Questions answered: Why is there a BTC/BSV mining pool in the national blockchain registration? BSV Chinese Ambassador Operation

On April 24, the Cyberspace Administration of China released the third batch of 224 domestic blockchain information service names and registration numbers, among which the registration information of BTC/BSV mining pools rarely appeared.

Who is Fuzhou Boquan Network Technology Co., Ltd.?

According to the official website, Boquan Network was founded in June 2016 and owns the world's top 5 mining farms, as well as BSV wallets, browsers, cloud computing power, mining pools, etc. The founder, Lin Zheming, is the Chinese ambassador of the BSV Bitcoin Association.

Mempool, a mining pool owned by Boquan Network, accounts for 0.72% of the computing power in the BSV network, and its computing power ranking in the BTC network is outside the top 10. Judging from the mining pool share, it is a bit exaggerated to advertise that it owns the top 5 mining farms in the world.

Boquan Network’s official website does not seem to be updated. In the contact information at the bottom of the website, the WeChat customer service number shows “Unable to find the user”, while the WeChat service account DotWallet shows that it has not obtained a license or permit and has been suspended.

Is mining pool registration rare? Not really.

Wu said that in the first three batches of filing projects, many mining pools have actually filed, including Spark Pool, the Ethereum mining pool with the largest computing power share, as well as Elephant Pool, Bee Pool, and Hash Pool. However, many mainstream POW mining pools have not filed, and their main bodies should have gone to overseas regions such as Singapore.

In addition, a large number of wallet, browser, security and other related companies in the cryptocurrency industry have also registered. At the same time, the well-known public chain project Conflux has also registered in the third batch.

However, I don’t know whether this BSV Chinese ambassador, because he is not politically sensitive enough or wants to use this opportunity to promote BSV, directly wrote the words BTC/BSV in the service name.

Back to the topic, what exactly is blockchain filing? In fact, it is similar to the filing mechanism of websites and is under the jurisdiction of the Cyberspace Administration of China. If you do not file, you may be investigated and shut down. It is more of a "deterrent", just like the self-reporting of taxes that is being promoted, but if you do not report, you may be fined.

On the other hand, filing is just a registration and does not mean it has been recognized. The official website of the Cyberspace Administration of China clearly states:

The blockchain information service filing only registers the blockchain information services provided by the filing entity. The information is filled in by the filing entity itself. The filing does not assume legal responsibility for specific entities, products, businesses, etc. No organization or individual may use the filing results for publicity or other purposes.

Most cryptocurrency projects use blockchain technology, but do they belong to blockchain information services? Where is the boundary between blockchain and cryptocurrency?

According to China's past regulations, Bitcoin's status as a virtual commodity is recognized, and ordinary people have the freedom to participate under the premise of assuming their own risks, but at the same time, the issuance of coins and trading platforms are strictly prohibited. At present, although there are no clear laws and regulations, this boundary is relatively clear. As long as it is not related to trading and coin issuance, other cryptocurrency applications and mining are still within the scope of policy permission and can be included in blockchain information services.

Looking back at the Boquan Network incident, since Bitcoin is not illegal in essence, there is no need to make a fuss. We look forward to more cryptocurrencies appearing openly in the public and decision makers' field of vision.