Image Image Image Image Image Image Image Image Image Image Image Image

| January 21, 2019

Scroll to top

Top

Chinese Archives -

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership

January 10, 2019 |

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership

The cryptocurrency mining manufacturer Bitmain may have a new chief executive officer in the near future according to regional reports. Bitmain’s director of product engineering, Haichao Wang, will apparently take the lead role within the corporation but no official timetable has been announced.

Also Read: Nick Szabo: Central Banks May Turn to Cryptocurrency Reserves Over Gold

Bitmain Plans to Appoint New CEO Claims Report

The Beijing-based mining giant Bitmain Technologies has appointed a “potential successor” for the role of CEO at the company, according to a report from the South China Morning Post (SCMP). Bitmain has been a well known and successful mining rig manufacturer since it was cofounded by Jihan Wu and Micree Zhan in 2013. The Chinese corporation is believed to have pulled in over $ 4 billion in profit from mining cryptocurrency and selling ASIC equipment to the general public.

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership

More recently, however, there have been rumors of Bitmain employee layoffs and board shakeups over the last few weeks. On December 10, news.Bitcoin.com reported on Bitmain closing its research and development center in Ra’anana, Israel. The latest report stemming from SCMP explains that Bitmain’s director of product engineering, Haichao Wang, will be the company’s new CEO. Wang has reportedly already started the transition in December and Wu and Zhan will remain co-chairs.

IPO Uncertainty

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership
Jihan Wu (front) and Micree Zhan (back)

Wang worked for a Beijing-based semiconductor designer called Availink for seven years before joining Bitmain. The potential successor is a graduate from the well known tech school Tsinghua University in Beijing. SCMP further details that when Wang officially takes the lead, Zhan and Wu will leave “day-to-day business activities” but the pair will still play a part in large company decisions. Bitmain is still waiting for the Hong Kong Stock Exchange (HKEX) to decide on whether the corporation can offer an initial public offering (IPO). Back in July, according to Chinese media outlet Caixin, Bitmain Technologies Ltd. raised up to $ 400 million leading to an overall company valuation of $ 12 billion.

Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership

In December, a stock market regulator and operator from HKEX who wished to remain anonymous told multiple financial publications that regulators were reluctant to green light the Bitmain IPO. SCMP detailed that the Hong Kong regulator stated that it was “premature” to approve such IPOs right now as the proper regulatory framework for the industry has not been put in place. Mining rig manufacturer Canaan, who also applied for an IPO, let its filing lapse this past November. Meanwhile, Ebang International Holding refiled for its IPO during the last week of 2018.

What do you think about Bitmain appointing a new CEO this year? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, QZ, Pixabay, Twitter, and Reddit. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Report Claims Chinese Mining Giant Bitmain Is Prepping for New Leadership appeared first on Bitcoin News.

Bitcoin News

Man arrested after 20 children injured in Chinese primary school attack

January 8, 2019 |

Chinese authorities say a male attacker has wounded 20 children inside a Beijing primary school.
FOX News

Chinese rover powers up devices in pioneering moon mission

January 5, 2019 |

China’s space agency says all systems are go for its spacecraft and rover that have made a pioneering landing on the far side of the moon.
FOX News

Number of Chinese Crypto Lawsuits Doubles in 2018

January 4, 2019 |

According to China Judgements Online, a database of Chinese court documents, half of all lawsuits pertaining to cryptocurrencies were filed last year, highlighting an increase in fraudulent activity despite China’s regulatory crackdown. The database indicates that at least 202 cryptocurrency scams were promoted via more than 3,000 different platforms.

Also Read: Indian Central Bank’s Report Shows Cryptocurrencies Are Not Currently a Threat

Half of All Chinese Crypto Lawsuits Were Filed Last Year

Number of Chinese Crypto Lawsuits Doubles in 2018China Judgements Online, a website that publishes Chinese court documents, has estimated that 202 cryptocurrency scams were operational in China during 2018.

The website found that the scams were promoted across more than 3,000 different platforms and noted a significant increase in the number of pyramid schemes ostensibly associated with cryptocurrency over the last two years.

According to China Judgements Online, approximately half of the 406 lawsuits relating to cryptocurrency that have been filed in China since 2014 were filed last year. The data highlights the increase in fraudulent activity pertaining to virtual currency following the highly publicized cryptocurrency boom of 2017, despite China’s regulatory efforts.

China Advocates Caution Regarding Crypto

Number of Chinese Crypto Lawsuits Doubles in 2018Chinese officials have continued to promote caution regarding cryptocurrencies in recent months, emphasizing concerns that an unbridled cryptocurrency market could lead to systemic risk throughout the domestic economy.

