China’s Bitcoin Social Media Site 8BTC Launches MATPool News

China’s Bitcoin Social Media Site 8BTC Launches MATPool

September 11, 2018 – 8BTC, China’s oldest bitcoin social media site, launched its first mining product, MATPool, in Hangzhou. The mining pool currently provides services for Bytom (BTM) mining and B3 miners. More cryptocurrencies mining and mining hardware will be available later. MATPool offered no-fee mining service from this day to December 11, 2018. Users signing up for BTMPool could enjoy no-fee mining. Founded in 2011, 8BTC is China’s first and largest cryptocurrency community starting with 8BTC Forum, and later developed into a blockchain news site, with the mandate of bridging the blockchain development between China and abroad based in...
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High Profile Gov’t Official in Korea Calls For Better Crypto Regulation For First Time News

High Profile Gov’t Official in Korea Calls For Better Crypto Regulation For First Time

Earlier this week, Min Byung-doo, the chairman of Korea’s National Policy Committee, encouraged the government to impose better and more practical regulatory frameworks to govern the local crypto market. Most of the reports following the speech of chairman Min at the National Assembly of South Korea meeting focused on his call for the legalization of the initial coin offering (ICO) market, given the interest of local investors towards the ICO of major corporations including Kakao, the country’s biggest Internet conglomerate. But, for investors, it is more important to consider the fact that for the first time in history, a high...
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Bitmain may be Sued by its Investors for Financial Misrepresentation and Omission News

Bitmain may be Sued by its Investors for Financial Misrepresentation and Omission

Bitmain is still preparing for its initial public offering. As the world’s largest cryptocurrency mining semiconductor, Bitmain’s IPO causes much concerns from the crypto mining community. However, controversy has been swirling around the company over the past few weeks. There used to be rumors spread of its alarming financial condition. Of late, the controversy went to a new level as rumors appeared online of its investors threatening to sue Bitmain for misrepresenting financial information and material omission. September 17, a user named BTCKING555 tweeted the rumors of the conflict between Bitmain and its investors on the financial issue. He has also...
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Chinese Miner Sentenced to 3.5 Years in Jail for Stealing Train Power to Mine Bitcoin News

Chinese Miner Sentenced to 3.5 Years in Jail for Stealing Train Power to Mine Bitcoin

A man in China has been sentenced to three and a half years imprisonment for stealing electricity from a train station to power his bitcoin mining operations, according to local media outlet The Paper. As per the court document revealed on October 8, in addition to jail time, the suspect has also been fined 100,000 yuan (roughly $14,500), and was ordered to cover the cost of the electricity charges accrued during that period with his mining equipment confiscated by authorities. The suspect, named Xinghua Xu, has reportedly stolen electricity power from one of the factories at Kouquan Railway near where...
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Bitmain’s “Next -Gen” 7nm ASIC Chip vs. Ebang’s E-11 Miners: Who will Win the Crypto Mining War? News

Bitmain’s “Next -Gen” 7nm ASIC Chip vs. Ebang’s E-11 Miners: Who will Win the Crypto Mining War?

September 21, Bitmain, the world’s dominant cryptocurrency mining chip producer has launched its new 7nm application-specific integrated circuit (ASIC) mining chip for the SHA256 algorithm that used by a series of cryptocurrencies including Bitcoin. Obviously, the firm is consolidating its position in the mining world. However, its strong rivals are not going to surrender easily in this arms race. Jihan Wu, CEO and co-founder of Bitmain announced the new chip BM1391 at the World Digital Mining Summit on Last Friday. According to Wu, the BM1391 chip is so effective that, it uses the advanced 7nm FinFET semiconductor manufacturing technology, contains...
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Chinese Court: Legal Circulation of Bitcoin Not Banned in China News

Chinese Court: Legal Circulation of Bitcoin Not Banned in China

A court within Hangzhou City in China has recently ruled that a bitcoin miner who refused his pre-ordered crypto mining machines delivered to door must pay for the purchases despite the buyer’s allegation that the crypto mining machine seller violated the crypto ban in China. This is the first case of its kind regarding a dispute about bitcoin mining machine transaction in China. In January 2018, the bitcoin miner surnamed Chen pre-ordered 20 units of crypto mining machines from an online platform and made the full payment of 612,000 yuan (roughly $88,000) in advance. While after studying relevant regulations on...
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A Blanket Ban On Cryptocurrency Trading Is Unnecessary, Says Hong Kong’s Top Financial Regulator News

A Blanket Ban On Cryptocurrency Trading Is Unnecessary, Says Hong Kong’s Top Financial Regulator

Hong Kong’s financial watchdog is looking to provide a more sound regulatory framework for cryptocurrency exchanges instead of a full ban, in a bid to strengthen investor protection, reported South China Morning Post (SCMP) on October 15. The outgoing chairman of the Hong Kong Securities and Futures Commission (SFC), Carlson Tong Ka-shing, said in the interview with the SCMP that it would be in vain for financial regulators to impose a blanket ban on cryptocurrency trading given the global nature of this venture. “We do not think imposing a total ban on these platforms is necessarily the right approach, and...
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At Last! Bitmain Officially Filed IPO Application News

At Last! Bitmain Officially Filed IPO Application

Bitmain, world’s dominant cryptocurrency mining giant based in China, has finally filed its long-awaited IPO application to Hong Kong Stock Exchange (HKEX). The release of its 438-page initial public offering (IPO) prospectus on Wednesday September 26, though still in draft and waiting for further listing hearings from the HKEX, has lifted the veil of the 5-year-old company’s financial standing as well as business mode and risks it faces. Rumors of Bitmain’s financial standing has abounded since the company claimed to seek to go public this August. Some of those unfounded claims were eventually dispelled upon the publishing of the prospectus,...
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The Risky Factors Emerge from Bitmain’s IPO Statement: the ICs, Tax and Regulatory issue News

The Risky Factors Emerge from Bitmain’s IPO Statement: the ICs, Tax and Regulatory issue

September 26, Bitmain Technologies, the Chinese cryptocurrency mining giant finally released its public financial statements for the first time, thoroughly exposed its ambition of going public on the Hong Kong Stock Exchange (HKSE). The China International Capital Corporation Limited (CICC) will hold the post of the lead underwriter of Bitmain’s IPO. In the previous few months, Bitmain’s financial situation causes doubt and resentment. This financial statement is here to clarify this issue. It shows Bitmain’s revenue increased from US$ 137.3 million in 2015 to US$ 2517.7 million in 2017, representing a CAGR of 328.2%. Its also raked in $742.7 million...
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Architect of PBoC’s Digital Currency to Lead China Securities Depository and Clearing Corporation News

Architect of PBoC’s Digital Currency to Lead China Securities Depository and Clearing Corporation

Yao Qian, the former architect of China’s central bank digital currency, has left his position to take up the role of general manager at China Securities Depository and Clearing Corporation Limited (CSDC), the state-run Shanghai Securities News reported on Monday. Yao has served as the director of the Digital Currency Research institution at the People’s Bank of China (PBoC), the country’s central bank since it was founded last year. As one of the most influential figure in the blockchain space, the ‘scholar official’ is spearheading an initiative to create a digital Yuan. He has sketched out two different futures of the issuance of...
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