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China Bitmain CEO Announces New 7nm Bitcoin Mining Chip

China Bitmain CEO Announces New 7nm Bitcoin Mining Chip

China being really big in bitcoin mining, especially in Sichuan and Xinjiang Province, the bitcoin mining industry is having an exciting couple of days.  Just a day after Bitfury revealed a new 14nm mining chip called the Bitfury Clarke, Bitmain China has upped the ante with the announcement of a new 7nm application-specific integrated circuit...

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Big Investors Deny Involvement in Crypto Miner Bitmain’s Pre-IPO Funding

Big Investors Deny Involvement in Crypto Miner Bitmain’s Pre-IPO Funding

Tencent Holdings and SoftBank Group are both disputing their involvement in a widely reported pre-IPO investment round for Chinese cryptocurrency mining giant Bitmain. Reports on the firms’ participation in the funding effort first emerged among Chinese media in early August. Soon after, several outlets including CoinDesk, China Crypto News and other media platforms cited the...

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Chinese Region to Shut Down ‘Illegal’ Bitcoin Miners by September

Chinese Region to Shut Down ‘Illegal’ Bitcoin Miners by September

China’s Xinjiang Uyghur Autonomous Region is set to eliminate “illegal” bitcoin mining operations by the end of August, a government agency has confirmed to CoinDesk. Rumors first emerged online over the weekend after the leak of a government notice issued by Xinjiang’s Economic and Information Commission (EIC) indicating the authority was demanding that local utility...

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Observers Split Over Floods Impact on Chinese Mining

Observers Split Over Floods Impact on Chinese Mining

Extreme weather conditions have claimed a new victim during floods — cryptocurrency miners. A combination of floods in Sichuan and heatwaves in Europe last week briefly dented the global “hashrate”, which measures crypto mining capacity — and offered a glimpse of what might happen if China succeeds in wiping out its bitcoin mining industry. The storms,...

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China’s Hashing Power: A Blessing or a Bomb Waiting to Explode?

China’s Hashing Power: A Blessing or a Bomb Waiting to Explode?

One of the major Bitcoin mining pools currently making waves is Bitmain which is a China-based industry giant that recently accounts for over 40% of the overall Bitcoin hashrate. Why is it making waves? Well, because it has raised some new concerns about the centralization of mining. Ever wondered how Bitcoin is generated? Do they...

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Arrest of Secret Crypto Miner in China Following Theft

A man in China has been arrested by the government for the alleged theft of power, in order to fund a secret cryptocurrency mine. Xinhua news company stated that the Anhui Province electricity company reported a spike in the use of electricity and this eventually led to the confiscation of over 200 computers used for...

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Mining Giant Bitmain Valued at $12 Billion

Mining Giant Bitmain Valued at $12 Billion

Chinese bitcoin mining giant Bitmain has reportedly closed a Series B round funding, which values the firm at approximately $12 billion. Chinese business media Caixin reported on Friday citing anonymous sources familiar with the deal that although the exact number of the new equity financing is unknown, it’s somewhere between $300 million to $400 million. According to...

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Bitcoin’s Scaling Debate: The View From China’s Miners

Bitcoin’s Scaling Debate: The View From China’s Miners

Paul Elliot-Ennis is a lecturer and assistant professor in management information systems in the College of Business, University College Dublin, while Rachel-Rose O’Leary is an artist and writer researching cryptographic systems. In this guest feature, Elliot-Ennis and O’Leary investigate the daily activities and political attitudes of China’s well-established bitcoin miners, positioning their findings within the...