Connect with us

Press Release

Overseas Mines Are Witnessing A New Round Of “Gold Rush” While Domestic Mine Policies Are Tightening

Published

4 years ago

on

Domestic policies are getting tighter, sparking waves

On May 18, China Internet Finance Association and two other associations jointly issued “Announcement on the Prevention of Virtual Currency Transactions Speculation Risk”, underscoring the virtual currency transactions speculation risk, implying that virtual currency transactions are illegal in financial activities, and financial institutions and payment agencies should not provide support and services for virtual transactions.

On May 21, Vice Premier of the State Council, Liu He presided over the fifty-first meeting of the Financial Stability and Development Commission of the State Council to study the next phase of financial. The meeting emphasized cracking down on Bitcoin mining and trading practices, and was determined to prevent individual risks from passing on to the society.

With the continuous modification of regulatory policies, domestic mining operators will face a sudden decline in business volume, shortage of funds and other challenges, as the future of mining looks bleak. The stance of the Financial Stability and Development Commission of the State Council on tightening virtual currency mining regulation is due to financial risks and concerns about energy consumption from mining.

Inner Mongolia takes the lead in response

Inner Mongolia became the first place to issue a policy to “crack down on the mining of virtual coins” after the Financial Stability and Development Commission of the State Council stepped up regulation of virtual coins. On May 25, the Inner Mongolia Development and Reform Commission announced eight measures to strengthen the crackdown on virtual coin mining. It not only referred to that industrial parks, data centers, self-owned power plants, internet enterprises, internet cafes and other participants in mining activities will be held responsible according to relevant laws and regulations, but also the related enterprises and personnel of virtual currency mining activities will be blacklisted for discrepancies according to relevant provisions.

Not only that, the individuals involved are equally treated, and the draft notes, public officials, who take advantage of their posts, participate in virtual coin “mining” or provide it with convenience and protection, now come under the scanner.

Whether Sichuan will be the last “resort” is debatable

After the Inner Mongolia article, the mining circle is also waiting to see whether Sichuan will follow the same path. On June 2, Sichuan held a virtual coin “mining” related situation symposium. Many industry insiders said that this meeting is only a research meeting, not decision-making meeting, and its impact on the industry is limited without the changes in the policy. So, it is not clear whether Sichuan will tighten regulations too.

There’s a big difference between hydropower and thermal power mining, and Sichuan already has a lot of abandoned power during the abundant water season, and mining is the most efficient way to use it because it doesn’t require electricity to be transferred, so simply moving the mine to a power-generating location can convert it directly into revenue. Therefore, if Sichuan and Yunnan consider abandoned water consumption factors, in the abundant water period the abandoned electricity can be used for mining, the domestic may still retain some mines. This is the reason why some miners are still waiting.

Opportunities and challenges of “gold rush” overseas

Mining is essentially a manufacturing process for digital currency assets. Given the uncertainty of domestic policy, if there is policy support in North America and other countries, and electricity is cheap and infrastructure is mature, it is a better choice to deploy mines overseas.

Opportunities are often accompanied by challenges, says Liu Changyong, director of the Blockchain Economic Research Center of Chongqing Technology and Business University, where the mines will first consider low electricity prices. In 2018 and 2019, Iran’s electricity prices were very low, but policy was unstable, and some of the mines were even confiscated directly by the government after they were transferred. “It was only later that people discovered that the policy environment was also important. Now it is mainly transferred to the slightly remote places of developed countries, such as Canada and northern Europe, with low electricity prices and relatively stable and friendly policies, and moreover, low temperatures are beneficial for machine cooling.”

Planning ahead, BTC has already started overseas layout

In fact, as early as in April this year, Ms. Meng Xiaoni, vice president of BTCM and chief executive of BTC.COM, expressed her views about the mining “change”. The restructuring of the global energy sector, she argues, is a global revolution that began in 2014, and by 2020, at the 75th UN General Assembly, China’s goal of carbon neutralization has given a crucial signal of huge Chinese capacity, China’s market and Chinese demand, and calls for a more environmentally friendly approach. This is bound to provide great leadership for the global economic industry, but also has a strong butterfly effect, in the future there will be more countries to join the construction group, leading to global economic change.

To this, BTC also lays out overseas early. Moreover, there are frequent actions taken recently!

On May 19, BTCM announced a legally binding investment agreement with Dory Creek, a wholly-owned unit of BitDeer, to jointly invest in an encrypted digital currency mine in Texas. BTCM plans to invest a total of US $25.74 million.

On May 24, BTCM announced that it would set up a mine in Kazakhstan, with a total investment of RMB 60 million, to build and operate a 100-megawatt mine with a Kazakh company. When the mine is completed, the company will hold an 80% stake in the Kazakhstan mine, with a 20% stake in the partner.

