China’s regulatory crackdown on cryptocurrencies continues to alienate major miners. According to reports, Dubai-based investment company IBC Group plans to terminate Bitcoin (Bitcoin) And ether (Ethereum) China’s mining operations after the bans were issued in different provinces across the country.
The group has major mining operations in China and plans to distribute its operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland, and several South American countries. source. IBC Group recently move Its headquarters are in Toronto, Canada.
Khurram Shroff, Chairman of the IBC Group and CEO of iMining, said that this is a temporary inconvenience when commenting on cracking down on cryptocurrencies with a focus on mining activities. He added that the diverse location of mining facilities is good news for the rest of the world:
“Transferring crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the country is already at the forefront of mainstreaming cryptocurrencies. .”
China turns its attention to energy consumption in the crypto mining industry Massive blackout In mid-April, in Xinjiang, the center of China’s mining industry.Followed by Stricter government supervision, Send out shock waves through the encrypted market.
related: Experts detailed Canada’s encryption status
However, since then, industry experts have mostly agreed that although the initial restructuring will be arduous and challenging, the move of miners out of China will promote the decentralization of cryptocurrencies.
Mike Novogratz of Galaxy Digital saw “A big net positive“For the long-term Bitcoin ecosystem, the former Gemini security engineer Brandon Arvanaghi Emphasize, “Repression means that Bitcoin is working, not that it is failing.”
