Blockchain company IBC Group will stop mining cryptocurrency in China

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

Blockchain company IBC Group announced plansto close data centers for mining cryptocurrency 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 stated thatrestrictions on cryptocurrency mining in China will 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 (ICOs). 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 started leaving China at the end of May due totough position 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.

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