China’s crackdown on Bitcoin (BTC) mining operations has led to a significant drop in the network’s hash rate, but industry participants believe it presents an incredible opportunity for the wider mining ecosystem. China has long been a major contributor to the Bitcoin mining space, at times accounting for more than 70% of the global hash rate of the world’s preeminent cryptocurrency. That was up until June 2021, when the Chinese government moved to shutter a number of the world’s biggest mining centers. The Chinese southwestern province of Sichuan has an abundance of hydroelectric power, which is fed by Asia’s largest …

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. So low you've got to reach up to touch the bottom This week in China felt like one giant mining-farm sized pile of FUD. This is usually a pretty good indication that a bottom is close to being in, but one can never be too sure when it comes to downwards volatility in cryptocurrency. Canaan, one of the largest mining companies in China, announced it was setting up …

Bitmain, the cryptocurrency infrastructure company behind the Antminer brand, will temporarily halt the sale of mining machines to help secondary sellers offload their supplies following China’s wholesale ban on Bitcoin (BTC) mining. The suspension of new Antminer sales will begin immediately, Bitmain announced Thursday via WeChat. By suspending the sale of new mining devices, companies must resort to buying secondhand miners that previously belonged to Chinese mining rigs. The “second-hand market is under great pressure,” Bitmain said, according to a Google translation of the announcement. “In order to help the industry transition smoothly, [Antminer] decided to temporarily suspend the global …

Bitcoin’s price has slightly recovered from its sharp dip below $29,000, but generally, the past month has not been generous to Bitcoin (BTC) and Ether (ETH). Bitcoin has failed to break the $40,000 resistance multiple times, and the recent dip to a six-month low at $28,800 was a startling sign for many investors. After an incredible start in 2021, Ether peaked at $4,380 on May 12 but has dropped 55% since then. Unlike the leading cryptocurrency, the Ethereum network faces competition from projects that do not depend on proof-of-work, hence not facing the bottleneck issues that caused transaction fees to …

After a brief recovery to $41,000 on June 14, Bitcoin (BTC) investors might have thought that the bear market was finally over. After all, it was the highest level since May 21 and the date that MicroStrategy (MSTR) announced a successful $500 million debt offering. The funds are usually available in one or two business days, and the proceeds would be used to acquire even more Bitcoin for the business intelligence company's balance sheet. MicroStrategy followed this fund-raise with another surprise filing to sell up to $1 billion of its stock to buy even more Bitcoin. However, a 30% drop …

Chinese mining giant Bitmain is reportedly scrambling to respond to market conditions amid a major crackdown on crypto mining activity by local authorities. According to a Wednesday report by Chinese news agency Sina Finance, Bitmain has halted global spot sales for its new Bitcoin (BTC) mining devices in order to avoid losses by customers amid massive selling on the secondary market. By postponing the sales, Bitmain intends to help miners exiting the industry get better prices for mining equipment and protect the firm from further price declines over the longer term, Bloomberg reported. A Bitmain spokesperson said that the company …

Major Chinese cryptocurrency miner provider Canaan has posted an update on its crypto mining business in Kazakhstan amid an ongoing crackdown on Bitcoin (BTC) mining in China. Canaan announced Monday that the company has rolled out its own crypto mining business in Kazakhstan using its latest Avalon Miner units. The firm’s move to Kazakhstan comes as part of the company’s broader strategic plans in the country. Canaan previously opened its first overseas service center in Kazakhstan earlier this month to provide local customers with after-sales services like machine testing, warranty services, maintenance and technical consultations. Canaan chairman and CEO Nangeng …

China, once home to about 65% of the total Bitcoin (BTC) mining hash power, has given the boot to several miners in the country. The country’s Bitcoin mining ban means miners have been forced to shut down their operations with some establishments already moving hardware overseas. Tweeting on Wednesday, Kevin Zhang, vice president of crypto mining advisory outfit Foundry, said the mood among Chinese miners has grown sour, adding: “Sentiment is obviously quite dreary and the reality is setting in that it’s GG for mining in China. Some mining friends have stuck around Sichuan since the Bitmain conference to drink …

Bitcoin price is still in a rut, trading near $33,000 and trapped in a downtrend that just seems to get worse with the passing of each day. As the price slumps, analysts have consulted with several technical and on-chain metrics to explain the price collapse, but none of these have picked up on the exact reason. One area of interest has been the sharp rise in short positions at Bitfinex in the past week. Traders are placing exaggerated importance on these Bitcoin (BTC) margin shorts as if they are predictors of the current market crash. Still, as Cointelegraph previously reported, …

Cryptocurrency investors awoke to another round of price declines on June 22 after the price of Bitcoin (BTC) dropped to a 6-month low at $28,805. The dip below the crucial $30,000 level might appear to be a prime buying opportunity but data shows that institutional investors are continuing their longest selling streak since February 2018. Data from Cointelegraph Markets Pro and TradingView shows the June 21 dip below $32,000 and recovery above $33,000 was just a precursor to Tuesday’s move which saw BTC hammered at the start of the trading day, reaching a low of $28,805 before bouncing back to …

BTC.com — a major crypto mining pool that is operated by BIT Mining and owned by the NYSE-listed Chinese lottery service provider 500.com — has announced the successful relocation of its first batch of mining machines to Kazakhstan. BTC.com was founded by Jihan Wu and was operated by Bitmain and Bitdeer until its acquisition by 500.com this February. As of the time of writing, the pool is the world’s fifth-largest, validating 10.4% of blocks on the Bitcoin blockchain. The relocation comes after the company was notified by the state grid in western Sichuan province that the power supply serving one …

China’s crackdown on Bitcoin (BTC) mining and cryptocurrency trading recently became a primary driver for the red candlesticks on crypto market charts. But one Bitcoin mining engineer believes China’s ban on crypto is “fantastic news.” Brandon Arvanaghi, a former security engineer at crypto exchange Gemini, compared China’s harsh stance against Bitcoin with the country’s ban on Facebook and Google. Arvanaghi called getting banned in China a rite of passage for free technology and stressed that the crackdown means that Bitcoin is working, not that it’s failing. “It’s making nations shiver in their boots,” he added. He said that nations are …