China’s Crypto Ban Has Caused THESE 4 Stocks to Take Strategic Action November 11, 2021 - Baystreet.ca Weeks after exiting China, one of the world’s top crypto exchanges Huobi Global, announced it’s halting all services for its Singapore-based users, in response to Beijing’s crackdown on cryptocurrencies. But there are several other crypto-related companies with interests in China that have seen the changing tide, and strategically removed themselves from the prohibited Chinese crypto market, including Alibaba Group Holding Limited (NYSE:BABA), SOS Limited (NYSE:SOS), Canaan Inc. (NASDAQ:CAN), and Ebang International Holdings Inc. (NASDAQ:EBON). Alibaba Group Holding Limited (NYSE:BABA) Multi-billion-dollar retail giant Alibaba took the ban very seriously, banning all overseas sales of cryptocurrency mining back in September. However, more recently Alibaba rebranded its non-fungible token (NFT) offerings as “digital collectibles”, in an effort to steer away from any potential conflict with Beijing—especially after Chinese state-run media recently warned of a potentially ‘huge bubble’ in the NFT market. On Alibaba’s digital flea market Xianyu, a search for “NFT” does not show any results. Meanwhile a search for “digital collectibles”, turned up about a dozen items for sale. SOS Limited (NYSE:SOS) SOS Limited recently reported progress of its North American Super-Computing and Hosting Center, located in Wisconsin, noting it as a state rich natural resources and renewable energy. The total power at the Wisconsin center is expected to be 50MW, fueled by renewable power and grid power. The Wisconsin facility is projected to have a total BTC hash power of 1,000 PH once in full capacity of operation. Phase I of the center is projected to use up to 20MW 17 units of mobile smart data center are equipped for this purpose. Canaan Inc. (NASDAQ:CAN) Canaan has continued to secure orders for thousands of machines, including the recent sale of 6,500 Bitcoin mining machines to Hive Blockchain. This latest order by HIVE follows upon two recent purchases of 4,000 units and 6,400 units of Canaan's Avalon Miners in August and January of 2021, respectively. Ebang International Holdings Inc. (NASDAQ:EBON) Back in May, Ebang made an official statement titled Crackdown on Bitcoin mining has no direct or immediate impact on the company. In it, Ebang stressed the crackdown had no direct or immediate impact on the company by highlighting for its shareholders the distinctions between its business and the impact of the China government’s policy. Ebang’s mining farms have been overseas since their launch, therefore the Chinese crackdown had no direct or immediate impact on the company. The company also banned Chinese citizens from participating in trading and banned users or potential users from Chinese IP addresses from accessing their exchange platform. However, no other statements have been made by the company since that May press release on their English language website.
China’s Crypto Ban Has Caused THESE 4 Stocks to Take Strategic Action November 11, 2021 - Baystreet.ca Weeks after exiting China, one of the world’s top crypto exchanges Huobi Global, announced it’s halting all services for its Singapore-based users, in response to Beijing’s crackdown on cryptocurrencies. But there are several other crypto-related companies with interests in China that have seen the changing tide, and strategically removed themselves from the prohibited Chinese crypto market, including Alibaba Group Holding Limited (NYSE:BABA), SOS Limited (NYSE:SOS), Canaan Inc. (NASDAQ:CAN), and Ebang International Holdings Inc. (NASDAQ:EBON). Alibaba Group Holding Limited (NYSE:BABA) Multi-billion-dollar retail giant Alibaba took the ban very seriously, banning all overseas sales of cryptocurrency mining back in September. However, more recently Alibaba rebranded its non-fungible token (NFT) offerings as “digital collectibles”, in an effort to steer away from any potential conflict with Beijing—especially after Chinese state-run media recently warned of a potentially ‘huge bubble’ in the NFT market. On Alibaba’s digital flea market Xianyu, a search for “NFT” does not show any results. Meanwhile a search for “digital collectibles”, turned up about a dozen items for sale. SOS Limited (NYSE:SOS) SOS Limited recently reported progress of its North American Super-Computing and Hosting Center, located in Wisconsin, noting it as a state rich natural resources and renewable energy. The total power at the Wisconsin center is expected to be 50MW, fueled by renewable power and grid power. The Wisconsin facility is projected to have a total BTC hash power of 1,000 PH once in full capacity of operation. Phase I of the center is projected to use up to 20MW 17 units of mobile smart data center are equipped for this purpose. Canaan Inc. (NASDAQ:CAN) Canaan has continued to secure orders for thousands of machines, including the recent sale of 6,500 Bitcoin mining machines to Hive Blockchain. This latest order by HIVE follows upon two recent purchases of 4,000 units and 6,400 units of Canaan's Avalon Miners in August and January of 2021, respectively. Ebang International Holdings Inc. (NASDAQ:EBON) Back in May, Ebang made an official statement titled Crackdown on Bitcoin mining has no direct or immediate impact on the company. In it, Ebang stressed the crackdown had no direct or immediate impact on the company by highlighting for its shareholders the distinctions between its business and the impact of the China government’s policy. Ebang’s mining farms have been overseas since their launch, therefore the Chinese crackdown had no direct or immediate impact on the company. The company also banned Chinese citizens from participating in trading and banned users or potential users from Chinese IP addresses from accessing their exchange platform. However, no other statements have been made by the company since that May press release on their English language website.