IBC Group CEO: China’s crypto crackdown represents a ‘huge opportunity for Canada

IBC Group CEO: China’s crypto crackdown represents a ‘huge opportunity for Canada
фото показано с : invezz.com

2021-7-6 16:24

IBC Group, a private equity firm that focuses on blockchain technology, has closed down all its Bitcoin (BTC/USD) and Ethereum (ETH/USD) mining facilities in China in response to the government’s decision to limit cryptocurrency mining. The company doesn’t appear to be worried and believes this will lead to positive developments within the cryptocurrency market.

China’s crackdown a ‘temporary inconvenience’

IBC had more than 1500 employees in tens of Chinese cities and has made substantial investments in over 4000 different Blockchain projects. They have staked approximately 100,000 ETH, playing a key role in the launch of Ethereum 2.0, IBC said in a press release.

After the People’s Bank of China (PBOC) warned Chinese commercial banks they couldn’t process any cryptocurrency-related transactions, estimates suggest more than 90% of Bitcoin mining in China has stopped. This is striking as China used to contribute a great deal of the processing power used by Bitcoin. The PBOC further accelerated the crackdown by making statements against the speculative trading of the digital assets.

IBC Group Chairman Khurram Shroff, doesn’t see these developments as negative. Shroff commented in the press release:

“We believe that while the Chinese crackdown is a temporary inconvenience, the diversified location of mining facilities is great news for the rest of the world. A shift of mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”

Canada faces a ‘huge opportunity’

IBC Group said it is moving staff to multiple countries worldwide, one of which is Canada. In fact, the company moved its headquarters from Dubai to Toronto, Canada in May. In the company’s press release, Khurram said that China’s crackdown on cryptocurrencies represents a “huge opportunity” for Canada. Specifically, the Toronto Stock Exchange earned credit for listing the world’s first Bitcoin ETF. This puts Canada “ahead of the curve” in terms of “mainstreaming cryptocurrencies.”

Canada’s status as a potential global hub for cryptocurrencies is not new. The country is known for its very low energy costs, especially in the province of Quebec that benefits from reliable hydropower. Morgan Stanley analysts even said in 2018 Canada is among the “most attractive regions for mining.”

The post IBC Group CEO: China’s crypto crackdown represents a ‘huge opportunity for Canada appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining usd ibc group china ethereum eth

mining usd → Результатов: 89


Фото:

Report: Green energy-powered BTC mining increased by 52.2% this year

The use of sustainable energy in Bitcoin mining increased by 52.2% between the first and second quarters of 2021. Bitcoin Mining Council (BMC), an organization that seeks to promote the use of green energy for Bitcoin (BTC/USD) mining, unveiled this bullish news through its first report, which offered details on the current status of the […] The post Report: Green energy-powered BTC mining increased by 52.2% this year appeared first on Invezz.

2021-7-3 17:25


Фото:

Bitcoin Miners Unfazed by Bears, Stacking Up as BTC/USD Trend Below $60k

Recent data from Glass node reveals that Bitcoin miners have been stacking heavily in the last month. Bitcoin Miners are HODLing Bitcoin miners play a critical role in securing the network. By channeling what’s turning out to be expensive computing resources from scarce and costly mining gear, they are rewarded with 6.25 BTC–or over $180k,Read More

2021-4-29 21:00


Фото:

Bitcoin On-Chain Data Reveals Chinese Mining Pool Behind Its Crash

An otherwise decentralized cryptocurrency, Bitcoin, might have become a victim of a centrally orchestrated price dumping attempt. According to data fetched by CryptoQuant, a South Korea-based blockchain analytics firm, Bitcoin miners at Chinese mining firm F2pool started the massive sell-off that crashed the BTC/USD exchange rate by almost 20 percent in just less than 24 hours.

