Fun

Chinese Miners Pivot to Alternative Currencies to Keep Operating

News Feed - 2021-07-24 10:07:10

Chinese Miners Pivot to Alternative Currencies to Keep Operating


The Chinese mining crackdown forced many miners to stop their operations and relocate. But another group of miners is planning to pivot to new, more efficient mining schemes to keep operating in the country. Lesser-known tokens and proof-of-stake-based systems are now in the sights of these miners as ways to continue their work away from government oversight. Chinese Miners Pivoting to Other Crypto Activities


The recent mining and trading crackdown in China affected the lives of thousands of miners that had to stop their operations due to new policies established by the government. While a lot of them are seeking to relocate to other countries, there is also a group seeking to pivot to new alternatives to keep operating in the country.


The new wave of storage-based tokens is one of the biggest focuses of this group. Bloomberg confirmed this, present at the Web 3.0 Blockchain Application Cum Computing Power Overseas and Distributed Storage Conference in Chengdu — one of the first crypto-related events to happen after the crackdown. Some of the miners present were interested in Filecoin, mentioning it could be a safer bet due to its less energy-intensive mining process. Another miner stated Filecoin was a “grey area business that hasn’t yet caught regulators’ attention,” explaining the interest behind it.


Another storage-based token that is getting the interest of these miners is Swarm, a currency that shares the same proposal as Filecoin and Chia. Miners Still Hesitant to Act


However, these miners are the bravest of the bunch, as these new cryptocurrencies could also be targeted by the Chinese government in the near future. According to experts, some miners are still in a wait-and-see phase, expecting further action from the government. But the signs aren’t favorable. Last week, Anhui, another Chinese province, announced it would crack down on bitcoin mining operators in the region due to power shortages.


According to Tan Weizhe, managing partner of Zhizhen Capital, there is still a large number of miners waiting to relocate to other countries and most of them will relocate next October. Weizhe runs mining power migration services and is in charge of operating several crypto complexes in the U.S., Australia, and Canada.


As the crackdown on mining and trading operations increases, the Chinese government increases the scope of the test phase of its central bank digital currency, the digital yuan.


What do you think of this new pivot of Chinese miners to more obscure cryptocurrencies? Tell us in the comment section below. Central Bank of Colombia Announces First Blockchain Bond Pilot Program NEWS | 4 hours ago 64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report NEWS | 6 hours ago Tags in this story Bitcoin, China, chinese miners, Cryptocurrency, Digital Yuan, mining, pivot


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin falls to new lows as stock markets correct — Did something break?
Marcel Pechman3 hours agoBitcoin falls to new lows as stock markets correct — Did something break?The crypto market sees a sharp correction as the U.S. stock market waves some concerning red flags.4862 Total views13 To
Bitcoin, Ethereum Technical Analysis: BTC Slips Below $19,000 Following Yesterday’s Failed Breakout
Bitcoin, Ethereum Technical Analysis: BTC Slips Below $19,000 Following Yesterday’s Failed Breakout Bitcoin fell below $19,000 on Wednesday, as the token failed to break out of a
Boringdao Raises $1.4M: Project’s Tokenized BTC Bridge Backed by 200% Collateral
Boringdao Raises $1.4M: Project"s Tokenized BTC Bridge Backed by 200% CollateralThere’s a new tokenized bitcoin project coming to the decentralized finance (defi) ecosystem th
$10 Billion in BTC Reserves: Companies With Bitcoin Treasuries Command Close to 4% of the Supply
$10 Billion in BTC Reserves: Companies With Bitcoin Treasuries Command Close to 4% of the Supply The web portal bitcointreasuries.org now shows close to two doze
BTC Proxy Is Live on BNB Chain and Interoperable With WBTC and BTCB
BTC Proxy Is Live on BNB Chain and Interoperable With WBTC and BTCB press release PRESS RELEASE. Leading DeFi protocol BTC PROXY today expanded support for the Binance BNB Chain as
$200 Billion in Fines: Mega Banks Rack up Penalties From Illegal Activities
$200 Billion in Fines: Mega Banks Rack up Penalties From Illegal Activities Top U.S. banks have racked up almost $200 billion in fines and penalties over the pas
Metaverse NFT Domains Are Trending: Minting Goes Live on Quik․com
Metaverse NFT Domains Are Trending: Minting Goes Live on Quik․com sponsored Everyone is now familiar with the term “NFTs,” which provide users with decentralized ass
Bitcoin ‘Power Law’ sees up to 300% BTC price gains by late 2025
William Suberg14 hours agoBitcoin ‘Power Law’ sees up to 300% BTC price gains by late 2025BTC price momentum is still at least three months from returning upward, says analysis, but the outlook for the coming years s
Bank of Russia Recommends Banks to Block Cards, Wallets Used to Transact With Crypto Exchangers
Bank of Russia Recommends Banks to Block Cards, Wallets Used to Transact With Crypto Exchangers The central bank of Russia has advised commercial banks on how to identify and block
Lido’s Liquid Staking Protocol Dominates with $9.3B in Locked Ethereum, Boosted by Tron Founder’s Deposits
Lido"s Liquid Staking Protocol Dominates with $9.3B in Locked Ethereum, Boosted by Tron Founder"s Deposits During the past 30 days, the total value locked (TVL) in Lido Finance
Cameroonian Fintech Ejara Raises $8 Million in Series A Investment Round
Cameroonian Fintech Ejara Raises $8 Million in Series A Investment Round Just over 12 months after raising $2 million, the Cameroonian fintech whose app allows users to buy and sto
Cryptowisser: Then, Now and What’s Next for NFTs
Cryptowisser: Then, Now and What"s Next for NFTs sponsored Non-Fungible Tokens (NFTs) have been around for some time now, with what is recognized as the first-ever NFT “ Quan