Lately, if China and cryptocurrency hit the headlines together, the news was likely to be negative. Today, however, we are seeing something different.
Alibaba, the Chinese e-commerce and tech giant, has quietly launched a cryptocurrency mining platform, according to a report published by a local news platform.
Chinese local news agency Tencent News reported that the new platform is called ‘P2P Nodes’. n another detailed article, Tencent News also hinted that the business model of this mining operation might be based on third-party, i.e. the company will loan space on the cloud-based platform for its clients to mine cryptocurrency using its high hashrate infrastructure.
This is crucial news and a huge development – according to recently leaked reports, the government of the state is ordering local authorities to drive cryptocurrency miners out of the country by curbing electricity usage along with limitations on land use and tax, as well as through environmental protection measure.
On the part of Alibaba too, the extension towards the cryptocurrency business is odd, as Jack Ma, the founder of Alibaba, has expressed his distrust of digital coins on multiple public platforms. In an interview last month with CNBC, Jack Ma said: “I said honestly, I know very little about it, and I’m totally confused.”
“Even if it works, the whole international rules on trade and financing are going to be completely changed,” he added.But at the same time, he voiced his trust in blockchain technology: ”We’ve spent a lot of efforts on blockchain technology and development.”
Source: Finance Magnates
Trader Bozhidar Arabadzhiev
Original post: Alibaba Launches Crypto Mining Business in China
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