Turned Mining Firm Lost Over $23 Million

Chinese publicly listed construction company turned to cryptocurrency mining firm, Huatie HengAn, has reportedly been sold after its value decreased by over 90%. The development was reported by English-language local crypto-focused media 8btc on April 19. The firm has been reportedly sold for around 12 million yuan ($1.8 million), after its value decreased from 170...

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“Official Chinese Currency Renminbi to Become Cryptocurrency”

“Official Chinese Currency Renminbi to Become Cryptocurrency”

Donald Tapscott, executive chairman of the Blockchain Research Institute, stated that the official Chinese currency, the renminbi (RMB), will become a cryptocurrency, in an interview with Bloomberg on April 17. In the interview, Tapscott revealed that he had recently been at a meeting with the vice-chairman of the Communist Party in China, who recalled that President Xi Jinping thinks that blockchain is one...

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Gate.io Raises $64 Million for Launch of New Exchange Cryptocurrency

Gate.io Raises $64 Million for Launch of New Exchange Cryptocurrency

Crypto exchange Gate.io has raised $64 million worth of crypto assets in seven days for its own exchange cryptocurrency that won’t be launched on a blockchain for at least six months. One of the oldest Chinese exchanges, Gate.io claimed on Monday that over the last week it was heavily oversubscribed with orders totaling $2.99 billion for the...

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Chinese ‘Aunties’: A Perfect Target For Crypto Scams

Chinese ‘Aunties’: A Perfect Target For Crypto Scams

中国大妈 (Zhōngguó dàmā), literally “Chinese Aunties” refers to a group of middle-aged Chinese women eager to invest. The term “dama” was created back in 2013 by The Wall Street Journal, to describe the big number of Chinese aunties rushing into purchasing gold as an investment in 2013 when gold prices plunged. The “Chinese aunt” is...

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