Photo used for illustrative purpose.

Inayat-ur-Rahman, Business Editor

The IBC Group has announced to close down all its Bitcoin and Ethereum mining facilities in China. The group plans to move its staff to UAE, Canada, US, Kazakhstan, Iceland, and various South American countries.

IBC Group has significant Bitcoin and Ethereum mining operations across China and has over 1,500 people employed in more than 40 cities.

The group, which has invested in over 4,000 different Blockchain projects — including playing an instrumental role in the launch of Ethereum 2.0, with around 100,000 Ether staked — has responded to the recent crackdown on cryptocurrency mining in China, with the decision to close down all its Bitcoin and Ethereum mining facilities in the nation.

The institutional crackdown on cryptocurrency mining in China began in earnest, once the nation’s central bank, the People's Bank of China (PBOC), issued a reminder to all Chinese banks that they cannot engage in any cryptocurrency related activity.

Khurram Shroff and Chairman of the IBC Group told Gulf Today that they believe that while the Chinese crackdown is a temporary inconvenience, the diversified location of mining facilities is great news for the rest of the world..

Khurram Shroff

“As a company headquartered in Toronto, the fastest growing tech hub in North America, we feel perfectly positioned to take advantage of these changes.”
“A shift of cryptomining operations out of China will be a huge opportunity for Canada”, Khurram continued. “The Toronto Stock Exchange recently listed the world's first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”

“As far as our own cryptomining operations, within the IBC Group, are concerned; we are closing down all our Bitcoin and Ethereum mining facilities across China, and moving our staff to multiple new locations globally, including UAE, Canada, USA, Kazakhstan, Iceland and various South American countries,” Khurram concluded.