China plans to ban Bitcoin and Cryptocurrency Mining – Cudo Ventures comments

China’s Economic Planning Body Labels Bitcoin Mining an ‘Undesirable’ Industry   The Chinese Economic Planning Body has recently announced that it wants to eliminate Bitcoin mining in the country. A target date or plan for how to eliminate Bitcoin mining has not been set, meaning that such activities could be phased out immediately.     Matt Hawkins, CEO at Cudo Miner, comments on what effect China’s planned ban on cryptocurrency mining will have on the Bitcoin network and cryptocurrencies in general.   Matt Hawkins, CEO, Cudo Miner says: We have…

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Secret Chinese Bitcoin mine makes Billions

Secretive Chinese start-up called Bitmain dominates the Bitcoin “mining” industry land as reported by CNBC Is likely to make as much as chipmaker Nvidia did last year.     Estimates of gross margin of 75 percent and operating margin of 65 percent, analysts calculate that Bitmain made $3 billion to $4 billion in operating profit in 2017. It is estimated that  Nvidia’s operating profit was $3 billion during the same period.   “But Bitmain achieved this in merely four years, while it took Nvidia 24 years to get here,” the Bernstein…

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