Global Blockchain Company IBC Group to Close Mining Operations in China

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In Brief
  • IBC Group are closing down its BTC and ETH mining operations in China.

  • The move comes after the continued clampdown on crypto mining in the country.

  • Chinese regulations continue to push business out of the country.

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International Blockchain Consulting “IBC” Group have responded to the Chinese government’s clampdown on cryptocurrency by closing down all of its Bitcoin and Ethereum mining facilities across China.

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Large parts of the business will move to North America and South America, as well as across Europe and the Middle East.

Background

Founded in 2014 it spans 40 countries offering blockchain consulting on anything from ICO supports to institutional training. The group has over 1,500 employees and has worked with start-ups and established players, while also consulting governments and institutions over the past 7 years.

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Most recently they played a key role in the launch of Ethereum 2.0 by staking around 100,000 Ethereum.

Noted crypto investor and Chairman of the IBC Group, Khurram Shroff, had the following to say on the matter.

“As far as our own cryptomining 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,”

As part of the move staff will be relocated to the UAE, Canada, USA, Kazakhstan, Iceland, and some South American countries.

China’s crypto crackdown

This mass relocation of operations out of China to direct economic competitors won’t come as a shock to anyone. Since acting as a catalyst in May’s crypto crash the Chinese government and their Central Bank, The People’s Bank of China, have continued to impose restrictive regulations on cryptocurrencies.

In fact, BTC China announced only last week that they would be pulling out of the Chinese market due to this new modus operandi. Bitcoin enthusiast Michael Saylor even referred to the decision by the Chinese as a trillion dollar mistake.

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Adam is working in London while studying for a self-paced MicroMasters in Data, Economics and Public Development online with MITx. Before this he studied at Trinity College Dublin where he first became interested in cryptocurrency and blockchain. First writing for a university publication on cryptocurrency in 2015, Adam has been writing about and following the crypto economy ever since.

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