Study: Publicly Listed Chinese Firms Quietly Participate in Bitcoin Mining

According to regional reports, a few publicly listed Chinese companies have been secretly mining bitcoin by pretending to provide cloud or web hosting services. Moreover, recent studies have revealed a growing trend of mystery miners processing the BCH and BTC networks at the same time as these firms have been running undercover mining operations in China.

Also read: China Releases New Crypto Rankings

Publicly Listed Companies in China Have Undercover Bitcoin Mining Operations

On May 29, Chinese crypto publication 8btc reporter, published a two-part study on a few publicly listed Chinese firms that have been secretly mining bitcoin. The first report came out on April 19 which discussed a construction company that suddenly started mining coins. Huatie Hengan is a subsidiary of publicly listed company Huatie and when investors discovered that the business was mining it caused an investigation from regulators. 8btc detailed that Huatie lost over $23 million during its tenure secretly mining bitcoin under the guise of a cloud computing operation. Additionally, the analyst discovered more publicly listed companies allegedly participating in the mining industry under the veil of secrecy.

Study: Publicly Listed Chinese Firms Quietly Participate in Bitcoin Mining
Local columnist Lylian Teng discovered a few publicly listed Chinese companies are either mining themselves or have smaller subsidiaries mining for them.

In another instance, Wholeasy, a Chinese firm that operates as an internet game brand company in China and internationally has also been allegedly mining coins. The Chinese publication claims that Wholeasy contributed 17.7% of Ebang’s miner sales in 2018. Wholeasy also operates the PC media resources startup Mobcolor, a mobile digital advertising platform. In August 2018, the two firms announced that Mobcolor would “construct mining center for digital cloud computing.” 3G Venture would offer Mobcolor “90MW of power capacity at $0.055/kWh.” Moreover, the reports state that Mobcolor rented…

Source Link