Canaan, a mining machine manufacturer based in China, has set up its first overseas center in Kazakhstan.
Canaan reportedly said the center would help provide local customers with services after the point of sale. Such services would include machine testing and maintenance, technical services, and warranty services.
“The establishment of the service center in Kazakhstan is strategic in expanding our after-sales geographical coverage and providing faster and easier access to support our growing international customer base,” Canaan CEO and chairman Nangeng Zhang reportedly told The Block.
Kazakhstan’s mining industry
Kazakhstan has a large share of the crypto mining industry relative to other countries.
According to Cambridge University, Kazakhstan controls just over 6% of the world’s Bitcoin mining industry. This places the country in the fourth spot, trailing China—which commands 65% of the Bitcoin mining industry alone—the United States, and Russia.
What’s more, Kazakhstan’s share of the Bitcoin mining market has been growing steadily. In Q3 of 2019, Kazakhstan only held 1.4% of the Bitcoin mining industry, keeping it outside the top five countries by market share. It has since overtaken Malaysia and Iran.
Canaan has been a major beneficiary of the crypto mining boom in Kazakhstan.
The move to Kazakhstan and other countries make up what many are describing as a mining exodus out of China.
In May, authorities in Inner Mongolia, a popular region for miners due to its cheap electricity, said that miners who continue operating would be “blacklisted” from the country’s social credit system. This is a result of a broader, country-wide crackdown on Bitcoin mining.
Is Margex A Scam?
Margex is a derivatives crypto exchange that offers margin trading with up to 100:1 leverage. Margex was designed as a fair, transparent, and secure exchange focusing on excellent user experience
- Best usability on the market.
- Easy to start yet includes advanced pro features.
- Real-time on-screen deal indicators such as trading fees, financing, PnL, etc.
- Simultaneous use of stop-loss/take-profit to set and forget trades.
- Unique MP Shield™ AI-based system protecting users from price manipulation and unfair liquidations.
- Prices never deviate from that of leading spot exchanges.
- Adjustable isolated leverage with up to 100x available.
- Trade BTC, ETH, LTC, XRP, EOS, and YFI.
- High liquidity provided by verified external liquidity providers.
- Competitive fee structure.
- No KYC is required to use our platform.
- Referral program offering 40% flat rate commission.
- No overloads, 99,99% uptime
- Combined order book & 12+ liquidity providers
- Very competitive fees
- Industry best security practices
Margex offers competitive trading fees which are lower than competing platforms, including Bybit.
Currently, Margex charges a 0.019% Maker Fee and a 0.060% Taker Fee for trading Bitcoin. In contrast, Bybit charges a 0.025% Maker Fee and a 0.075% Taker fee for trading Bitcoin.
|PAIR||MAKER FEE||TAKER FEE||FUNDING/LONG||FUNDING/SHORT||FUNDING INTERVAL|
Is Margex Safe?
Despite being a newly launched platform, Margex takes the safety and security of its clients seriously. The company boasts some of the most sophisticated security features to protect client data, funds, and trading activities. This includes:
- The use of cold wallet storage
- Blockchain-based trading platform
- Price manipulation and fraud prevention
Why Should You Trade On Margex?
The Margex website and trading platform were designed with user-friendliness in mind. Beginners are supported with articles, videos, trading lessons, and price analysis to build an understanding of the space.
This makes Margex an ideal platform for beginners looking to improve their skillset and knowledge as they find their way around the crypto market.
Margex’s liquidity pool system is the first of its kind in the crypto industry. This innovative feature combines over 12 liquidity providers into a single, deep order book, ensuring the best possible entry and exit prices with the thinnest spreads available on the market.
Add to that the most competitive trading fees in the industry and the advantages are clear.
Security of Funds:
When it comes to depositing or withdrawing funds, Margex has many security features, such as:
- 2FA authentication
- Email confirmations for all withdrawals
- Security questions/phrases
- Wallet whitelisting
- 24/7 customer support
Logging into the Margex trading platform presents the above screen. From here, accessing the full functionality of your account is an intuitive process driven by the options bar at the top of the page.
The Margex Referral Program allows you to earn Bitcoin by inviting others to trade on the platform. You get 40% of the fees paid by your referrals. Payouts are made daily into your Margex account. Here’s how to get started:
- Sign up on Margex
- Login to your account
- Go to the ‘REFERRAL‘ tab
- Scroll down, and you’ll find your referral link, including your unique code
- Click to copy the link and share it with your friends and other traders
You will see your statistics on the referral page once your referrals start trading. It also shows the total number of people referred by you, and how much you’ve earned in BTC from those invitees.
Sign up on Margex ㅡ https://margex.com/app/signup
India May Imposes 2% “Equalization Levy” on Offshore Crypto Exchanges
India intends to impose a 2% “equalization levy” on investors on cryptocurrency trading transactions from offshore exchanges that provide services to the Indian market, citing the local media sources.
Per a report in the Economic Times on Tuesday, investors may burden extra cost by paying a 2% tax on the settlement price of cryptocurrencies purchased from overseas cryptocurrency exchanges operating in India.
Girish Vanvari, the founder of tax advisory firm Transaction Square, told Economic Times that:
“The levy is on the selling price and companies may be required to add this to the cost of the crypto assets.”
