Filecoin miner RRMine flees China for Singapore as cryptocurrency crackdown drives out Web3 start-ups
- RRMine Global, the subsidiary of a Hong Kong company, says it is relocating because of tightened cryptocurrency restrictions in China
- Last December, RRMine executives were taken away by police in the Chinese city of Chengdu for investigation, according to a Caijing report
The company, which provides Filecoin mining and storage services, said the decision stemmed from “tightened restrictions on cryptocurrency usage in the mainland”, as well as “the fact that China’s Web3 strategy is going in a different direction”.
The announcement on Tuesday by RRMine, a subsidiary of Hong Kong SuperB Grace Limited, marks the official end of its five-year odyssey in China, where it was one of the bigger Filecoin miners before winding down its mainland operations last September.
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At present, apps based on Web3, a loosely defined vision for the next iteration of the World Wide Web built around blockchain technology and other decentralised protocols, mostly involve cryptocurrencies.
In China, however, state-backed initiatives have focused on popularising blockchain usage without the involvement of cryptocurrencies, which are banned from being traded in the country. Authorities also pledged in May last year to clamp down on cryptocurrency mining operations.
In December, RRMine executives were taken away by police in the southwestern city of Chengdu for investigation, according to a report by local business news outlet Caijing. RRMine did not immediately respond to the Post’s request for comment on the incident.