Cryptocurrency News

Non-Cryptocurrency Firms Are Investing More in Cryptocurrencies

The largest cryptocurrency in the world “Bitcoin” continues to gain growth with respect to price and market capitalization. The main factor behind the growth of Bitcoin (BTC) is its constant bullish nature and the potential amount of profits it can offer.

Although the mainstream adoption for the firm came from tech, financial, and investment giants, the industry has now gained even more interest even from companies that are completely non-crypto.

Amid the constant rise in the price of Bitcoin (BTC), many non-crypto currency firms from China are now getting into the crypto-pool. As per the latest reports, Urban Tea, which is a retailer for tea and baked goods has expressed its interest in cryptocurrencies.

It has been observed that the majority of the non-crypto firms are more interested in mining cryptocurrencies than purchasing them directly. Similar to that, Urban Tea has recently posted jobs that are gaining a lot of attention from the cryptocurrency sectors.

The firm has revealed that is now in the process of exploring the cryptocurrency mining and blockchain sector. Therefore, it is looking to hire people that have had experience in the crypto-mining and the blockchain network. Urban Tea has revealed that it is also looking for candidates that will be designated and will be responsible for leading the projects related to cryptocurrencies.

The recent reports are turning out to be working in the favor of the crypto-mining sector in China. This is because many cryptocurrency miners had to relocate to different places outside of China due to high electricity costs.

According to the Chief Operating Officer (COO) at TokenInsight, Wayne Zhao, China used to be a country that had no competition in the crypto-mining sector. However, due to the increase in electricity consumption and costs, the crypto-mining ventures moved out of the country.

Before the relocation, China was responsible for generating more than 80% of the country’s mining power. However, the figure has experienced a significant drop and is now sitting at 50% mining power in the entire world.

Zhao added that another reason why the crypto-mining community has been driven out of the country is because of the regulatory concerns and pressure that was exerted on the crypto-communities.

Despite the regulatory pressure and electricity costs, Urban Tea is determined to pursue its crypto-mining ventures. For that purpose, the company has announced that it has already hired Fengdan Zhou as the Chief Operating Officer.

Urban Tea has also revealed that apart from the COO, it has also hired Yunfei Song as the Independent Director to be working on the blockchain mining projects.

Just to provide background information, Fengdan Zhou had been working at the cryptocurrency data-centers in Honk Kong. While Yunfei Song is a well-renowned scientist from the Chinese Academy of Sciences.

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