8BTC Staff

China moves forward with its digital currency. Image: Shutterstock.

China expands digital yuan trial to several more cities

The long-anticipated digital yuan will be piloted in more cities across the country, announced China’s ministry of commerce on August 14. According to the official statement, these cities include those in the northern Chinese region of Beijing-Tianjin-Hebei, eastern region of Yangtze River Delta, the “Greater Bay Area” around the Pearl River Delta, and some cities in Midwestern China. The document states that the People’s Bank of China (PBoC) shall formulate policy safeguards. Cities like Shen...

Many companies in China are testing and using blockchain technology. Image: Shutterstock.

China has more than 45,000 registered blockchain companies

More than 45,000 blockchain companies have registered with the Chinese government, according to data from Chinese company information site Qcc.com. Of the 45,000 blockchain companies, more than half are located in China’s economic powerhouse Guangdong province. Only a minority, about 750 enterprises, obtained capital support, with 38% currently in the angel/seed rounds and 26% in the Pre-A or A+ rounds. Since 2016, the country has seen an exponential rise in the number of blockchain companies es...

Looking at the Bitcoin code. Image: Shutterstock.

Here's what the Bitcoin halving looks like. Literally

With six days left until the Bitcoin halving, the event has become one of the most talked-about topics in the crypto industry. Experts have been racing to weigh in on the effects the halving will have on the market, with many arguing over whether or not the halving has already been “priced in.” The total supply of Bitcoin is capped at 21 million coins, which means that once the final coin is mined no new Bitcoin will enter its supply. Each new Bitcoin is created by mining, a process in which pow...

Bitmain used to own Bitcoin mining pool Poolin. Image: Shutterstock.

Bitmain wins $300,000 legal case against Bitcoin mining pool Poolin

The co-founders of Bitcoin mining pool Poolin have lost their legal battle against their former employer Bitmain, with the reported ruling result reading that the three should return all the paid compensation and pay fines totaling more than 1.2 million yuan ($170,000). The case has been developing since August 2018 when cryptocurrency mining giant Bitmain first filed a lawsuit against its three former senior executives, who started a rival mining pool, for allegedly violating a non-compete agre...

Tech giant Tencent is embracing blockchain.

Chinese tech giants gear up blockchain projects

Chinese smartphone and electronics giant Xiaomi recently set up a $9.5 million joint venture, which will focus on new business areas involving blockchain, artificial intelligence and big data. The Hong Kong-based company has been eyeing blockchain since 2017. Its latest move—a joint venture with three local companies, called Chongqing Port Industrial Finance Big Data Industry Development Co. Ltd.— illustrates Xiaomi’s ambition to compete in the intense blockchain race with two other Chinese tech...

Bitcoin is the original decentralized digital currency. (Image: Shutterstock)

Rich list names the world’s wealthiest Bitcoin billionaire

The Hurun Global Rich List released today includes six cryptocurrency billionaires, adding two new faces from major crypto exchanges this year. According to the list, four people out of the six executives who made it onto the list are from major cryptocurrency exchanges, holding a net worth of more than $1 billion each. Changpeng Zhao, the 42-year-old founder of the three-year-old crypto exchange Binance, has continued to grow his personal wealth as the company expands. Zhao has doubled his weal...

Will the "upcoming bull run" be the last one we can predict? (Image: Shutterstock)

Upcoming Bitcoin bull will be the last one we can predict, claims China mining tycoon

The Bitcoin bull run to come with the upcoming halving is likely to be the last one that cab be clearly predicted, said crypto mining pool BTC.Top’s founder Jiang Zhuoer. The mining pool is the second largest in China. The Bitcoin tycoon recently took to Weibo (Twitter's equivalent in China) to opine about his prediction of Bitcoin’s next halving. As the date of the third bitcoin halving draws near, debates regarding when the halving effects kick in and how it will influence price have been int...

Chinese Bitcoin miners headed to Central Asia?

Abundant coal, natural gas, cheap electricity, and sparsely populated and vast territory are making the countries of Central Asia a perfect fit for Bitcoin mining. Compared to the thermal power cost of over $0.06 per kilowatt hour in China, average electricity rates of $0.03 per kilowatt-hour in some central Asian countries, such as Kazakhstan and Uzbekistan, is becoming increasingly attractive for Chinese miners. Likewise, countries such as Uzbekistan, who offer increasingly open policies on cr...

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