Blockchain company IBC Group will stop mining cryptocurrency in China

Equipment and staff will be transported to other countries such as USA, Canada, UAE, Kazakhstan and Iceland.

Blockchain company IBC Group announced plans to close data centers for cryptocurrency mining located in China. The company will transport equipment and employees from the PRC to the USA, Canada, the United Arab Emirates, Kazakhstan, Iceland and various countries in South America.

IBC Group Chairman Khurram Shroff said that restrictions on cryptocurrency mining in China would be a great opportunity for Canada.

According to Shroff, Canada is “ahead of the pack” in the cryptocurrency space, as it launched the world’s first cryptocurrency exchange traded fund (ETF).

IBC Group was founded in 2014. The company operates in 40 cities around the world and provides various services from consulting to supporting initial token offerings (ICO).

Over the seven years of its activity, IBC Group has invested in more than 4 thousand cryptocurrency startups. At the moment, the company employs 1.5 thousand employees.

Miners began to leave China at the end of May due to the tough stance of local authorities regarding cryptocurrencies. BTC.TOP and HashCow were the first to announce the cessation of activities in the PRC.

As of the end of June, about 70% of Chinese miners have turned off their hardware .

In June, four provinces of the PRC imposed a complete ban on cryptocurrency mining, and banned local banks and other financial institutions from conducting transactions related to digital assets.

Ok guys. Seems like the bank deleted the notice only a few minutes after it released. https://t.co/6YrXyVthOm pic.twitter.com/PCbVIQYUru

— 8BTCnews (@btcinchina) June 21, 2021

About IBC Group

IBC Group Limited, a Substantial Investment Company based in the UAE since 2014, which has recently transferred their headquarters to Toronto, Canada from Dubai, has a focus on private equity investment in Blockchain Technology, Real Estate, and Art.
https://www.ibccapital.org/