China cripta interzice o „oportunitate imensă pentru Canada”, spune șeful grupului minier

China’s regulatory crackdown on cryptocurrencies continues to alienate major miners. Dubai-based investment company IBC Group reportedly plans to end Bitcoin (BTC) și Ether (ETH) mining operations in China following ban announcements from the different provinces across the country.

The group has major mining operations in China and plans to distribute its operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and various South American countries, according to surse. IBC Group recently mutat its headquarters to Toronto, Canada.

Commenting on the crackdown on crypto with a focus on mining activities, IBC Group chairman and iMining CEO Khurram Shroff said it’s a temporary inconvenience. He added that the diversified location of mining facilities is great news for the rest of the world:

„O schimbare a operațiunilor miniere criptografice din China va fi o oportunitate imensă pentru Canada. Bursa din Toronto a listat recent primul ETF Bitcoin din lume, astfel încât națiunea este deja înaintea curbei, în ceea ce privește integrarea criptomonedelor. ”

China turned its attention to the crypto mining industry’s energy consumption following the întreruperi de curent pe scară largă in the Chinese mining hub of Xinjiang in mid-April. This was followed by stricter supervision by the government, sending a shockwave through the crypto markets.

Related: Expert details the state of crypto in Canada

However, experts from the industry have mostly agreed since then that while the initial shakeup will be arduous and challenging, miners’ migration out of China will nurture the decentralization of crypto.

Galaxy Digital’s Mike Novogratz saw “a big net positive” for the Bitcoin ecosystem for the long term, while former Gemini security engineer Brandon Arvanaghi accentuat, “The crackdown means that Bitcoin is working, not that it’s failing.”

Source: https://cointelegraph.com/news/china-crypto-ban-a-huge-opportunity-for-canada-mining-group-head-says