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Digital Currency Revolution Series: A Glimpse At Chinese Dominance In Crypto-Mining
Of late, in China, amid the mounting interests in Blockchain and Cryptocurrency on President Xi Jiping’s commentaries, they have been flexible and optimistic towards mining business of cryptocurrencies. The nation now takes the lions share in the entire world’s crypto mining power, it dominates about 2/3rd of global mining power, i.e. the Bitcoin miners in China control about 66% of the global hash rate, which is the measure of power that ushers one’s ability to mine and extract new coins.
This is a six percent increase from the summer, when China controlled approximately 60 percent of the world’s crypto mining power.
The price of bitcoin has been shrugging-off all constructive news in the industry and continue to sense the selling sentiments.
However, the miners didn’t have to bother and can access to BTC futures markets, that have mitigate some of the losses from selling on the spot or OTC markets. In addition, Bakkt has introduced bitcoin options on futures, the bitcoin miners who have their exposures can hedge the risk exposure using new derivatives products.
The Chinese authorities countered on Facebook’s Libra after the official introduces their central bank’s digital currency also. Huang Qifan, the vice chairman of the China International Economic Exchange Center, announced the name of the digital currency to be launched by the People’s Bank of China, DCEP. The People’s Bank of China (PBOC), is intending to roll out the pilot project focused on digital currency payments in two of its major cities, Shenzhen and Suzhou.