IBC Group to Shut Down Bitcoin and Ethereum Mining Operations in China

UAE-based Substantial Investment Company IBC Group recently announced that it has intended to close its Bitcoin and Ethereum mining operations in China.

The decision was made as the country’s recent crackdown on crypto mining companies and cryptocurrency transaction in the region. Last month, the Chinese central bank discussed the issue of the recent speculative activities around crypto trading with financial institutions and payment providers​. These banks are required to stop dealing with cryptocurrency transactions, as well as cut off any funding channels for crypto OTC merchants if found.

According to the latest estimates, nearly 90% of crypto miners in China have closed their operations. China accounted for nearly 50% of the global hash rate in 2020. However, the latest regulations by the Chinese government have forced regional miners to shift their operations to crypto-friendly countries.

According to the company, IBC Group has decided to move its staff to new locations including Iceland, Kazakhstan, UAE, Canada, the US and different South American countries.

Khurram Shroff, the Chairman of the IBC Group, commented, “We 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. As a company headquartered in Toronto, the fastest growing tech hub in North America, we feel perfectly positioned to take advantage of these changes.”

“As far as our own crypto mining 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,” Shroff added.