Mining Group Leader Says China’s Crypto Ban Offers “Big Opportunity For Canada”

China’s regulatory crackdown on cryptocurrencies continues to alienate great miners. Dubai-based investment firm IBC Group has announced plans to stop mining Bitcoin (BTC) and Ether (ETH) in China following ban announcements from various provinces across the country.

According to sources, the group has large mining operations in China and plans to spread their operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and other countries. IBC Corporation recently relocated its headquarters to Toronto, Canada.

Khurram Shroff, President of IBC Group and CEO of iMining, commented on crackdown on cryptocurrencies, which was focused on mining activities, saying it was a temporary inconvenience. He added that the diverse location of the mining facilities was great news for the rest of the world:

“Moving crypto mining out of China would be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, which means the country is ahead of the trend in terms of crypto mainstreaming. “

China has turned its attention to the energy consumption of the crypto mining industry after a large-scale power outage in China’s mining hub Xinjiang in mid-April, followed by tightened government oversight and a shock wave in the cryptocurrency markets.

Related: Expert Describes the State of Crypto in Canada

However, industry experts largely agree that since then, although the initial rollout phase will be arduous and challenging, the exodus of miners from China will accelerate the growth of the industry.

Galaxy Digital’s Mike Novogratz has seen “a massive net positive” for the Bitcoin ecosystem over the long term, while former Gemini security engineer Brandon Arvanaghi emphasized, “cracking down means bitcoin works, not failure.”