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Is This Chinese Company Defying Crypto Bans With Its Latest Bitcoin Mining Partnership

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Sino-Global Shipping America, Ltd., has announced that it will enter a joint-venture with Highsharp, an American blockchain technology firm, to develop Bitcoin mining machines. Furthermore, Sino-Global has also revealed that it will make a $10 million initial investment to fund the BTC mining rigs’ Joint Venture operations, in the upcoming month. This partnership will create their Bitcoin mining machine, named Thor. Sino-Global has its headquarters in many parts of the globe, including the territory of Mainland China that is subject to an absolute anti-crypto regime.

Sino-Global’s Chief Executive Officer, Mr. Lei Cauo, said, “This is a major strategic development for Sino-Global with the potential for significant long-term financial benefit. The name we chose underscores our JV’s considerable combined resources, market knowledge, and capacity to address unmet demand for high-quality, reliable digital mining machines. Recent crypto policy changes combined with ongoing global component shortages have served to remove valuable digital mining production capacity. We intend to fill that vacuum and plan to move aggressively as we build greater value for Sino-Global and all shareholders.”

Sino-Global could become the next victim of Chinese Crypto Crackdown

The company was established in the United States. It plans to invest approximately $50 million in the U.S. over the next few decades to support U.S. work. However, its headquarters in Mainland China may be affected by the latest partnership. Sino-Global may be forced to close its Bitcoin Mining Rigs business due to the continuing and growing crypto crackdown by the Chinese government.

China’s authoritarian government started by crackingdown on Bitcoin Mining farms located in major cities. Then, it moved down to smaller provinces which caused the massive mining migration. Chinese authorities have successfully shut down hundreds more mining farms and exchanges. Individual retailers are now facing bankruptcy after making crypto trading and mining illegal in China. Crypto giants like Huobi and Binance suspended their services in the arena after facing the Chinese regulators’ wrath. Sino-Global is also speculated to bear the burn on China’s crypto crackdown fire.

The post With its latest Bitcoin Mining Partnership, this Chinese firm is defying crypto ban. Coingape first published this article

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