China’s regulatory measures for cryptocurrencies continue to alienate major miners. The Dubai-based investment company IBC Group is reportedly planning to close its mining operations in Bitcoin (BTC) and Ether (ETH) in China following announcements of the ban from various provinces across the country.

According to sources, the group has large mining operations in China and plans to expand its operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and various countries in South America. IBC Group recently moved to Toronto, Canada.

IBM Group’s Chairman and CEO of iMining Khurram Shroff commented on the repression of cryptocurrencies focusing on mining, saying it was a temporary disadvantage. He added that the diversity of mining sites is good news for the rest of the world:

“Transforming cryptocurrency mining outside China will be a great opportunity for Canada. The Toronto Stock Exchange recently posted the world’s first Bitcoin ETF, so the country is already well ahead of schedule when it comes to popularizing cryptocurrencies. ”
China drew attention to the energy consumption of the crypto mining industry after a massive power outage at a Chinese mining center in Xinjiang in mid-April. This was followed by increased government supervision, which sent a shock to the cryptocurrency markets.

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But since then, industry experts have largely agreed that while the first change will be difficult and difficult, the emigration of miners from China will help decentralize crypto.

Galaxy Noval’s Mike Novogratz saw “a huge net positive” for the Bitcoin ecosystem in the long run, while former Gemini security engineer Brandon Arvanagi stressed: “The campaign means Bitcoin works, not fails.”

Source: CoinTelegraph