China’s sustained clampdown on crypto mining has forced several companies in the sector to either close shop or relocate to other regions. The International Blockchain Consulting (IBC) Group is the latest to join the list of mining firms that are shutting down operations in China.
The company will be shutting down all its Bitcoin and Ethereum mining facilities in the Asian nation, with large parts of the business relocating to North and South American, as well as Europe and the Middle East.
Commenting on the matter, crypto investor and Chairman of the IBC Group, Khurram Shroff, said:
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.
The move to leave China does not come as a surprise. Since May when the Chinese government first announced that it was going to clamp down on Bitcoin mining and trading, officials have continued to impose strict crypto regulations. BTC.com and other major mining firms have already exited the region.