The IBC Group has stated that it will suspend all of its Bitcoin and Ethereum mining operations in China. The organization intends to relocate its employees to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland, and several South American nations.

IBC Group operates large Bitcoin and Ethereum mining operations throughout China, employing over 1,500 individuals including over 40 areas.

The group, that has made investments in over 4,000 different Blockchain projects — including playing a key role in the launch of Ethereum 2.0, with around 100,000 Ether staked — has decided to respond to China's recent crackdown on cryptocurrency mining by deciding to shut down all of its Bitcoin and Ethereum mining facilities in the country.

The institutional onslaught on cryptocurrency mining in China started in earnest when the People's Bank of China (PBOC) notified all Chinese banks that they were not permitted to engage in any cryptocurrency-related activity.

According to Khurram Shroff, Chairman of the IBC Group, whereas the Chinese crackdown is a temporary nuisance, the diverse placement of mining facilities is excellent news for the entire world.

“As a business located in Toronto, North America's fastest expanding tech city, we feel well-positioned to capitalize on these changes.”

“A shift in crypto mining activities away from China would be a big opportunity for Canada,” Khurram added. “The Toronto Stock Exchange just listed the world's first Bitcoin ETF, putting the country ahead of the game in terms of cryptocurrency mainstreaming.”

“As for our crypto mining operations inside the IBC Group, we are shutting down all of our Bitcoin and Ethereum mining facilities throughout China and migrating our employees to multiple new locations around the world, including the UAE, Canada, the United States, Kazakhstan, Iceland, and various South American countries,” Khurram concluded.