The issue of cryptocurrency regulation has always been a controversial topic in India. Taxation imposing on cryptocurrency transactions may also face a series of challenges in practice. Amit Maheshwari, a tax partner at tax consulting firm AKM Global, believes that it will be complex for the Indian government to levy this 2% equilibrium tax before a fully encrypted asset regulator has been established.
He added that:
“In the absence of any guidelines on the treatment of crypto-assets, there is ambiguity in how these would be treated under the tax laws and FEMA (Foreign Exchange Management Act).”
The Indian government has remained a skeptical attitude towards cryptocurrencies for a long time.
The authority was considering three key aspects to review crypto-related bills recently—the first two around whether new rules can be enacted to accommodate cryptocurrencies. The authorities are trying to explore which areas or types of crypto-related activities to permit or ban entirely.
As early as 2018, The Reserve Bank of India (RBI) declared a clampdown on crypto based on the Supreme Court’s directive. However, the RBI now claims that the older circular can no longer be referenced as it is no more valid based on the date discrepancies.
“Mad Money” Host Explains Why He Sold His Bitcoin
The host of CNBC’s “Mad Money” has admitted to offloading most of his Bitcoin holdings as the asset continues to tumble in price.
Jim Cramer made the revelation on June 21 during an interview with CNBC’s Squawk Box, in which he cited a number of reasons for his decision to sell.
“Sold almost all of my bitcoin. Don’t need it,” Cramer said, citing China’s mining crackdown as the primary reason. He acknowledged that Bitcoin is a direct threat to the Beijing regime and its tight grip on capital flow within the country.
Cramer has previously described his Bitcoin ownership as an alternative to a cash position. However, he is becoming increasingly concerned over regulatory pressure in the U.S. as well as in the Far East.
A number of U.S. politicians and lawmakers have outright derided crypto assets due to their role as a payment method in recent ransomware attacks on American business targets.
China Fears Mounting … Again
China seems to be the primary driver of the selloff, however, which has seen Bitcoin dump 45% since the beginning of May. Speaking on the nature of things in China, Cramer added:
“When the PRC goes after something, they tend to have their way. … It’s not a democracy. It’s a dictatorship. I think that they believe it’s a direct threat to the regime because what it is, is a system that’s outside their control.”
Since the big mining crackdown and resultant exodus, Bitcoin’s hashrate has plunged 48% to current levels of around 89 EH/s. It hasn’t been this low since late October 2020. Cramer commented on the premise that BTC prices should increase if mining is limited:
“Instead of thinking that bitcoin should go up if it is outlawed or if it is made tougher to be mined, Bitcoin goes down as if people are saying ‘I’ve got to redeem’ — when you limit mining, it should obviously go up unless there’s a worldwide redemption.”
Weak Hands Selling Bitcoin
It appears that the same old FUD regarding China and another crackdown, U.S. regulation, and even Tether fears have all resurfaced again to quash another bull market.
Weak hands will sell-off and panic, while those that have seen it all before are likely to hodl through the pain until the next upswing.
MicroStrategy CEO Michael Saylor appears to be one of the latter, having purchased a further 13,000 BTC yesterday, worth around $490 million at the time.
At the time of press, Bitcoin was trading down a further 3.5% on the day at $32,900. The asset has slumped 19% over the past seven days and is in danger of dropping back below $30K again.
Grayscale Parent Company to Purchase Ethereum Classic Trust Shares Worth $50 Million
Grayscale plans to buy $50 million worth of shares of the Grayscale Ethereum Classic Trust (ETCG).
Grayscale’s parent company, Digital Currency Group (DCG), revealed that it was planning to authorize the purchase of shares of the Grayscale Ethereum Classic Trust (OTCQX: ETCG) worth up to $50 million.
Digital Currency Group Doubles Down on Ethereum Classic
The company made the announcement via a press release on Monday (June 21, 2021). According to DCG, it would purchase the ETCG shares on the open market using cash.
The ETCG shares purchase authorization follows similar moves made in March and May 2021. In March, DCG announced the authorization purchase of its flagship product, Grayscale Bitcoin Trust (GBTC), worth up to $250 million. Later in May, Grayscale’s parent company increased the GBTC share purchase to $750 million.
Grayscale’s interest in Ethereum Classic likely contributed to a major price rally for the token sometimes dubbed “the other Ethereum” back in April and early May. At the time, ETC outperformed Ether amid a parabolic price action advance also driven by retail hype and favorable social media sentiments.
An excerpt from the announcement reads:
“The share purchase authorization does not obligate DCG to acquire any specific number of shares in any period, and may be expanded, extended, modified, or discontinued at any time. The actual timing, amount and value of share purchases will depend entirely upon a number of factors, including the levels of cash available, price, and prevailing market conditions.”
However, ETC’s positive price performance at the start of the year did not extend beyond early May. Like the rest of the crypto market, Ethereum Classic has plummeted in value in the last two months from an all-time high above $150 to about $40 as of the time of writing.
Grayscale Investments, the largest digital asset manager in the world, has over $32 billion in assets under management (AUM). Back in April, Grayscale’s AUM crossed the $50 billion milestone following bitcoin’s all-time high (ATH) at the time.
Meanwhile, the digital asset manager is among the U.S.-based companies who have submitted a proposal to the Securities and Exchange Commission (SEC), for a bitcoin ETF. As previously reported by CryptoPotato, Grayscale revealed that it would convert its GBTC Trust to a Bitcoin ETF.
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