{"id":1682,"date":"2018-02-28T12:25:23","date_gmt":"2018-02-28T12:25:23","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=1682"},"modified":"2018-02-28T12:25:23","modified_gmt":"2018-02-28T12:25:23","slug":"alibaba-launches-crypto-mining-platform-despite-chinese-government-restrictions","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/alibaba-launches-crypto-mining-platform-despite-chinese-government-restrictions\/","title":{"rendered":"Alibaba Launches Crypto Mining Platform Despite Chinese Government Restrictions"},"content":{"rendered":"

Alibaba Launches Crypto Mining Platform Despite Chinese Government Restrictions, Says Report<\/b><\/h4>\n

According to reports in China, e-commerce giant Alibaba (NYSE:BABA) has now launched its own cryptocurrency mining platform despite the Chinese government\u2019s continuous push to curb crypto mining operations by restricting miners\u2019 power and land usage.<\/p>\n

\"\"
\nSource: Twitter<\/a><\/p>\n

The platform \u2014 called P2P Nodes \u2014 was originally registered by Alibaba on October 10 in Nanjing, the capital city of Jiangsu province, so it was already in existence for some time. The reports state that P2P Nodes would most likely function as a cloud mining service that offers users the possibility to rent hashpower from Alibaba. Users would be able to withdraw cash through Alipay, but they cannot directly get their mined coins.<\/p>\n

This launch looks to rival Chinese Internet giant Baidu (NASDAQ:BIDU)\u2019s recent release of a blockchain-as-a-service (BaaS) platform.<\/p>\n

Interestingly, Alibaba founder Jack Ma previously stated in a CNBC interview that the world was \u201cnot ready\u201d to engage in cryptocurrency and expressed concerns regarding its legitimacy. He also pointed out that China\u2019s climate is not at an ideal level for new developments in cryptocurrency.<\/p>\n

\u201cI said honestly, I know very little about it, and I\u2019m totally confused,\u201d Ma said. \u201cEven if it works, the whole international rules on trade and financing are going to be completely changed.\u201d<\/p>\n

\u201cWe are not focused on bitcoin, we are focused on a cashless society for China\u2026trying to make sure the society is more efficient, more transparent, with no corruption,\u201d he added.<\/p>\n

However, Ma did believe in the disruptive potential of the blockchain technology, and his company has spent a large amount of capital on research and development in this area.<\/p>\n

Alibaba\u2019s platform launch came as a surprise to many as the crypto market in China seems to be heading downwards amid the government restrictions. As well, the global crypto market suffered further declines this week, with currencies like Bitcoin dropping in value (10% loss in the last 24 hours) by the day.<\/p>\n

Featured Image: Twitter<\/a><\/p>\n

Source: cryptocurrencynews<\/p>\n

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Alibaba Launches Crypto Mining Platform Despite Chinese Government Restrictions, Says Report According to reports in China, e-commerce giant Alibaba (NYSE:BABA) has now launched its own cryptocurrency mining platform despite the Chinese government\u2019s continuous push to curb crypto mining operations by restricting miners\u2019 power and land usage. 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