Nvidia GPUs smuggling seized in Hong Kong Cryptocurrency mining has drawn all the headlines in China and city on when smugglers got caught and corporations created vital acquisitions — China Market Watch

Cryptocurrency mining was the main target of blockchain communities in city and China on when customs authorities within the former appropriated three hundred Nvidia GPUs — that smugglers allegedly planned to deliver to mining farms in China.

Furthermore, firms area unit wanting to enter the trade by getting mining farms. NYSE-listed lottery firm five hundred.com noninheritable Hong Kong-based Bee Computing, that follows its earlier acquisition of BTC.com in Feb. At identical time, Nasdaq-listed Future FinTech cluster INC. non inheritable Nanjing Ribensi Electronic Technology Co. for $9.1 million.

Meanwhile, on the DCEP front, the People’s Bank of China conducted technical testing with the city financial Authority on.

Here’s everything you’ll have uncomprehensible concerning these stories, and more. During this week’s edition of China Market Watch from OKEx Insights.

Nvidia GPUs appropriated by city customs authorities

During AN anti-smuggling operation on April two, the city Customs and Excise Department three hundred Nvidia CMP 30HX graphics cards — a replacement line of GPUs used for cryptocurrency mining.

Key Take Aways

  • The current price of the three hundred Nvidia graphics cards is AN calculable two million HKD. It’s speculated that smugglers planned to deliver the graphic cards to mining farms in China.
  • Under the Import and Export Ordinance of city. The smugglers might face a most fine of two million HKD and 7 years of imprisonment.
Nvidia GPUs

500.com acquires Bitcoin mining manufacturer

Chinese on-line lottery company 500.com a filing to the US Securities and Exchange Commission concerning its $100 million acquisition of Hong Kong-based Bitcoin mining manufacturer Bee Computing.

Key Take Aways

  • 500.com can execute its latest acquisition as long as bound conditions area unit met by Bee Computing’s R&D team. For example, it has to develop superior ETH and LTC ASIC mining machines.
  • 500.com has been shifting its core business aloof from on-line lotteries to cryptocurrency mining. The corporate antecedently mining pool BTC.com in Feb.

Future FinTech cluster INC. acquires Nanjing Ribensi Electronic Technology Co.

  1. Nasdaq-listed software system company Future FinTech cluster INC. the purchase of Nanjing Ribensi Electronic Technology Co. for $9.1 million.
  2. The target firm presently owns a Bitcoin mining farm in Szechwan, that has the capability to work thirty,000 Bitcoin miners.

Key Take Aways

  • The low price of energy in Szechwan is that the main driver behind Future FinTech’s call to amass Nanjing Ribensi Electronic Technology.
  • To execute the acquisition, Nanjing Ribensi secure to realize set goals for web profits, further as maintain the mining farm’s operation for a minimum of six-to-eight years.

DCEP technical testing conducted in city

Nvidia GPUs

According to Wang Xin, the director of the People’s Bank of China’s analysis bureau, the financial organisation has technical testing for DCEP with the city financial Authority.

Key Take Aways

  • The PBoC and HKMA area unit conducting regular technical tests of DCEP so as to arrange for large-scale cross-border payment trials within the future.
  • The central banks of city and China can use DCEP and therefore the in their cross-border payment testing.

Read more about: Bitcoin Cryptocurrency – Understanding the Basics. Is Cryptocurrency the Future of Money? 2021 Review