{"id":469008,"date":"2021-08-11T02:02:05","date_gmt":"2021-08-11T02:02:05","guid":{"rendered":"https:\/\/wncen.com\/?p=469008"},"modified":"2024-06-11T07:13:10","modified_gmt":"2024-06-11T07:13:10","slug":"the-new-china-model-banned-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/the-new-china-model-banned-bitcoin-mining\/","title":{"rendered":"Could The New “China Model” Be The Reason The Country Banned Bitcoin Mining?"},"content":{"rendered":"

What is the new \u201cChina Model\u201d? And why would that country ban an industry that made them the ultimate leaders in the most important development in recent times? The world is still scratching its head. There has to be something else to this story. Is it only control that they want? Or does China have a secret plan nobody\u2019s been able to figure out?<\/span><\/p>\n

We at NewsBTC have been studying the case, looking for clues, reporting on related news. After the ban, when <\/span>Bitcoin\u2019s hash rate collapsed<\/span><\/a>, we posed Bitcoin Magazine\u2019s Lucas Nuzzi\u2019s theory that it all had to do with the Digital Yuan, China\u2019s CBDC. Then, we found out <\/span>Chinese entrepreneurs are selling small hydropower stations<\/span><\/a> and wondered if decommissioning them was part of their plan. After that, the shocking reveal that China\u2019s dominance over <\/span>Bitcoin mining was already waning<\/span><\/a> before the ban raised more questions than answers.<\/span><\/p>\n

The fine people at Bloomberg might\u2019ve found new clues by tackling a related but different question. In the article titled \u201c<\/span>The China Model: What the Country\u2019s Tech Crackdown Is Really About<\/span><\/a>,\u201d they pose a theory about the reasons behind the government’s attack on Alibaba and DiDi. Two of China\u2019s giant unicorn tech companies, also world leaders in their respective fields. Bloomberg thinks that, after following Silicon Valley\u2019s footsteps for years, China is trying a new model.<\/span><\/p>\n

Do they have a case or do China\u2019s motives remain a mystery for us westerners? Keep reading to find out.<\/span><\/p>\n

What Does The New China Model Consists Of?<\/span><\/h2>\n

The article starts by summarizing what happened when Uber-clone DiDi and \u201cAlibaba\u2019s fintech offshoot, Ant Group Co.<\/em>\u201d tried to go public in the United States. The Chinese government started actions against both companies. Alibaba\u2019s Jack Ma disappeared from the public eye as a result.\u00a0\u00a0<\/span><\/p>\n

\u201cJust because you are a highly successful tech company does not mean you are above the CCP,\u201d says Michael Witt, a senior affiliate professor of strategy and international business at Insead in Singapore. \u201cAnt Group and Jack Ma found that out for themselves last year, and it is surprising DiDi did not get the message.\u201d<\/span><\/p><\/blockquote>\n

What does this “China Model” have to do with Bitcoin mining? Well, the Chinese government seems to be cracking down on everything huge and technological that isn\u2019t aligned with their interests. And we in the industry know how much Bitcoin those immense mines were producing.<\/span><\/p>\n

\u201cChina is actually taking the lead in setting some boundaries around the power of Big Tech,\u201d says Thomas Tsao, co-founder of <\/span>Gobi Partners<\/span><\/a>, a venture capital firm based in Shanghai. \u201cPeople are missing the bigger picture. They\u2019re trying a new model.\u201d<\/span><\/p><\/blockquote>\n

Is Size the Problem For The Chinese Government?<\/span><\/h2>\n

As we learned when <\/span>we analyzed the \u201cThe Death Of China\u2019s Bitcoin Mining Industry\u201d article<\/span><\/a>, individuals can still mine. China only banned industrial Bitcoin mining.<\/span><\/p>\n

\u201cDespite the government\u2019s hardline approach, Ye is determined to carry on: \u201cThis industry is extremely volatile. High emotions and stress are involved, but that\u2019s also its appeal. Companies are banned from mining Bitcoin, but individuals aren\u2019t,\u201d Ye said, adding that he plans to turn around his operation by purchasing old equipment and downsizing.\u201d<\/span><\/p>\n

The Chinese government was only worried about industrial-sized private mining operations. The question is why. What are they planning?\u00a0<\/span><\/p><\/blockquote>\n

