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2 Chinese OTC Traders Accused of Illicitly Raising Bitcoin by Promising Interest

2 Chinese OTC Traders Accused of Illicitly Raising Bitcoin by Promising Interest

Two Chinese over-the-counter (OTC) traders have been accused of running an illicit bitcoin (BTC) loan scheme and collecting bitcoin by promising interest on deposits, Chinese newspaper The Beijing News reports on May 22. According to the article, Yi Zhou and Xiang Li convinced traders to send them their bitcoin holdings by promising them interest on their deposits, obtaining over 7,000 BTC (nearly $54.7...

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Chinese Central Bank-Led Fintech Research Institute Seeks New Blockchain Talent

Chinese Central Bank-Led Fintech Research Institute Seeks New Blockchain Talent

A fintech research institute established by China’s central bank, the People’s Bank of China (PBoC), has posted several new job openings for blockchain talent. The three listings were published to Chinese recruitment website Lagou.com on May 21. As its profile on Lagou.com outlines, the Shenzhen Fintech Research Institute is a unit jointly organized by the PBoC’s Digital Currency Research Institute, the Shenzhen Local Financial Supervision...

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‘Worsening US-China Trade War Is Behind BTC Price Rise’

‘Worsening US-China Trade War Is Behind BTC Price Rise’

The CEO of a cryptocurrency firm has suggested that the recent rise in bitcoin’s (BTC) price could be linked to the trade war between China and the United States, Fortune reported on May 20. In an interview, Digital Currency Group founder Barry Silbert noted how BTC’s acceleration coincided with talks breaking down between Beijing and Washington. The crypto advocate said bitcoin is proving itself...

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Chinese E-Commerce Giant JD.com Has Applied for Over 200 Blockchain Patents

Chinese E-Commerce Giant JD.com Has Applied for Over 200 Blockchain Patents

Chinese e-commerce giant JD.com has applied for over 200 blockchain patents, according to a report by Securities Daily News on May 20. The report also notes that major e-commerce competitor Alibaba has applied for 262 blockchain patents, and Chinese internet titans Tencent and Baidu have applied for 80 and 50 such patents, respectively, as recorded by the Intellectual Property Center of China Information and Communication. According to interpretation of the...

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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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