Cryptocurrency Uncategorized

Unconfirmed Reports From Local Sources: Alibaba Launches Crypto Mining Platform amid China’s Crackdown

Author – Sam Reads, United Kingdom.

Local sources of unconfirmed reports state that a Chinese tech giant and e-commerce conglomerate has launched a surprising cryptocurrency mining platform. A local Crypto News Service provider Alibaba registered the P2P Nodes in mid-October 2017. The terms of service highlighted for the platform registration was that the main operating platform would be Alibaba East China Ltd. Further, these reports go on to state that a fellow Chinese conglomerate Tencent registered a “Blockchain Trademark” for a firm referred to as Ethernet Lock or Ether Lock.


This is surprising news because authorities have shown dislike and slowly reduced participation in the cryptocurrency mining industry. Chinese authorities are secretly stepping up a crackdown crypto mining platforms. Reports further state that despite being banned across the border, exchange-like services showed up on officials’ radar. It is clear that the government intended to block all domestic access to offshore and homegrown platforms, which offered centralized trading. P2P Nodes equally represents a drastic change for Alibaba’s founder Jack Ma, who went out of his way and declared the world to be unstable and not ready for engagement with cryptocurrencies. The global leader confessed to being confused by its craze.

It is still unclear whether the tech giant’s Bitcoin mining platform has officially stated to register users. The company also clarified that it would not create virtual currencies. However, with the possibility of incorporating the mining operation into its E-store platform, we can’t be so certain of what to expect. An upsurge of cash has been set off by virtual currency trading. The shift is described as “currency circle day, world year”. A reputable local source Time Finance, informs us that access to third-party crypto mining platforms was under recruitment. The specifics of this allegation had not been disclosed.

Just as CnLedger and Bloomberg reported, the government of China intended to crack down on the crypto mining industry. Analysts predict that a decrease in supply due to the dismissal of miners in China would likely lead to a Bitcoin price surge. With these regulatory steps, cryptocurrency markets have begun to feel the pressure. In the past 20 hours, Bitcoin lost almost 15%, while Altcoins registered much greater losses. This has made the price to BTC to fall to its all-time low of $9,999, Ethereum to $879. The Ripple also lost its value to a new low of less than a $1. Additionally, Ma revealed that his company had invested a lot of effort researching matters Blockchain Technology. Even though, Bitcoin is not for him.

The following two tabs change content below.
A avid crypto expert. Freelancer, editor and manage part time content at cryptonewsbytes.com. Working at cryptonewsbytes.com since Dec 2017.

Leave a Reply

Your email address will not be published. Required fields are marked *