Chinese Car Manufacturer to Venture into Bitcoin Mining

Paranfil - China continues to influence not only the global economy but also the cryptocurrency market. Chinese electric vehicle manufacturer Kaixin Holdings is preparing to invest in Bitcoin mining in the Middle East.

Kaixin starts Bitcoin mining in the Middle East
Kaixin Holdings, a well-known company in the electric vehicle sector, announced that it has purchased a mining operation in the Middle East. This marks the company's entry into the cryptocurrency market while it will continue its core business of producing electric vehicles.
This move could also signify China's gradual return to the cryptocurrency sector. Recall that China banned cryptocurrency mining and trading in a decision made in 2021. However, some Chinese companies have started to cautiously re-enter the sector. The Chinese government is also continuing to develop the digital yuan but has not lifted its restrictions on the cryptocurrency market.