China crypto news of the week (June 14 to June 21) : The final straw?

Highlight of the week: On June 18th, Sichuan, China, ordered the suspension of 26 large Bitcoin mining farms. Some small and medium-sized farms also stopped cooperating with inspections. The hashrate of the entire network dropped by about 1/3. So far, China's last large-scale mining province has also initiated a ban.

The central bank of China issued a statement stating that it had interviewed 5 banks and Alipay, requesting not to participate in virtual currency-related business activities. The statement of central Bank of China is relatively mild as mentioned before. This may also be the reason why Huobi Technology's share price has risen. But the statement emphasized the accounts of exchanges and OTC merchants.

2.Survivors in China

In the mining disaster on June 19, Chinese mining machine manufacturers will not be affected. World will still need to buy mining machines from China. Bitmain even held a new product launch conference in Sichuan on this day and released three new mining machines.

On June 19th, Bitmain released the new Litecoin/Dogecoin mining machine L7, with a hashrate of 9500MH/s and 3425W, equivalent to 19 sets of L3+, and the price is $15000, overseas purchase price is reduced by 13%. The delivery time is November 2021. In addition, Bitmain also disclosed a 5nm-based Bitcoin water-cooled mining machine and a preview of the Dash mining machine D7.

The computing power of Chia and Filecoin in China has not been affected. Chinese government mainly controls the power sector to crack down bitcoin mining, but they consume less electricity. Their computing power is continuing to rise, and some Bitcoin miners may switch to them.

Affected by China's policy, ViaBTC temporarily became the world's largest Bitcoin mining pool. The founder Yang Haipo said that since more than two years ago, its mining pools and other businesses have begun to resolutely take the international route and de-sinicize.

Bitdeer, led by Jihan Wu, does not own any mines in China. He foresaw the blow and set up multiple mines in the United States, Northern Europe, and South Asia. He even warned miners not to underestimate the government’s carbon neutral in April.

3.Other Chinese regulatory measures

Due to concerns about regulatory policies, China's largest exchange Huobi recently restricted the leverage of existing users to less than 5x after stopping new users in China from using derivatives. The previous maximum was 125x

Alibaba Cloud, China's largest cloud service provider, made a call to cryptocurrency and mining companies registered in China, saying that according to regulatory requirements, it may cancel its domain name and stop server operation.

Some people found that when using an Apple mobile phone to log in to some cryptocurrency apps in China, a police prompt will appear: "You are visiting an overseas niche website, please browse with caution."

Some China's largest stock software stopped providing BTC market data in response to regulatory requirements.

Filecoin company called “dian dui dian” issued a statement confirming that it cooperated with the police investigation on June 16.

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