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Saturday, July 2, 2022
JockerCryptoNews
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    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

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    OpenSea Tightens Security To Prevent NFT Scams And Fraud

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    Mfers NFT Prices Slump After Creator Pulls A Satoshi Nakamoto

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    English Premier League Plans To Issue NFTs, Filing Shows

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    Will Apple Unveil NFT Trading Cards In Next Week’s Developer Event?

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    Where Do They Come From and Where Are They Going?

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    Disney Hires Former Apple Executive to Head Metaverse Creative Strategy

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    The Sandbox — LAND Smart Contract Migration

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    Best Ways to Make Money with Bitcoin in 2021

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    OpenSea Tightens Security To Prevent NFT Scams And Fraud

    OpenSea Tightens Security To Prevent NFT Scams And Fraud

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    NFT Market Takes Huge Hit, Bored Ape NFT Prices Crash 25% In A Day

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    Mfers NFT Prices Slump After Creator Pulls A Satoshi Nakamoto

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    ApeCoin Community Chooses Ethereum Over Avalanche, Here’s Why

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    Former OpenSea Executive Charged With NFT Insider Trading

  • Metaverse
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    Introducing mSAND-MATIC staking at The Sandbox

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

    CyberKongZ and The Sandbox Team Up For VoxEdit Contest

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    Where Do They Come From and Where Are They Going?

    Disney Hires Former Apple Executive to Head Metaverse Creative Strategy

    Disney Hires Former Apple Executive to Head Metaverse Creative Strategy

    The Sandbox — LAND Smart Contract Migration

    The Sandbox — LAND Smart Contract Migration

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    The Go-To Marketplace For All Things Metaverse

    The Web 3 LAND Sale

    The Web 3 LAND Sale

    As Otherside Land Value Drops, Yuga Labs Faces Giant Tax Obligation

    As Otherside Land Value Drops, Yuga Labs Faces Giant Tax Obligation

    The Desktop Client Beta is Closer Than Ever to a Full Launch—Get it Now!

    The Desktop Client Beta is Closer Than Ever to a Full Launch—Get it Now!

  • Tokenization
    Here’s how to keep your data, devices safe

    Here’s how to keep your data, devices safe

    Amber Group Now Insures Digital Assets Held On Behalf of Clients

    Amber Group Now Insures Digital Assets Held On Behalf of Clients

    The Evolution of Digital Assets Securities

    The Evolution of Digital Assets Securities

    Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

    Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

    21st-Century Inventions with the Biggest Impact

    21st-Century Inventions with the Biggest Impact

    Matrixport’s Cactus Custody™ Launches Institutional Custody Service for Non-Fungible Tokens (NFTs)

    Matrixport’s Cactus Custody™ Launches Institutional Custody Service for Non-Fungible Tokens (NFTs)

    Société Générale Now Offers A Range Of Capital Market Products Utilizing Tezos And Leveraging METACO’s Harmonize Solution

    Société Générale Now Offers A Range Of Capital Market Products Utilizing Tezos And Leveraging METACO’s Harmonize Solution

    INX and SICPA Sign an MOU to Establish a Joint Venture to Develop An Innovative CBDC Ecosystem To Support Monetary Sovereignty

    INX and SICPA Sign an MOU to Establish a Joint Venture to Develop An Innovative CBDC Ecosystem To Support Monetary Sovereignty

    Third-Party Organizations Provide Real-Time Ups

    Third-Party Organizations Provide Real-Time Ups

  • Learn
    Crypto Mass Adoption: Traditional Stocks in Your Crypto Portfolio

    Crypto Mass Adoption: Traditional Stocks in Your Crypto Portfolio

    Best Ways to Make Money with Bitcoin in 2021

    Best Ways to Make Money with Bitcoin in 2021

    How to Instantly Exchange Cryptocurrency on Changelly

    How to Instantly Exchange Cryptocurrency on Changelly

    What Is the Best Cryptocurrency to Mine?

    What Is the Best Cryptocurrency to Mine?

    How to Create Your Own Cryptocurrency

    How to Create Your Own Cryptocurrency

    Benefits of Cryptocurrency

    Benefits of Cryptocurrency

    How to Start Trading Cryptocurrency

    How to Start Trading Cryptocurrency

    EtherLite (ETL) Cryptocurrency Price Prediction

    EtherLite (ETL) Cryptocurrency Price Prediction

    How to Trade Bitcoin Futures

    How to Trade Bitcoin Futures

  • Analysis
    Ethereum Remains Attractive, What Could Trigger More Upsides

    Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100

    Bitcoin Resumes Rally, Why BTC Could Accelerate Above $40K

    Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

    Should You Play Axie Infinity: Origin?

