Core Insights - China was once the global center for cryptocurrency, controlling 80% of Bitcoin production and 85% of trading volume, but has now been overtaken by the U.S. following the "9.24 ban" which classified cryptocurrency mining as an "eliminated industry" [1][35][36] - The U.S. is promoting "green mining" by utilizing wasted energy as a strategic asset, positioning itself as the new leader in the cryptocurrency space [1][10] Group 1: Bitcoin as an Energy Resource - Bitcoin mining is often criticized for wasting energy, with the energy required to mine one Bitcoin equivalent to the annual electricity consumption of about 80 American households [4][5] - Both the U.S. and China experience significant amounts of wasted electricity annually, with China alone discarding 5.59 billion kilowatt-hours of wind and solar energy in 2024 [8] - In the U.S., 19% of wasted electricity is projected to be consumed by mining operations by 2025, resulting in a reduction of 1.3 million tons of CO₂ emissions [11] Group 2: U.S. Strategic Initiatives - The U.S. has introduced the "FLARE Act" to utilize associated gas from oil extraction for powering mining operations, effectively reducing pollution while mining [16][17] - The merger of Hut8 and the Trump family's "American Data Center Company" to form "American Bitcoin Company" highlights the political and financial interests in the mining sector [21][22] - The Trump administration has positioned Bitcoin alongside gold and oil, promoting it as a tool for economic stability and risk hedging [27][28] Group 3: China's Potential Strategies - Experts suggest that China could convert its wasted electricity into Bitcoin as a form of energy reserve, adopting a model similar to Texas's "solar + storage + mining" approach [40] - Establishing a digital RMB stablecoin and enhancing cross-border settlements could help China regain its footing in the cryptocurrency market [41][42] - Accelerating the production of advanced chips domestically to reduce reliance on foreign suppliers like TSMC is crucial for China's competitiveness in the mining hardware sector [45][46] Group 4: The Broader Implications - The CEO of Core Scientific emphasizes that the U.S. aims to "weaponize" Bitcoin by controlling energy through mining operations [48] - China's ability to convert wasted electricity into computational power, combined with a stablecoin strategy, could reshape the balance of power in the global economy [49][51] - The next decade will see Bitcoin mining evolve beyond a technical competition to a significant shift in civilizational dynamics [52]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has denied rumors regarding the issuance of the world's first offshore yuan-pegged stablecoin in Hong Kong, labeling them as false and urging vigilance among investors [1][2]. Regulatory Framework - The Stablecoin Ordinance, effective from August 1, mandates that any company wishing to issue a stablecoin in Hong Kong must obtain an official license from the HKMA [3]. - Issuers of "referenced stablecoins" are required to comply with strict operational and transparency standards before market offerings [3][4]. Current Market Status - As of now, no licenses have been granted for the issuance of yuan-pegged stablecoins, making any claims of such activities misleading and illegal under the new regulatory framework [4][6]. - The HKMA is actively monitoring trading activities related to stablecoins and will enforce penalties against violations of the ordinance [5]. Public Awareness and Compliance - The HKMA encourages the public to verify information through its official website, which maintains a public register of licensed stablecoin issuers [7]. - Misleading promotions not only misrepresent the regulator's position but also pose risks of significant financial losses to investors [8].