Crypto Mining in China
For a few years now, Crypto Mining in China has been under the radar of most people here in America and Europe. In fact, it hasn’t really been on the radar for quite some time as far as how the Chinese government involved in this venture.
The problem with that is that the Chinese government, although they claim to be cracking down on financial crime. It is also one of the main forces behind the rise of counterfeit gold and silver that is flowing out of the country. So, how did this little story started? What’s going on?
Well, this all started about two years ago when the Chinese government cracked down on both gold and silver mining companies. Many of the miners and gold and silver mining companies in China were either forced into bankruptcy or closed altogether.
The Chinese government claims that this was done in an effort to protect the value of the Chinese national currency. Many investors feel differently and say that this was a large upfront government investment, which they lost.
So, what was the impetus behind China’s announcement about this type of mining in China? Some speculate that this was an attempt by the Chinese government to try to strengthen their national finances.
Others believe that this is a move by the Chinese government to protect its domestic gold and silver mining industry from external influences such as the US. Whatever the reason, there are a lot of big public and private investors that own shares of mining companies in China.
About Crypto Mining in China
When the Chinese government made its announcement about the new crackdown on silver and gold mining in China. Everybody that had previously bought from these mining companies was affected.
This included big corporations such as Glencore, Anglo American, Goldcorp, and Silverton among many others. Even the largest mining company in the world, Glencore, decided to put its operations in China on hold. Naturally, this has caused a major backlash against the Chinese government and many other countries as well.
It seems that the Chinese government was caught off guard by the massive surge of investing by foreign miners in China. Many experts had predicted that this would happen. Because China is rapidly turning into a major exporter of electronic goods such as computers and mobile phones.
These sorts of products have always been difficult for the Chinese government to control and sell via the country’s massive state-run factories. Also, the Chinese government does not like foreign competition. So they often do everything in their power to stifle such competition. But, suddenly, the Chinese government realized that it needed to do something to support its own mining industry. And this led to the recent crackdown.
Crypto Mining in China: What’s Going On?
Well, authorities say that authorities found over a dozen million bricks of golden jewelry that sold by unlicensed gold miners. Most of the bricks came from Canada, Australia and the United States.
Authorities say that most of the items were being sold on eBay within just a few months of the Chinese government clampdown. And they say that most of the bricks were resold on the eBay auction site to individuals from around the world who then sold them on to others… all within the month of July and August.
Authorities say that the profits gained through this transaction are likely to under the radar of the Chinese government. This means that many of the people profiting from these transactions may never brought to light. And there is also the fact that these sorts of things happen quite commonly.
It seems that there are a lot of people in China who interested in getting their hands on as much of the rare and valuable materials that can extracted from the ground. And they are willing to pay for it. This doesn’t mean that all of the recent gold mining activity is illegitimate. It simply means that there are certainly possibilities for getting richer by taking advantage of the current state of play.
As for whether or not this Chinese initiative constitutes a significant step forward in terms of regulating the cryptosystems that run through China. For now, the measures announced by the Chinese government represent an attempt to strengthen the control over the flows of money that is going into and coming out of the country.
As things move forward, the central bank may well move even further towards regulating the use of Cryptocurrencies. Either way, it’s important to understand that the latest Chinese efforts do represent a step forward for Cryptocurrencies, but only a very small one.
Crypto Mining in China: Crypto Money
The first of the new Chinese Mega Corporations to come up in the wake of the Crypto Mining in China story is the formation of the Beijing Gold Market. This new Chinese mega corporation will be working with a innovative method of investing gold into the country’s economy. This new market will use an innovative central trading office that will located in Shanghai. And have over one thousand employees by the end of next year.
The idea behind this is to take advantage of the new and innovative trends that are occurring in China. By doing this, they will be able to create the new markets for gold and silver in China.
Another of the areas targeted by Crypto Mining in China is the overproduction of coal and petroleum. The Chinese government has decided to step in. And try and curb the amount of excess energy consumption that created by the Chinese. With this in mind, the central government has also decided to invest heavily in areas such as renewable energy sources.
A significant announcement made last month when the State Council released plans for the implementation of a strategic plan for the development of the Chinese economy in the next two to five years. This strategic plan will focus on promoting the use of clean and renewable energy sources and reducing the energy consumption of the Chinese. In addition to this, the last month saw the launch of the Shanghai Electric Power Gold Association. This association is working towards the promotion and implementation of the “net metering” method. And the implementation of the first of the new incentive schemes that developed in China in the aftermath of the Crypto Mining scandal.