    Should You Play Axie Infinity: Origin?

    Bitcoin Turns Vulnerable, Why BTC Could Soon Test $30K

    Bitcoin Prints Bearish Pattern, Why BTC Could Drop To $42K

    Bitcoin Corrects Lower, Why This Indicator Holds The Key

    Bitcoin Tops Near $47K, Why The Bulls Must Defend $45K

    Bitcoin Key Indicators Suggest Strengthening Case For Fresh Surge

    Bitcoin Key Indicators Suggest Strengthening Case For Fresh Surge

    Kraken, Another Giant Exchange Integrates The Lightning Network

    Kraken, Another Giant Exchange Integrates The Lightning Network

    Why CEOs See Bullish Signs

    Why CEOs See Bullish Signs

    Alpha Venture DAO Transforms Web3 Project Incubation Through Community Focus

    Alpha Venture DAO Transforms Web3 Project Incubation Through Community Focus

  • Blockchain
    Money Clinic Podcast: Surviving the ‘Crypto Crash’

    Money Clinic Podcast: Surviving the ‘Crypto Crash’

    New York State Denies Air Permit to Greenidge Crypto Mining Facility on Seneca Lake

    New York State Denies Air Permit to Greenidge Crypto Mining Facility on Seneca Lake

    DeFi’s promise of democratising finance remains a distant reality

    DeFi’s promise of democratising finance remains a distant reality

    Blockchain.com Plans to Provide an NFT Domain Name to 83 Million Wallet Users – Blockchain Bitcoin News

    The crypto plan to save our souls

    The crypto plan to save our souls

    Hong Kong’s OSL and US-Based Abra Become the Latest Crypto Firms to Announce Layoffs

    Hong Kong’s OSL and US-Based Abra Become the Latest Crypto Firms to Announce Layoffs

    CBDCs now hold wholesale appeal for central bankers

    CBDCs now hold wholesale appeal for central bankers

    Luna crash sends a chill through decentralised finance market

    Luna crash sends a chill through decentralised finance market

    Ukraine Joins European Blockchain Partnership as Observer – Blockchain Bitcoin News

    Ukraine Joins European Blockchain Partnership as Observer – Blockchain Bitcoin News

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Canaan Asks Chinese Authorities to Reconsider Clean Energy Bitcoin Mining Operations

June 2, 2021
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Canaan Asks Chinese Authorities to Reconsider Clean Energy Bitcoin Mining Operations
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China’s biggest mining rig manufacturer Canaan has appealed to Chinese authorities to reconsider its indiscriminate ban on crypto mining activities in the country. Last month, China’s State Council announced a ban on Bitcoin and crypto mining operations leading to a major downfall in the crypto market.

China has been one of the biggest destinations controlling 60% of the global crypto mining. Since crypto mining requires consumes massive electric power authorities have been cracking down on them. However, Canaan argues that businesses that use clean energy for crypto mining should be spared.

The Nasdaq-listed crypto mining equipment manufacturer argued that mining employees a large number of people contributing to China’s local economy. Canaan Inc CEO Zhang Nangeng expressed his views during the recent earnings call.

“For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste. Bitcoin miners also help create jobs in impoverished regions and contribute to fiscal coffers,” he told Reuters.

Amid the China crackdown, miners from Inner Mongolia and Sichuan started selling their mining machines. As a result, crypto miners situated in this region have started facing the heat of the regulatory wrath.

Canaan’s Business Also Faces the Heat

Canaan CEO Zhang said that China’s policy uncertainty is causing major mining players to move to overseas locations like North America and Europe. As a result, some of Canaan’s clients have placed new orders for mining equipment on hold.

Besides, Zhang adds that owing to the crackdown, many miners have rushed to underselling their rigs thereby creating a knockdown effect on the pricing. To reduce this impact of the Chinese crackdown, Canaan is also accelerating its overseas expansion. The mining rig manufacturer is setting up its own offshore mining entity while securing long-term contracts.

Canaan recently reported $63 million in sales of its Bitcoin mining machines during Q1 2021, reporting a massive 500% surge in its business. The overseas market contributes ~80% of the company’s revenues. Canaan has also established its office in other Asian locations like Singapore and Kazakhstan.

“Just as it took a long time for bitcoin to be recognized by the market, there will also be a (long) process for bitcoin, and cryptomining, to be recognized by regulators” in China, Zhang said.

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Tags: AsksAuthoritiesBitcoinCanaanChineseCleanEnergyMiningOperationsReconsider
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