BTCM has been advocating low-carbon and environmentally friendly mining. Clean and low-carbon energy accounts for more than 98% of the company’s own mine energy mix after the Texas mine was completed. In the future, BTCM will continue to actively implement the goal of “carbon neutralization” and actively seek more high-quality mineral resources overseas!

About Author

Alex Jacob

Alex Jacob is a literature author. He was born in Chicago. Alex passion is writing news articles. He writes number of articles and published it.

See author's posts

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Related Topics:
Continue Reading

Press Release

Diabetics Trust Launches Transparency Pledge to Revolutionize the Sale of Diabetic Supplies

Published

9 minutes ago

on

December 24, 2024

By

San Francisco, California, United States, 24th Dec 2024  – Diabetics Trust, a leading buyer of diabetic supplies, has unveiled its groundbreaking Transparency Pledge, setting a new standard in the industry. This initiative ensures that individuals looking to sell diabetic test strips, CGMs, and other supplies experience a streamlined, transparent, and hassle-free process.

The Transparency Pledge introduces clear guidelines, fair payouts, and fast payments within 1-2 business days of product verification. Unlike many competitors, Diabetics Trust eliminates hidden fees and ambiguous conditions, providing sellers with a reliable and predictable experience.

Commitment to Transparency and Customer Satisfaction

Diabetics Trust’s manager, James Mary, emphasized the company’s dedication to creating a fair marketplace.

“Our mission is rooted in transparency. We believe our customers deserve clarity, fairness, and efficiency throughout the entire process. This pledge reflects our commitment to delivering an honest and seamless experience.”

Addressing Rising Healthcare Costs

With the increasing burden of healthcare expenses, selling unused diabetic supplies has become a practical way for individuals to recover costs. Diabetics Trust not only empowers sellers to earn extra cash but also contributes to sustainability by redistributing quality supplies to those in need.

The company’s transparent process includes:

Fast Payments: We always try our best to process payments within 1-2 business days after verification. PayPal payments are usually instant. 

No Hidden Fees: Sellers know exactly what to expect upfront.

Return Option: Rejected items can be returned for a nominal fee.

A Step Towards Sustainability

By encouraging the resale of unused diabetic supplies, Diabetics Trust supports waste reduction and promotes access to affordable healthcare products.

About Diabetics Trust

Diabetics Trust is committed to empowering individuals through transparent, efficient, and ethical practices. The company specializes in buying diabetic test strips, CGMs, and lancets, ensuring customers receive the highest payouts with no surprises.

For more information on how to sell diabetic supplies, visit DiabeticsTrust.com. 

Media Contact

Organization: Diabetics Trust

Contact Person: James Mary

Website: https://diabeticstrust.com/

Email: Support@diabeticstrust.com

Country: United States

Release Id: 24122421849

The post Diabetics Trust Launches Transparency Pledge to Revolutionize the Sale of Diabetic Supplies appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

About Author

Cloud PR Wire

See author's posts

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

Press Release

HKFA’s 9th Anniversary Celebration Lights Up Kuala Lumpur with Unforgettable Gala and Global Trust Summit

Published

9 minutes ago

on

December 24, 2024

By

9th Anniversary Private Gala Dinner & Global Trust Summit 2024 wrapped up in Malaysia!

Kuala Lumpur, Malaysia, 24th Dec 2024 – On November 22, 2024, Hong Kong Fiduciary Association Limited (HKFA) proudly hosted its 9th Anniversary Private Gala Dinner & Global Trust Summit 2024 at the prestigious Diamond Ballroom in EQ Kuala Lumpur. The grand event brought together over 300 esteemed colleagues, collaborators, and guests from around the globe to celebrate nearly a decade of trust and success in the wealth management industry.

Under the theme “SHINING BRIGHT FOR 9 YEARS, WITH TRUST AS OUR GUIDING LIGHT,” the evening commemorated HKFA’s achievements and set the stage for future innovation in fiduciary services.

Global Trust Summit 2024: Industry Insights and Milestones

The event began with the Global Trust Summit 2024, an engaging platform for industry leaders to analyze current trends and explore future opportunities. The summit featured a retrospective milestone video celebrating HKFA’s achievements since 2015, followed by an inspiring keynote by Mr. Cyril Yeung, Founder of HKFA, who highlighted the company’s resilience, innovation, and client-focused approach. 

Mr. Yeung noted that “Throughout these wonderful years, relentless efforts have brought us to where we are today. Persistence, innovation, and a pragmatic approach have been the true driving forces behind our success. Looking ahead, HKFA will continue to reach a broader client base globally by enhancing professionalism, broadening service scopes, and striving to shine even brighter on the global stage.”

