This week, Chinese Filecoin miners threatened to fork the massively popular network, the BSN will integrate two dozen public chains, and a new cryptocurrency mining rig may give Bitmain a run for its money. Two reports show how China stacks up globally in the blockchain world.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Sept. 15-22.
The Filecoin Fork
A group of Chinese investors threatened to fork Filecoin, a cryptocurrency network whose main offering is decentralized file storage. The completed mainnet is scheduled to be released in the coming weeks.
The coin, which has been massively popular among Chinese miners, issued a $250 million initial coin offering three years ago.
The head of MIX Group, a Filecoin mining company, unveiled the threat at a conference in Xiamen. He said users are not satisfied with the governance of the network, saying it is too centralized, and with the fact that the mainnet launch has been delayed from its initial release in March 2020.
The mainnet launch could wash out as many as 80% of miners through a staking mechanism, a recent report said. (Decrypt)
The government connection
- The government of Beijing will pilot a blockchain-based system for monitoring and managing security risks associated with cross-border data flows. (TechNode)
- Vechain joined the China Animal Health and Food Safety Alliance, a government-backed organization that aims to provide a food traceability platform. It is the only company in the alliance that is entirely focused on public blockchain. (PRNewswire, Vechain press release)
- The Blockchain Services Network, a government-backed “internet of blockchains,” plans to integrate 24 public chains in the Chinese network by making them permissioned. (Coindesk)
The mining equipment makers
- Micro BT’s new Whatsminer cryptocurrency mining rig, expected to be released later this year, could top Bitmain’s Antminer S19. The M50S will use Samsung 8 nanometer chips and will come with an energy efficiency ratio of 30 joules per terahash (J/T), compared with the S19’s 34.5 J/T. (WuBlockchain, in Chinese)
- Bitmain will allow Core Scientific to build its first repair center in North America. Core Scientific is a US-based mining company that agreed to buy 17,595 of Bitmain’s Antminers back in June. The announcement came hours after recently ousted co-founder Wu Jihan had regained Bitmain’s reins. (PRNewswire, Bitmain press release)
- China will trail behind the US and Europe in spending on blockchain solutions in 2020, according to market intelligence firm IDC. China will have spent $457 million, compared with $1.6 billion in the US and $1 billion in Europe. But, by the end of 2020, China will have seen the most growth in blockchain expenditure in the last five years at 51.7%. (IDC)
- China ranks fourth globally in cryptocurrency adoption, surpassed only by Ukraine, Russia, and Venezuela, a report by Chainalysis said. The rankings are based on value received and sent through cryptocurrencies, deposits, and peer-to-peer trade volume. (Chainalysis)