2021-1-22 14:26


CoinMine Secures $2.5 Million In Funding to Foster Crypto Mining Product Line

The crypto mining company CoinMine, which is focused on manufacturing crypto hardware and software, has recently announced that it was able to get $2.5 million USD its latest seed investment round. The seed round was led by M13 Ventures, Gumi Crypto, Shervin Pishevar A representative of the company affirmed that the investment round was so […]

2019-8-15 22:51


Исследование: Объем торгов на централизованных биржах значительно вырос

Новый отчет аналитического подразделения Cryptocompare за апрель свидетельствует о значительном росте объема торгов на централизованных криптовалютных биржах. April #Exchange Review is out! 1/ #CME continued to dominate with average daily volumes of USD 256m (up 263%); 2/ Sharp increase in transaction fee mining volumes; 3/ top #crypto-to-crypto exchange volumes increased by 57%.

2019-5-21 20:58


На централизованных криптовалютных биржах отмечен заметный рост объема торгов

Новый отчет аналитического подразделения Cryptocompare за апрель свидетельствует о значительном росте объема торгов на централизованных криптовалютных биржах. April #Exchange Review is out! 1/ #CME continued to dominate with average daily volumes of USD 256m (up 263%); 2/ Sharp increase in transaction fee mining volumes; 3/ top #crypto-to-crypto exchange volumes increased by 57%.

2019-5-20 18:20


Bitcoin Price in USD is Moving Towards Major Resistance as Network Health Remains Stronger Than Ever

As long as BTC price holds $6,400, crypto trader DonAlt is permabull Mining profits, transactions, and volume are up while fees are down Bitcoin is back above $8,000 as the price turns green. In the past 24 hours, the flagship cryptocurrency has surged more than 10 percent as it currently trades at $8,083. The leading […]

2019-5-20 23:05


Chinese Authorities Uncover Fraudulent Crypto Mining Scheme Worth Nearly $300 Million USD

Chinese authorities were able to uncover a fraudulent mining scheme that stole approximately $293 million from crypto users. As reported by the local news outlet 8BTC, a fake Chinese company called Lianxin Tech, sold more than 300,000 units of mining hardware to users in just a few months. Investors believed that they were going to […]

2019-5-12 19:10


Фото:

Mike Novogratz’s Galaxy Digital Is Raising a $250 Million Credit Fund for Crypto Firms

Bitcoin bull Mike Novogratz’s crypto merchant bank Galaxy Digital is raising at least $250 million to offer loans in USD to crypto firms looking for cash, reported Business Insider on Jan. 25. According to people familiar with the matter, borrowers will get loans by using cryptocurrencies, buildings, and even cryptocurrency mining hardware as collateral.

2019-1-25 16:49


Bitcoin Cash Price Analysis: BCH/USD Rally Depends on Breakout Above $150

Latest Bitcoin Cash News Plainly put, 2018 was a year to forget for the world’s leading ASIC manufacturer, Bitmain. While prices fell across the board, not only did Consensys resized and re-calibrated their plans but Bitmain was forced to put off what they had previously dubbed as the largest digital asset mining facility in the […]

2019-1-24 17:12


GreatBritishPoundToken ICO

Shopping online is meant to be ease . . Online shopping 'unease' with foreign currencies? Anxious about the privacy of your Credit/Debit card information? 'GBPT' is an online store that will offer electronic products from the top 10 Electronics brands and some more with most used products, not only this but also will offer the Best Bitcoin Mining Hardware (Bitmain).

2018-11-27 16:02


Bitcoin Price Analysis: BTC/USD Stable at $4,000, Paraguay Gives Green Light For the World’s Largest Crypto Mining Center

Latest Bitcoin News Coinciding with BTC market pull back is morale boosting news that the US state of Ohio will begin accepting tax payments in Bitcoin. Spearheading this drive is the State Treasurer, Josh Mandel, who term the move efficient, secure, transparent and cheap especially for merchants and businesses that in days to come will […] The post Bitcoin Price Analysis: BTC/USD Stable at $4,000, Paraguay Gives Green Light For the World’s Largest Crypto Mining Center appeared first on Ethereum World News.

2018-11-26 17:10