It also included a detailed analysis of a new Hong Kong-domiciled fund structure by Mr. Melvin Mui, COO of Hong Kong Trust Capital Management Limited, showcasing the launch of the innovative trust structure designed to meet the diverse needs of trust clients. Additionally, Mr. Keith Chan, Business Development Director of Inheritance Asset Management Limited presented the Global Review 2024, offering valuable insights into market trends and strategies for 2025.

A Night to Remember: 9th Anniversary Private Gala Dinner

Following the summit, the gala dinner was a celebration of camaraderie, achievements, and aspirations. Mr. Mong Chung Chee, President of Asia-Pacific Region of HKFA, opened the evening with heartfelt remarks, welcoming global guests to this momentous occasion.

The gala was filled with memorable highlights, including an introduction to HKFA’s growing presence in Dubai by Mr. Jason Tan, Vice President of UAE Region, who shared insights into the company’s market expansion. A symbolic strategic partnership agreement was signed between Mr. Jason Tan and Ms. Peini Huang of Kreston Menon Chartered Accountants, reinforcing HKFA’s dedication to serving high-net-worth clients. The evening also featured a celebratory 9th Anniversary Cake Ceremony, led by HKFA executives, symbolizing nine years of excellence and trust. Guests enjoyed a vibrant atmosphere with live music, exquisite dining, and ample opportunities for networking and reflection.

Looking Ahead: A Decade of Excellence and Beyond

The event concluded with a heartfelt closing speech by Mr. Mong Chung Chee, expressing gratitude to attendees and reaffirming HKFA’s dedication to setting new standards in the fiduciary industry.

As HKFA reflects on nine successful years, the company is poised to embrace future challenges with professionalism and innovation, ensuring continued excellence in wealth management services worldwide.

About HKFA:

Established in 2015, the main objective of HKFA is to educate and empower sophisticated and high-net-worth clients with global assets, offering tailored and comprehensive solutions to clients across the globe to safeguard family legacies and ensure seamless inheritance. With a commitment to professionalism and innovation, HKFA continues to pave the way for excellence in wealth management.

Media Contact

Organization: Hong Kong Fiduciary Association Limited

Contact Person: Ms. Catherine Choo

Website: https://www.trusthongkong.com/

Email: info@trusthongkong.com

City: Kuala Lumpur

State: Kuala Lumpur

Country: Malaysia

Release Id: 24122421872

The post HKFA’s 9th Anniversary Celebration Lights Up Kuala Lumpur with Unforgettable Gala and Global Trust Summit appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

About Author

Cloud PR Wire

See author's posts

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

Press Release

MEXC grows global reach with 17 new languages, strengthening its presence in emerging markets

Published

25 minutes ago

on

December 24, 2024

By

Seychelles, December 24, 2024 – MEXC, a leading global cryptocurrency exchange, today announced the addition of support for 17 languages on its website, including Dutch, Bulgarian, Czech, Danish, Greek, Hungarian, and Indonesian. This initiative further strengthens MEXC’s localized services, empowering cryptocurrency investors worldwide with a seamless and enhanced trading experience.

The new languages are now available on MEXC’s official website, with app integration to follow shortly. With this latest language update, MEXC now supports a total of 34 languages, reflecting not only the platform’s commitment to global growth, but also its dedication to cultural diversity and inclusion. This strategic expansion is set to impact several key areas:

1. Enhanced User Experience: Removing language barriers to provide a smoother and more accessible trading experience for users worldwide.

2. Accelerated Global Expansion: Meeting the diverse needs of users across different countries and regions, speeding up market coverage and penetration.

3. Expanded User Base: Attracting users from emerging markets with localized language options, further fueling platform growth and activity.

4. Cultural Inclusion: Showcasing respect for diverse cultures, strengthening MEXC’s global brand image, and fostering greater trust among users.

MEXC is dedicated to being “Your Easiest Way to Crypto.” With core advantages such as an extensive selection of trending tokens, everyday airdrops, extremely low fees, and comprehensive liquidity, MEXC has achieved remarkable milestones in 2024. The platform has grown to serve over 30 million global users, and recorded a threefold increase in trading volume year-on-year, reflecting strong growth momentum.

To better address the evolving investment needs of its global user base, MEXC continues to optimize multilingual support, upholding a user-first philosophy that ensures an efficient and reliable service experience. 

“Our addition of new languages is about more than just expanding our service—it’s about connecting cultures,” says Tracy Jin, VP at MEXC. “By removing language barriers, we are opening doors for investors around the globe to access the crypto economy effortlessly, ensuring every user experiences our platform at its full potential.”

Looking ahead, MEXC will further deepen its localization efforts to facilitate easier participation in cryptocurrency investments and promote the long-term development and adoption of the industry.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

MEXC Official Website｜X｜ Telegram ｜How to Sign Up on MEXC

About Author

Cloud PR Wire

See author's posts

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

Continue Reading

LATEST POST

Like Us
Follow Us
Subscribe Us
Follow Us