Filecoin Miner RRMine Global Shuts Down Market in China, Moves HQ to Singapore

Annie Li  Sep 13, 2022 18:55  UTC 10:55

2 Min Read

Decentralized storage network Filecoin miner RRMine Global announced that it will withdraw from the Chinese mainland market and close its business in mainland China, moving its headquarters to Singapore.

In the press release, the company said that due to the policy of strict restrictions on cryptocurrencies in mainland China and the divergence of its Web3.0 strategy, it decided to completely shut down mining operations in mainland China and move its headquarters to the world’s most cryptocurrency-friendly place, Singapore which is one of the open economies.

Reportedly, several executives of Renren Mine were taken away by the police from their offices in Chengdu, China for investigation last December.

Steve Tsou, Global CEO, RRMine Global

"Very much like other entrepreneurs, we want the best for our company, employees and community. The decision has been made after a profound examination and multiple discussions, and it has not been easy to come back from a downfall, especially when RRMine Global has Continuously provided services to all its users globally without fail despite all the events that happened. From today onwards, we would like to move forward and recreate the prosperous scene from China in Singapore."

RRMine Global has been committed to solving the problem of lack of liquidity in Web3.0 and has become the world's leading one-stop service platform for providing Filecoin.

Decentralized storage network Filecoin aims to provide users with decentralized data storage and transmission services through its miners, using its commodity hardware. Miners are also required to stake large amounts of FIL tokens to start their mining operations as part of their “initial staking collateral.”

Filecoin had an initial coin offering (ICO) in 2017 and was listed on major exchanges, including Coinbase. Shortly after FTX went public, the FIL futures contract quickly processed a volume of $150 million.

RRMine Global also announced the launch of "R-Datacap Storage" this time, which will significantly reduce operating costs, improve revenue efficiency, and promote the Filecoin incentive plan.

Image source: Shutterstock

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