Li Lihui, the head of the state-backed National Internet Finance Association – a self-regulatory organization that collaborates with the People’s Bank of China and “relevant ministries and commissions” – recently emphasized concerns pertaining to the transparency of stablecoins while speaking at an event hosted by Tsinghua University.

“On the platform of the virtual currency exchange, the market value of [stablecoins] is hundreds of millions of dollars. But some stable currency accounts are not transparent enough, and there is no authoritative supervision, there is a risk of trust,” Lihui stated.

Do you think that the number of lawsuits pertaining to cryptocurrencies in China will continue to increase in 2019? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Number of Chinese Crypto Lawsuits Doubles in 2018 appeared first on Bitcoin News.

Bitcoin News

Chinese Consumers Tighten Their Belts and the World Feels the Squeeze

January 4, 2019 |

A slowdown in China’s economy is piling stress on to a previously reliable growth driver—the Chinese consumer—likely deepening an economic pullback that is rattling global markets.
WSJ.com: What’s News Asia

Investor Interest in Chinese Tech Begins 2019 Not With a Bang but a Whimper

January 3, 2019 |

The flood of money rushing into Chinese internet startups has slowed, dashing hopes of quick windfalls for many investors.
WSJ.com: What’s News Asia

Miserable Chinese Economic Data Hits Asian Stocks

January 2, 2019 |

Asian markets logged a miserable start to the year, with almost all indexes dropping on the first trading day of 2019 following weak economic data from China.
WSJ.com: What’s News Asia

Chinese Investors Retreat From Global Property Markets

January 2, 2019 |

The days of Chinese investors snapping up high-profile real estate in many Western markets are likely over for now, adding to the downward pressure on prices from rising interest rates.
WSJ.com: What’s News Asia

Chinese Gene-Editing Trial Loses Track of Patients, Alarming Technology’s Inventors

December 30, 2018 |

A gene-editing trial in China lost touch with cancer patients whose DNA was altered, alarming some Western scientists who say subjects should be monitored for many years.
WSJ.com: US Business

1 in 7 Chinese Have Invested in Cryptocurrency 

December 30, 2018 |

A survey conducted by Panews has found that 14% of Chinese citizens have invested in cryptocurrencies. The survey also found that 98% of respondents indicated familiarity with the concepts of cryptocurrency and bitcoin – 3% more than those who stated that they had heard of blockchain technology.

Also Read: Skeptical Payoneer CEO Dismisses Idea of Single Currency Like Bitcoin as Unrealistic

Survey Finds 14% of Chinese Citizens Have Invested in Cryptocurrencies

1 in 7 Chinese Have Invested in Cryptocurrency Panews has published the findings of a survey that queried 4,200 Chinese citizens on their familiarity and opinions regarding Bitcoin and cryptocurrencies.

The survey found that just 75 respondents had not heard of cryptocurrency or blockchain technology, equating to roughly 2% of the survey’s sample. The survey also found that 40% of respondents expressed a willingness to invest in cryptocurrencies in the future, despite nearly 83% of the sample describing cryptocurrency investment as a new trend.

14% of the sample, or 598 respondents, stated that they have invested in cryptocurrencies, nearly 70% of whom purchased their crypto via an exchange platform. 266 respondents came to possess their crypto through airdrops, followed by mining, with 263.

The sample indicated that social media is the dominant means through which Chinese citizens have become exposed to cryptocurrencies, with 38% of respondents claiming familiarity with crypto stating that they became exposed to such through social media, followed by “relatives and friends” with 26%.

Panews also noted that the majority of respondents associated cryptocurrencies with investment products primarily, and not as a medium of exchange.

Cryptocurrency Moving Towards Becoming Household Concept in China

1 in 7 Chinese Have Invested in Cryptocurrency While 4,125 respondents indicated familiarity with the concepts of cryptocurrency, Bitcoin, and blockchain technology, only 372 individuals described themselves as possessing a strong understanding of pertinent topics, amounting to roughly 9% of all respondents.

Only 17 respondents claimed not to have heard of cryptocurrency, while 103 stated that they were unfamiliar with Bitcoin. 60% of respondents described common perceptions regarding the complexity of exchanging and storing cryptocurrency as the primary barrier to greater crypto adoption.

Overall, the study found that bitcoin and cryptocurrency have made significant strides toward penetrating mainstream economic discourse in China, asserting that “the cryptocurrency industry has made considerable progress in the public’s cognitive level” since “the early days.”

How many years do you think it will be until 98% of the world’s population have heard of bitcoin and cryptocurrency? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post 1 in 7 Chinese Have Invested in Cryptocurrency  appeared first on Bitcoin News.

Bitcoin News