Cryptocurrency firms and Bitcoin miners in China have come together to support families in Henan. The area was previously hit by a devastating flood.
Despite the Chinese crypto crackdown, enterprises that had to relocate their operations due to the massive mining migration have turned to the Chinese crypto community for assistance.
Colin Wu, a Chinese journalist, posted a photo of a truck laden with generators and food donated by BTC miners for Henan locals. Posters on the truck expressed miner dissatisfaction with the Chinese government as well as sympathy for Henan.
Black humor from Chinese Bitcoin miners: We don’t have electricity, but the disaster area must have electricity. (The picture shows the Chinese Bitcoin miners donating generators and food to the flood-stricken areas in Henan. Previously, China’s large Bitcoin mines were stopped） pic.twitter.com/NwJPdKCWeZ
— Wu Blockchain (@WuBlockchain) July 26, 2021
Aside from bitcoin miners, three prestigious blockchain and cryptocurrency firms have also donated significant sums to the Henan province.
On July 23, Bitmain, a crypto mining company and one of the world’s largest producers of crypto mining rigs, became the first organization to contribute more than 10 million yuan.
Following China’s crackdown on bitcoin mining, Bitmain, among other crypto companies, was damaged.
As BTC miners began to relocate, Bitmain’s antminer equipment spot sales were halted internationally and reselling of second-hand mining units skyrocketed. However, the corporation has announced that production will resume.
“This is just what we should do.”, Bitmain shared in an interview on 24th July.
Following Bitmain’s lead, the Hong Kong-based FTX crypto exchange gave over 10 million yuan to the Zhengzhou charitable federation and publicised the news on Weibo.
FTX has escaped the brunt of the Chinese crypto crackdown, unlike its competitors Binance, Huobi, and OKex, who have all been barred from operating in the country.
Ant Group, the Antchain creator, also donated 100 million yuan via Alipay, and announced the donation on Weibo, just like FTX. The Ant Group said that it will purchase flood-prevention equipment and supplies to assist frontline volunteers in Henan province.
Weibo users have expressed their support and gratitude for these organizations, praising them for their efforts in developing “political awareness.”