Bitcoin 

Bitcoin Hash Rate ‘Not Affected’ as China Floods Knock Out Miners

Bitcoin (BTC) network hash rate remains near all-time highs despite fresh turmoil in China as floods wipe out mining operators.  Bitcoin mining farm ‘devastated’ As various Twitter users reported on Aug. 20, the rainy season in China’s northwestern Sichuan province has spelled disaster for at least one Bitcoin mining farm. According to cryptocurrency mining pool Poolin, the fourth-largest active pool on the Bitcoin network, the floods completely destroyed the farm, leaving workers to rescue equipment from the silt left by the floodwaters. “A local mining farm based in Sichuan, China…

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Cryptocurrency 

China to Release Its Own Cryptocurrency Soon

Cryptocurrency may have been completely unknown for most people around half a decade ago, and most of the banks in the world did not even take it seriously. However, things have changed dramatically over the past few years, and many banks are now considering the possibility of launching their own digital currencies. Facebook (NASDAQ:FB) announced its own cryptocurrency last month, while American banking giant J. P. Morgan (NYSE:JPM) has come up with its own as well, and in a new development, it has emerged that the Chinese central bank is close to…

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Bitcoin 

Bitcoin Safe Haven Sucking in Money From China, Says Blockchain Executive

Bitcoin (BTC) really does function as a safe haven asset in 2019, another source has told mainstream media as the United States–China trade war rages. Bitcoin increasingly important amid economic uncertainty Speaking to Forbes in an interview on Aug. 8, Chris Reinertsen, chief marketing officer of blockchain consultancy Rhythm Technologies, said investors were pouring into Bitcoin in addition to traditional safe haven assets. “There is a flight of capital to safe-haven assets across the board, which now includes Bitcoin,” he told the publication. He added:  “Throughout the last few years,…

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Bitcoin 

Bitcoin Price Blasts Past $11,700, Dominance Nears 70% on China Turmoil

Bitcoin (BTC) price began highly bullish Monday after an abrupt turnaround of its previous bear market saw it gain $1,200 this over the weekend. Market visualization. Source: Coin360 Politics dictates Bitcoin price gains Data from Coin360 showed the extent of Bitcoin’s change of fortunes, which have so far culminated in a local high of $11,635. The upward trajectory strongly contrasts with action seen last week, BTC price only finding resistance at $9,000 after a weekend of sharp price drops. Bitcoin 7-day price chart. Source: Coin360 Unsurprisingly, traders were buoyant, shaking…

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Ethereum 

Why Wait for Facebook? China Can Issue Its Own ‘Libra’

The CEO of Chinese tech giant Huawei thinks that China can compete with Facebook for market share by issuing its own digital currency. Huawei CEO: ‘Why wait for others to issue it?’ As national news outlet Sina reported quoting a press conference in Italy on July 18, Ren Zhengfei believes China can easily create a digital currency with the same value proposition as Facebook’s Libra. “China can also issue such a currency by itself. Why wait for others to issue it? The power of a country is always stronger than…

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Ethereum 

Embattled Tron Creator Sun Apologizes to China in Deleted Social Media Post

Blockchain platform Tron’s founder, Justin Sun, sparked fresh controversy this week after he first posted and then deleted an online apology in an ongoing PR debacle.  Cryptocurrency-focused news outlet Cryptoslate reported the events, providing their own translation of comments Sun wrote and later removed from Chinese social media platform Weibo on July 25. Sun was due to have lunch with infamous Bitcoin (BTC) naysayer Warren Buffett on Thursday, a date he recently abruptly postponed due to reported ill health.  At the same time, Sun’s intense marketing of Tron, for which…

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Bitcoin 

New Blockchain Partnership Aims to Pave the Way for Mass Adoption in China

A blockchain platform and a mobile gaming company have unveiled a partnership designed to benefit hundreds of millions of users. High Performance Blockchain (HPB) has announced it is the first public chain to team up with gaming company Shanghai Youwan — paving the way for widespread adoption by the customers of some of China’s biggest brands. According to HPB, this integration means that its coins can be converted into in-game currency that can be used on an array of titles. Players will also have the freedom to make conversions into in-game…

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Bitcoin 

China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor

Bitcoin (BTC) has gained legal recognition by a second Chinese court in a further boost for the cryptocurrency in one of its harshest environments. A watershed for Bitcoin in China According to investor Dovey Wan, who linked to local media coverage, the Hangzhou Internet Court formally described Bitcoin as virtual property on July 18.  The second such court to attribute property status to Bitcoin, the ruling came about as part of a dispute between a now-defunct exchange and one of its users who lost funds.  For Wan, the case marks…

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Ethereum 

Bitcoin-Seeking Ransomware ‘Ryuk’ Virus Found and Studied in China

Tencent Yujian Threat Intelligence Center says that a Ryuk ransomware virus has been spotted in China. The intelligence center released information on the outbreak in a report on July 16. According to the report, Ryuk viruses are a family of malware aimed at infecting government and enterprise machines holding valuable data. According to the report, a Ryuk virus derives from the Hermes virus, with code that is directly modified off of the latter. As noted in the report, Ryuk is the name of a death spirit in the popular manga…

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Ethereum 

China Leads the World in Google Searches for Facebook’s Libra

China is the global leader when it comes to searching for “Facebook Libra” on Google one month after the release of Libra’s white paper. China keeping a close eye on Facebook’s Libra As of July 18, China is the first in the list of countries googling of Facebook’s new cryptocurrency project, according to data from Google Trends. Based on the data, China has the highest proportion of search queries for Libra, with a maximum value of the query popularity of 100. The top five countries include St. Helena, ranked second…

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