China’s crackdown on cryptocurrencies mining is forcing major miners to relocate their operations to other countries. Dubai-based investment company (IBC) Group is allegedly planning to end its Ether mining in China after the ban announcement.
IBC mining operations will be distributed to United Arab Emirates, Kazakhastan, Iceland, United States, South America, and Canada. IBC has already relocated its headquarters to Toronto, Canada.
IBC Group Chairman and iMining CEO Khuram Shroff say that temporary inconvenience in China is a great opportunity to diversify mining operations globally.
China decided to crack down cryptocurrencies mining industry due to the huge energy consumption that caused power outages in the major mining hub of Xinjiang in mid-April. The government started by implementing stricter supervision that sent shock across the industry.
Experts agree that the migration of miners out of China will initially be arduous, but at long last, it will help in the decentralization of crypto.
Galaxy Digital’s Mike Novogratz ming company saw the crackdown as a positive net for the long-term Bitcoin ecosystem. Gemini security engineer Brandon Arvanaghi stressed that crackdown does not mean Bitcoin is falling.
