TORONTO, July 5, 2021 /PRNewswire/ — The IBC group has significant Bitcoin and Ethereum mining operations across China and has over 1500 people employed in more than 40 cities. The group, which has invested in over 4000 different Blockchain projects – including playing an instrumental role in the launch of Ethereum 2.0, with around 100,000 Ether staked – has responded to the recent crackdown on cryptocurrency mining in China, with the decision to close down all its Bitcoin and Ethereum mining facilities in the nation. The group plans to move its staff to UAE, Canada, USA, Kazakhstan, Iceland, and various South American countries.
The institutional crackdown on cryptocurrency mining in China began in earnest, once the nation’s central bank, the People’s Bank of China (PBOC), issued a reminder to all Chinese banks that they cannot engage in any cryptocurrency related activity. The State Council of the People’s Republic of China declared its intention to shut down Bitcoin mining and trading to ‘control financial risks’, in May 2021. More recently, the PBOC also made statements against the speculative trading of cryptocurrency, further accelerating the crackdown. According to estimates, more than 90% of the Bitcoin mining in China has shut down, which is especially significant because the nation once contributed a major share of the processing power used by the world’s leading cryptocurrency.
However, several leading…
