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Global Blockchain Company IBC Group to Close Mining Operations in China

2 min read

International Blockchain Consulting “IBC” Group have responded to the Chinese government’s clampdown on cryptocurrency by closing down all of its BTC and ETH mining facilities across China.

Large parts of the business will move to North America and South America, as well as across Europe and the Middle East.

Background

Founded in 2014 it spans 40 countries offering blockchain consulting on anything from ICO supports to institutional training. The group has over 1,500 employees and has worked with start-ups and established players, while also consulting governments and institutions over the past 7 years.

Most recently they played a key role in the launch of ETH 2.0 by staking around 100,000 ETH.

Noted crypto investor and Chairman of the IBC Group, Khurram Shroff, had the following to say on the matter.

“As far as our own cryptomining operations, within the IBC Group, are concerned; we are closing down all our BTC and ETH mining facilities across China, and moving our staff to multiple new locations globally, including UAE, Canada, USA, Kazakhstan, Iceland and various South American countries,”

As part of the move staff will be relocated to the UAE, Canada, USA, Kazakhstan, Iceland, and some South American countries.

China’s crypto crackdown

This mass relocation of operations out of China to direct economic competitors won’t come as a shock to anyone. Since acting as a catalyst in May’s crypto crash the Chinese government and their Central Bank, The People’s Bank of China, have continued to impose restrictive regulations on cryptocurrencies.

In fact, BTC China announced only last week that they would be pulling out of the Chinese market due to this new modus operandi. BTC enthusiast Michael Saylor even referred to the decision by the Chinese as a trillion dollar mistake.

The post Global Blockchain Company IBC Group to Close Mining Operations in China appeared first on BeInCrypto.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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