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Three blockchain and crypto-related companies have donated hundreds of millions of yuan to China’s Henan Province, which has suffered deadly floods since last week.
Fast facts
- Bitmain, a crypto mining firm was the first to announce a donation of 10 million yuan (US$1.54 million) on July 23 to a charity federation in Zhengzhou, the provincial capital of Henan, where floods killed 12 people on July 20.
- Bitmain is one of the biggest crypto mining rig producers in the world. After a recent crackdown on crypto mining in China’s four major crypto mining provinces and regions, Bitmain’s business has been impacted. It decided to suspend all global spot sales of its Antminer machines, a flagship product, at the end of June, as miners were reselling their rigs and the second-hand market came under great pressure. However, it is once again open for future orders.
- Crypto exchange FTX donated 10 million yuan to the Zhengzhou charity federation on July 23, according to its official Weibo account. Beijing does not allow any crypto trading in China, and crypto exchanges such as Binance, Huobi and OKex are censored on social media, although Hong Kong-based FTX‘s Weibo account is still accessible and has attracted more than 60,000 followers.
- Ant Group, the producer of Antchain, also donated 100 million yuan to Henan through an Alipay foundation. Ant Group wrote on Weibo, saying it would use the money to buy flood-prevention equipment and items to support frontline volunteers.
- Many netizens on Weibo supported the moves saying said the companies had “political awareness,”, meaning that they were showing a sense of social responsibility to curry favor with Beijing. Bitmain gave a local media interview on July 24, saying: “ This is just what we should do.”