Crypto and Blockchain in China: Is it Going to Develop?

Crypto and Blockchain in China: Is it Going to Develop?

A company based in Nevada will transform its data center into a cryptocurrency mine for Wuhan General Group.

Despite China’s negative attitude to bitcoin and crypto-related activities, Yangpu District of Shanghai is planning to develop blockchain technology and support more than 100 startups.

This is the first incentive by the city authorities. Earlier it was reported, that Chinese government shut down more than 80 digital cryptocurrency exchanges and blocked new accounts on social media including WeChat. But in this case, Shanghai measures won’t infringe the government’s cryptocurrency ban.

This week, Chinese representatives welcomed Australian crypto startups which visited the headquarters of Ant Financial. 

In addition to that, an American company uncovered an aspiring plan to transform a data center into a cryptocurrency mine. According to Wuhan General Group, a Chinese crypto company, the data center is ready to accommodate more than 1,000 mining machines for various cryptocurrencies. The first order of crypto equipment is going to arrive in October. The enterprise may bring in monthly revenue of more than 3.5 million USD.

Wuhan got success thanks to its battery and power generation business. However, the company’s representatives announced they are going to focus on mining farms.

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