Cryptocurrency

IBC Group Decided to Move Mining Facilities

As crackdown on cryptocurrency mining continues in China, IBC Group plans to remove its mining infrastructure from the Asian country.

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Investment firm IBC Group, which has valuable cryptocurrency mining operations in China, has stated that they intend to close all Bitcoin (BTC) and Ethereum (ETH) mining facilities across the country. The firm is willing to move its operations to Canada, USA, UAE, Kazakhstan, Iceland and many South American countries.

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IBC Group Leaves China

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Due to the Chinese government’s crackdown on crypto miners, many mining operations have had to shut down. One of the largest mining operators, IBC Group, is also planning to end its local mining operations and leave the country.

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The Dubai-based investment firm has more than 1,500 employees in 40 major Chinese cities. The restrictions caused the company to turn its side to different countries.

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The company moved its headquarters to Canada this year. IBC Leader Khurram Shroff commented on the news:

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“The shift of crypto mining operations from China will be a huge opportunity for Canada. The Toronto Stock Exchange has recently listed the world’s first Bitcoin ETF, so the country is actually in a leading position in terms of popularizing cryptocurrencies.”

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