China Crypto Roundup (Dec 21-Dec 28): Bitcoin Price Hits New ATH, Demand for Mining Rigs Grows, 1inch Christmas Giveaway

Bitcoin has surged past the $28,000 level to set a new all-time record high in the past weekend, though it didn’t last long. As the market keeps heating up and holiday’s coming, the entire cryptocurrency sphere has been bustling with excitement.

Demand for bitcoin miners grows

As bitcoin prices continue to break new highs, demand for mining rigs are increasing. According to Bitmain’s website, its flagship Antminer series has already sold out for the next two quarters. Buyers will have to wait until May 2021 for the delivery of next batch.

Under such circumstances, second-hand mining machines are once again popular in the market. The previously outdated Antminer S9 machine is in great demand again with its price doubled these days to more than 200 yuan from a previously 100+ yuan.

According to the data of relevant mining pools, the daily cost of S9 is 14.8 Chinese yuan and the daily net income is 4.2 Chinese yuan at the electricity price of 0.34 Chinese yuan/kWh. Even though the price of the machine has skyrocketed to 250 Chinese yuan, it only takes about two months to cover the cost. In this sense, buy and resell mining machines have also been a way to make money due to the lack of supply in a bitcoin run bull.

1inch Christmas airdrop

Decentralized exchange aggregator 1inch gifted tens of millions in free cryptocurrency, which made many of its early adopters millionaires.

The luckiest trader of the exchange received 9.7 million tokens, worth $27 million at the peak value of the token. The price of 1INCH token surged to highs of $2.6 shortly after its launch on the day.

Many power users of 1inch, as well as crypto influencers in China, were surprised to find that the airdrop was such a big windfall and showed off their huge amount of 1INCH tokens on various social media platforms. Their post soon was spread among the Chinese crypto community and helped 1inch hit the headline in the crypto space this Christmas.

The crazy 1inch airdrop has triggered many investors’ interests and they are looking forward to those DeFi projects yet to launch their mainnet like dYdX, Matcha, Emoon, BlockFi, Dharma, Set Protocol, OPYN, MetaMask Swaps…

Blockchain implementation

A government authority body in China’s eastern Zhejiang province has decided to use the rapidly developing blockchain technology to better regulate the livestreaming market.

The new mobile app is based on the Android operating system and will enable law enforcement officers to monitor relevant mobile apps, programs, and livestreaming sessions, Xinhua reported. The application will process both video and voice recordings and look for irregularities. After processing each stream, the application will automatically create a document containing a report and all of the evidence it found. The document will then be uploaded to the blockchain platform that underlies the app in order to ensure that the evidence the system recorded can be tracked and cannot be manipulated.