The Chinese government seems to be playing a similar game when it comes to Big Tech.<\/span><\/p>\n

Andy Tian, who led Google China\u2019s mobile strategy in the 2000s and is now CEO at Beijing social media startup Asian Innovations Group, says it will be \u201cpositive for innovation\u201d and \u201ccompetition in China will be fiercer than in the U.S.,\u201d because smaller companies will benefit from policies that rein in the largest competitors.<\/span><\/p><\/blockquote>\n

And they\u2019re using the country\u2019s unique characteristics to do this fast and mercilessly.<\/span><\/p>\n

Angela Zhang, director of Hong Kong University\u2019s Centre for Chinese Law and the author of Chinese Antitrust Exceptionalism, says the intervention will reshape the tech industry in China faster than it could happen elsewhere. \u201cThe case against Alibaba took the Chinese antitrust authority only four months to complete, whereas it will take years for U.S. and EU regulators to go after tech firms such as Facebook, Google, and Amazon, who are ready to fight tooth and nail,\u201d she says.<\/span><\/p><\/blockquote>\n

\"BTCUSD<\/p>\n

BTC price chart for 08\/10\/2021 on Coinbase | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
What Does The New China Model Want To Achieve?<\/span><\/h2>\n
This is where Bloomberg\u2019s case falls flat. They have no idea what the Chinese are thinking.<\/span><\/p>\n
If China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric.<\/span><\/p><\/blockquote>\n
Why is China dwarfing its biggest industries and players? Is the “China Model” just concerned with scale? Or is control their focus? Are they cracking down on people and companies with too much power that work on a global scale? We wouldn\u2019t know. However, this paragraph\u2019s facts and assumptions could provide a clue.<\/span><\/p>\n
Xi has called the data its tech industry collects \u201can essential and strategic resource\u201d and has been pushing to tap into it for years. Following a 2015 mandate, cities from Guiyang to Shanghai have set up data exchanges that facilitate the transfer of anonymized information between corporations. This could lead to a nationalized data-sharing system that serves as a kind of digital public infrastructure, putting a massive trove of data into the central government\u2019s hands.<\/span><\/p><\/blockquote>\n
Is it data they\u2019re after? Does Bitcoin\u2019s pseudo-anonymity scare them? Is their crackdown on Big Tech even related to their crackdown on Bitcoin mining? There\u2019s only one thing we can know for sure: China\u2019s making big coordinated moves when it comes to tech. And they seem to have a plan. A new “China Model,” if you will.<\/span><\/p>\n
Featured Image by Markus Winkler<\/a> from Pixabay<\/a> - Charts by TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
What is the new \u201cChina Model\u201d? And why would that country ban an industry that made them the ultimate leaders in the most important development in recent times? The world is still scratching its head. There has to be something else to this story. Is it only control that they want? Or does China have a secret plan nobody\u2019s been able to figure out? We at NewsBTC have been studying the case, looking for clues, reporting on related news. After the ban, when Bitcoin\u2019s hash rate collapsed, we posed Bitcoin Magazine\u2019s Lucas Nuzzi\u2019s theory that it all had to do with the Digital Yuan, China\u2019s CBDC. Then, we found out Chinese entrepreneurs are selling small hydropower stations and wondered if decommissioning them was part of their plan. After that, the shocking reveal that China\u2019s dominance over Bitcoin mining was already waning before the ban raised more questions than answers. The fine people at Bloomberg might\u2019ve found new clues by tackling a related but different question. In the article titled \u201cThe China Model: What the Country\u2019s Tech Crackdown Is Really About,\u201d they pose a theory about the reasons behind the government’s attack on Alibaba and DiDi. Two of China\u2019s giant unicorn tech companies, also world leaders in their respective fields. Bloomberg thinks that, after following Silicon Valley\u2019s footsteps for years, China is trying a new model. Do they have a case or do China\u2019s motives remain a mystery for us westerners? Keep reading to find out. What Does The New China Model Consists Of? The article starts by summarizing what happened when Uber-clone DiDi and \u201cAlibaba\u2019s fintech offshoot, Ant Group Co.\u201d tried to go public in the United States. The Chinese government started actions against both companies. Alibaba\u2019s Jack Ma disappeared from the public eye as a result.