The largest Amazon competitor in China “Alibaba” has discovered a new playing field: The company is going to launch a crypto mining business in China. This could become an adventourous project as China is about to tackle the crypto boom.
If you hear something these days from China related to cryptocurrencies it is likely to be a negative news. But today the news is different: The chines e-commerce giant Alibaba plans to go into crypto mining. The chinese news company tencent news published today that the new crypto mining platform is called “P2P nodes”. According to the news channel this mining company is a third party company than will loan space on the cloud based platfom.
Government is fighting cryptos
While Alibaba is launching their new business, chinese authorities try to tackle the crypto boom by rising taxes on electricity in order to make mining unprofitable in china. China is yet one of the few countries with low electricity costs which makes crypto mining still profitable. Due to these interventions ViaBTC – the largest Bitcoin mining pool in China has had to close their doors recently.