E-commerce giant Alibaba is getting ready to launch a new crypto mining operation. The company will allow businesses to use its cloud services to mine various cryptocurrencies. The model is similar to platforms like Genesis Mining and Hashflare.io.
Chinese news agency Tencent News first broke the story:
“Alibaba has recently launched a virtual currency mining platform ‘P2P node’. From the terms of the service agreement, the main operating platform is Alibaba East China Ltd. It is reported that the company on October 10, 2017, has completed registration in Nanjing.”
The timing is definitely interesting, considering China’s potential ban on mining, which was announced last week.
China is reportedly asking local leaders to pressure mining operations with increased taxes and costs for electricity and land.