Launched in China in 2018, SparkPool controls over 22% of Ether’s hashrate as of today, second only to Ethermine.
With one of the largest populations and economies in the world, China is a major driving force in commerce, finance and technology and has a storied history with Bitcoin (BTC).
“China bans Bitcoin” has graced media headlines repeatedly since the cryptocurrency’s inception, which signifies the government’s severe distaste for a currency beyond institutional control. The banning of Bitcoin use in China has taken the form of severely inhibiting or shutting down Chinese Bitcoin exchanges, which are the main methods of accessing Bitcoin beyond peer-to-peer exchange.
Despite this friction, China has emerged as a key player in the cryptocurrency industry in two wildly different ways.
Firstly, most of the hashing power (i.e., mining operations) of the Bitcoin network is concentrated in China, as miners have access to incredibly cheap hydroelectric power, giving them a sharp advantage over competitors in other locations.
Secondly, the Chinese government is developing its own sovereign digital currency that will reportedly use blockchain, presumably with strict administrative and capital controls antithetical to most cryptocurrencies.
In the last 24 hours, the DEX sector has logged a combined profit of over 60%, while their centralized counterparts have grown by just 0.77%.2710
After joining Ripple’s board of directors in May, Rosa Rios is bashing Bitcoin for being a supposed speculative tool.7174
Huobi Group co-founder Du Jun intends to safeguard all crypto assets for Chinese accounts before permanently closing them down by Dec. 31, 2021.4298
Chinese traders appear to be flocking to derivatives DEX dYdX amid concerns over a renewed crypto crackdown in China.7330
Bears continue to pressure BTC price but any signs of consolidation could lead to a breakout in AVAX. ALGO, XTZ, and EGLD.23482
Ether prices recovered on Sunday amid a market-wide upside correction while receiving an additional upside boost from a bullish JPMorgan Chase report.27023
Governments will not only use blockchain for fundamental services such as identity and voting but as a framework for economic growth.12725
If the United States is still not ready for central bank digital currency, it will stay on the sidelines of tech and financial innovations.24549
Bitcoin derivatives markets flipped neutral-to-bearish after China’s ‘crypto ban’ announcement triggered a BTC price dip to $40,600.16180
Since 2009, China and Hong Kong have "banned" or otherwise caused FUD in the crypto space on 19 separate occasions and counting.22764
REN, CELR and CVC ignore the market’s bearish reaction to China’s new crypto ban by posting double-digit gains.11531
Morgan Stanley exec claims that Bitcoin continues to rise from the dead like the cartoon character Kenny in South Park.15460
The latest debacle over China’s anti-crypto stance has a firm historical echo to it — and old hands are more than aware.51485
The Chinese central bank is setting up a “coordination mechanism” with state agencies to continue battling crypto.27913