Alibaba Launching Cryptocurrency Mining Platform

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.

Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.