\u00a0\u00a0 \u201cJust because you are a highly successful tech company does not mean you are above the CCP,\u201d says Michael Witt, a senior affiliate professor of strategy and international business at Insead in Singapore. \u201cAnt Group and Jack Ma found that out for themselves last year, and it is surprising DiDi did not get the message.\u201d What does this “China Model” have to do with Bitcoin mining? Well, the Chinese government seems to be cracking down on everything huge and technological that isn\u2019t aligned with their interests. And we in the industry know how much Bitcoin those immense mines were producing. \u201cChina is actually taking the lead in setting some boundaries around the power of Big Tech,\u201d says Thomas Tsao, co-founder of Gobi Partners, a venture capital firm based in Shanghai. \u201cPeople are missing the bigger picture. They\u2019re trying a new model.\u201d Is Size the Problem For The Chinese Government? As we learned when we analyzed the \u201cThe Death Of China\u2019s Bitcoin Mining Industry\u201d article, individuals can still mine. China only banned industrial Bitcoin mining. \u201cDespite the government\u2019s hardline approach, Ye is determined to carry on: \u201cThis industry is extremely volatile. High emotions and stress are involved, but that\u2019s also its appeal. Companies are banned from mining Bitcoin, but individuals aren\u2019t,\u201d Ye said, adding that he plans to turn around his operation by purchasing old equipment and downsizing.\u201d The Chinese government was only worried about industrial-sized private mining operations. The question is why. What are they planning?\u00a0 The Chinese government seems to be playing a similar game when it comes to Big Tech. Andy Tian, who led Google China\u2019s mobile strategy in the 2000s and is now CEO at Beijing social media startup Asian Innovations Group, says it will be \u201cpositive for innovation\u201d and \u201ccompetition in China will be fiercer than in the U.S.,\u201d because smaller companies will benefit from policies that rein in the largest competitors. And they\u2019re using the country\u2019s unique characteristics to do this fast and mercilessly. Angela Zhang, director of Hong Kong University\u2019s Centre for Chinese Law and the author of Chinese Antitrust Exceptionalism, says the intervention will reshape the tech industry in China faster than it could happen elsewhere. \u201cThe case against Alibaba took the Chinese antitrust authority only four months to complete, whereas it will take years for U.S. and EU regulators to go after tech firms such as Facebook, Google, and Amazon, who are ready to fight tooth and nail,\u201d she says. BTC price chart for 08\/10\/2021 on Coinbase | Source: BTC\/USD on TradingView.com What Does The New China Model Want To Achieve? This is where Bloomberg\u2019s case falls flat. They have no idea what the Chinese are thinking. If China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric. Why is China dwarfing its biggest industries and players? Is the “China Model” just concerned with scale? Or is control their focus? Are they cracking down on people and companies with too much power that work on a global scale? We wouldn\u2019t know. However, this paragraph\u2019s facts and assumptions could provide a clue. Xi has called the data its tech industry collects \u201can essential and strategic resource\u201d and has been pushing to tap into it for years. Following a 2015 mandate, cities from Guiyang to Shanghai have set up data exchanges that facilitate the transfer of anonymized information between corporations. This could lead to a nationalized data-sharing system that serves as a kind of digital public infrastructure, putting a massive trove of data into the central government\u2019s hands. Is it data they\u2019re after? Does Bitcoin\u2019s pseudo-anonymity scare them? Is their crackdown on Big Tech even related to their crackdown on Bitcoin mining? There\u2019s only one thing we can know for sure: China\u2019s making big coordinated moves when it comes to tech. And they seem to have a plan. A new “China Model,” if you will. Featured Image by Markus Winkler from Pixabay – Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":469009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8157,84002,10010,79633,640,1039,1310,11059,83842,84003,9160,84004],"class_list":["post-469008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-alibaba","tag-ant-group","tag-antitrust","tag-big-tech","tag-bitcoin-mining","tag-bloomberg","tag-china","tag-china-ban","tag-china-plans","tag-didi","tag-jack-ma","tag-tech-crackdown"],"acf":[],"yoast_head":"\nCould The New "China Model" Be The Reason The Country Banned Bitcoin Mining?<\/title>\n<meta name=\"description\" content=\"What is the new \u201cChina Model\u201d? 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