The Chinese crackdown strengthens the mining process in Thailand, while larger investors consider establishing facilities in Laos.
According to a source, China's ban on bitcoin mining has resulted in a spike in the amount of Thai entrepreneurs who have purchased and are running mining equipment. According to the research, many of these financiers are presently making $30 to $40 each day from each coal mines.
Cryptocurrency nearing $70,000 (approximately Rs. 5,211,600), billion-dollar "memecoins," a spectacular Wall Street IPO, as well as a broad China crackdown: Even for the turbulent sector's norms, 2021, was the craziest year yet for bitcoins.
Qihoo 360, a Chinese cybersecurity firm, has developed a crypto mining monitor for government agencies.
Over the last several months, China's assault on cryptocurrency mining has been rapid and ruthless, and the government has vowed to leave no stone unturned, enlisting the expertise of cybersecurity firm Qihoo 360 to help hunt down any instances of crypto mining in the nation. The Chinese cybersecurity firm announced a breakthrough technology on WeChat earlier this week, claiming to be able to monitor cryptocurrency mining operations and stating that it will be aiding the Chinese government in its efforts to eradicate cryptocurrency mining.
Despite the Chinese government's tough position on cryptocurrency trading, McDonald's China has released its first Non-Fungible Token (NFT) called Big Mac Rubik's Cube. The event is being held to honor McDonald's 31 years in the Chinese mainland.
According to data from digital asset manager CoinShares, cryptocurrency investment products and funds saw inflows for the sixth week in a row, as investors saw recent regulatory issues in the sector as buying opportunities.