Crypto Firm IBC Group to Cease Mining Operations in China
Main page News, China, Mining

Blockchain firm IBC Group is closing its cryptocurrency mining data centers in China. The company will relocate its equipment and employees to the United States, Canada, United Arab Emirates, Kazakhstan, Iceland and South American countries.

IBC Group president Khurram Shroff has said mining restrictions in China would be a great opportunity for Canada. In his opinion, Canada is "already ahead of the curve" in the cryptocurrency sector, as it launched the world's first Bitcoin ETF.

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Miners started leaving China at the end of May as a result of the country's authorities' strict stance toward cryptos. BTC.TOP and HashCow were the first to announce the suspension of their activities in the PRC. By the end of June, around 70% of Chinese miners had shut down their equipment.

In June, four Chinese provinces imposed a complete ban on crypto mining and prohibited local banks and other financial institutions from conducting cryptocurrency-related transactions.

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