Technicians exit a cooling chamber adjacent to a wall of bitcoin mining machines at a mining facility in Inner Mongolia. Photo: Bloomberg

China’s cryptocurrency miners look to capitalise on policy shift and cheap power, despite trading ban

  • In a surprising policy shift in late October, China’s economic planning agency removed cryptocurrency mining from a list of activities set for elimination
  • China dominates 70 per cent of global mining operations, although trading cryptocurrency is banned
Topic |   Digital currencies

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Technicians exit a cooling chamber adjacent to a wall of bitcoin mining machines at a mining facility in Inner Mongolia. Photo: Bloomberg
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President Xi Jinping hailed the use of blockchain technology in late October, a move meant to push technological development and troubleshoot with new technologies but which unexpectedly fuelled investor enthusiasm for cryptocurrencies. Photo: AFP

China dampens blockchain fever with cryptocurrency trading crackdown

  • October speech by Chinese President Xi Jinping triggered surge in speculation
  • China’s central bank warns of ‘severe disruption’ to economic and financial order
Topic |   Blockchain

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President Xi Jinping hailed the use of blockchain technology in late October, a move meant to push technological development and troubleshoot with new technologies but which unexpectedly fuelled investor enthusiasm for cryptocurrencies. Photo: AFP
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