As crackdowns on cryptocurrency mining continue in China, IBC Group plans to remove its mining infrastructure from the Asian country.

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Investment firm IBC Group, which has significant cryptocurrency mining operations in China, has stated that they intend to close all Bitcoin (BTC) and Ethereum (ETH) mining facilities across the country. The firm is willing to move its operations to Canada, USA, UAE, Kazakhstan, Iceland and many South American countries.

IBC Group Leaves China

Due to the Chinese government’s crackdown on crypto miners, many mining operations had to shut down. IBC Group, one of the largest mining operators, also plans to end its local mining operations and leave the country.

The Dubai-based investment firm has more than 1,500 employees in 40 major Chinese cities. The restrictions caused the company to change its direction to different countries.

The company moved its headquarters to Canada this year. IBC President Khurram Shroff commented on the news:

“The shift of crypto mining operations from China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the country is already at the forefront in terms of popularizing cryptocurrencies.”