The IBC Group has opted to totally abandon Bitcoin and Ether mining in China. The Chinese government continues to clamp down on crypto mining and it looks like cryptocurrency businesses are moving out of the country.
The International Blockchain Consulting (IBC) Group is done with Bitcoin and Ethereum mining in the Middle Kingdom.
Most of its business will move to North America, South America, across Europe, and the Middle East – into nations like such as the UAE, Canada, USA, Kazakhstan, Iceland, and some South American countries.
“As far as our own crypto mining operations, within the IBC Group, are concerned; we are closing down all our Bitcoin and Ethereum mining facilities across China, and moving our staff to multiple new locations globally, including UAE, Canada, USA, Kazakhstan, Iceland, and various South American countries,” according to Khurram Shroff, a crypto investor and Chairman of the IBC Group.
The crypto crackdown by China in May created a mass relocation of operations out of China to direct economic competitor nations.
China’s Move Made IBC Flee
To date, the Chinese government and their Central Bank, The People’s Bank of China, have continued to impose restrictive regulations on cryptocurrencies.
Last week, BTC China announced that it would be pulling out of the Chinese market due to this new modus operandi.
China’s biggest maker of cryptocurrency mining machines, Bitman, has also suspended sales of its new products to reduce pressure on miners who are looking to sell their old equipment.
IBC Was Good for the Chinese Economy
Founded in 2014, the group offers blockchain consulting on anything from ICO support to institutional training across 40 countries.
In addition to having over 1,500 employees, IBC has worked with start-ups and established players in the blockchain space. It also consulted with governments and institutions over the past 7 years.
Most recently, IBC has played a key role in the launch of Ethereum 2.0 by staking around 100,000 Ethereum. The company will find open doors in other nations, which will benefit from its operations.