China

Amid the bullish trend in the bitcoin market, bitcoin’s popularity seems to be on the rise particularly in Asian markets.

BabelFinance CEO says crypto winter and solid partnerships are helping his crypto-finance company succeed in the difficult Chinese market.

According to CoinShares’ latest biannual mining report, the vast majority of bitcoin mining power comes from renewable energy sources.

Although China has shut down bitcoin trading platforms, its attitude toward bitcoin mining is still ambiguous. Now, 70 percent of the world’s bitcoins are produced in China, especially along the Dadu River, where there is plenty of hydropower.

Chinese companies have jumped on the bandwagon of bitcoin mining, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations.

Nearly 100 victims from various parts of China have reported to the Hangzhou police bureau, claiming that two young men stole nearly 7,000 bitcoin.

The first Bitcoin OTC Teller Machine in Beijing was removed shortly after its installation, completing a test run but not signaling any lasting traction for mainstream bitcoin adoption in China.

Recently, WeChat Payment has revised the “WeChat Agreement for Payment Service,” which involves the control and regulation of illegal transactions, including cryptocurrency transactions.

Profits earned from bitcoin mining have seen a clear rise since the start of April 2019 and hit a near half-a-year high on April 15, 2019.

A number of provincial governments are offering lower rates to attract bitcoin miners and Labrador’s government is considering energy incentives to attract “outstanding requests for service” from bitcoin data processors.