Filecoin Miner RRMine Global Leaves China for Singapore

2022/09/14 10:00

Filecoin mining firm RRMine Global closed its mainland China operations and relocated to Singapore more than a year after China issued one of its harshest bans on crypto trading and mining.

The move was spurred by "tightened restrictions" on crypto in China and "solidified by the fact that China's Web3.0 strategy is going in a different direction," the firm said in a statement Tuesday. Chinese authorities have signaled that despite their dislike of crypto, they want the country to be a leader in Web3 applications the government deems palatable, such as permissioned blockchains that increase efficiencies but can be controlled.

Many crypto firms from mainland China moved to Singapore after last year's crackdown due to the city-state's perceived friendly regulatory framework towards crypto. In the past year, however, Singapore's regulators have started to turn sour on the industry and particularly its use by retail investors. In some cases they have echoed China's stance against crypto "speculation."

To mark the move, RRMine Global launched an upgraded service dubbed R-Datacap Storage to "significantly reduce operational costs, increase yield effectiveness, and drive the Filecoin incentive plan."

Filecoin (FIL) is a cryptocurrency that enables users to buy and sell computer storage on a system for decentralized storage of data and files.

Executives of RRMine were held by police in Chengdu, in China's southwestern province of Sichuan, in December 2021, according to newspaper Caijing. The firm rebranded to RRMine Global along with its move to Singapore.

"It has not been easy to come back from a downfall, especially when RRMine Global has continuously provided services to all its users globally without fail despite all the events that happened," CEO Steve Tsou said in the press release.

Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveHQ

Add Comment

LoginLeave your comments

0 Comments

Earliest

Load more comments

More news about 파일코인 중국

Mar 29
파일코인 유동성 대출 프로토콜 글리프, 포인트 프로그램 출시
Bullish
Bearish
Mar 01
Filecoin: SushiSwap has been deployed online on FVM
Bullish
Bearish
Mar 01
파일코인 가상머신에 유니스왑 V3 출시
Bullish
Bearish
Feb 17
솔라나와 파일코인, 인프라 강화를 위해 협력하다
Bullish
Bearish
Feb 17
파일코인, 솔라나와 파트너십
Bullish1
Bearish
Feb 17
Solana has integrated with Filecoin to take advantage of the latter’s decentralized storage service
Bullish1
Bearish
Nov 16
Unveiling the Evolution of Filecoin: a Paradigm Shift in Decentralized Technology
Bullish
Bearish
Nov 10
스시스왑, 파일코인 네트워크 상에 DEX 출시
Bullish
Bearish
Nov 09
Sushi Launches on the Filecoin Network
Bullish
Bearish
Oct 27
분석 "파일코인 스토리지 활용도, 3분기 성장세 유지"
Bullish
Bearish

Filecoin Miner RRMine Global Leaves China for Singapore

More news about 파일코인 중국

More news about 파일코인 중국

Filecoin protocol Glif will distribute 75 million points ahead of coin launch

DePIN Future: OKX Ventures, Filecoin and DMC Representatives See This

Crypto Market Hits $2.5 Trillion Milestone as Dogecoin, Polkadot, and Filecoin Surge

Is Filecoin still far away from 1000U?

Arweave Potential Is Revival of the Library of Alexandria, Non-Filecoin Alternative

Multicoin Partners: Understand Filecoin’s DeFi basic primitive GLIF

Filecoin Foundation Showcases Cutting-Edge Decentralized Space Storage System at World Economic Forum - Revolutionizing the Future!

Coin Cloud Files For Bankruptcy After Battling FTX Contagion

Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M

Ripple Lawsuit: Coinbase Gets Go-Ahead to File Support Brief