Following the crash, global BTC hash rates are now down over 15%, Dogecoin is the target of trademark applications, and a government official cites BTC as an investment option.
The big story this week was a massive power outage in Xinjiang that wreaked havoc on the BTC hash rate on April 16th. Hash ratings on Ant Mine Pool dropped by 21.93 percent, BTC.com by 18.5 percent, Binance Mine Pool by 22 percent, and Huobi Mine Pool by 25.5 percent, according to local reports. According to Cointelegraph, it was related to safety checks following a mine accident in the province’s western-most province. Because of inexpensive energy and similarly cheaper real estate, Western China has a large presence in the mining industry.
Despite miners’ claims that the effect will last just one or two days, the hash rate has yet to recover. The global rate is currently less than 145 million TH/S, down from 172 million TH/S the day before the crash.
DogeMania is a website dedicated to all things related to dogs
Buyers on OKEx and Huobi helped push the price up 370 percent in a week, causing Dogecoin mania. These two mostly Chinese exchanges accounted for 16.9% and 15.9% of global turnover, respectively, with Binance accounting for just 5.2 percent of total volume. In comparison to western investors, who were more likely to make jokes about the results on social media, Chinese buyers appear to see all properties through the prism of a prospective purchase.
The craze for Dogecoin didn’t end there. Two firms attempted to file the Chinese edition of Dogecoin, according to Tianyancha, a website for business records. Two independent technology firms in Shanghai and Changsha filed patent applications for the Chinese name, which literally translates to ‘Dog-Coin.’ The trademark is currently undergoing a substantive analysis, according to the source.
Binance has a new CEO.
As the executive positions at Binance continue to shuffle, the company recently announced a new head of Greater China. Binance is a decentralized organization with much of its functions and structures hidden from view. After facing a lot of regulatory confusion in China, the firm moved its headquarters out of the country in 2017. Despite this, China has a high concentration of traders and investors, making it an ideal location for consolidated exchanges.
Well-chosen words of encouragement?
The People’s Bank of China’s deputy governor, Li Bo, raised some eyebrows when he said at a conference that the bank views Bitcoin and stablecoins as investment options. This is a good indication that Beijing’s position on cryptocurrencies is continuing to relax in a nation where terms are seldom taken at face value.
The digital yuan is a risky investment.
In other digital yuan headlines, many worry that tighter currency monitoring would be another setback for Macau’s gaming industry. The country, which relies on the mainland for roughly 70% of its traffic, would allegedly suffer if it were more difficult to move illegally acquired funds across borders.
Currency with clout
Finally, a former governor of China’s People’s Bank cautioned that imposing digital taxes could lead to a trade war. He defended China’s increasing role in the digital economy by emphasizing the value of multilateralism at the Boao Forum for Asia. China is gradually expanding its economic presence in neighboring countries, a trend that could be intensified by the development of digital yuan infrastructure.