In response to the crackdown currently being initiated and intensified in China by the governmental authorities, many crypto exchanges, protocols, pools, and mining operations were forced to cease all activities not too long ago. Now, the IBC (International Blockchain Consulting) Group has also had to respond to the crackdown and has thus announced that all mining facilities for Bitcoin (BTC) and Ether (ETH) across the entirety of China shall be shut down.
For the global blockchain company, a huge portion of the business activities shall hence be shifted to different locations in South as well as North America, in addition to certain areas in the Middle East as well as Europe.
Many have since fled China to sail for greener pastures, with various states in the U.S being popular destinations. These include the likes of Miami, Texas, and Wyoming, the latter of which had recently passed a law to officially recognize the 1st ever DAO.
Having been founded back in 2014, IBC Group spans numerous countries when it comes to providing consultations regarding blockchain technology and anything related to institutional training as well as ICO supports. The group also currently possesses more than 1,500 employees, and it has additionally managed to work alongside various start-ups and numerous well-established key players of influence in the past. It even managed to simultaneously provide consultations to various financial institutions and governments over the course of the previous seven years.
Most notably, however, the group played a vital role towards Ethereum 2.0 being launched via staking approximately 100,000 ETH.
When it comes to crypto mining in China, as well as just all activities oriented around cryptocurrency and blockchain technology in the country, the situation is only going to get worse before it starts to improve. This is because the government had recently decided to ban all activities related to mining due to the excess amount of energy that it consumes as well as the persistent damage that it causes to the environment and ecosystem.
Furthermore, due to the stringent and often rigid nature of the Chinese authorities, many were forced to flee to the abovementioned locations. The crackdown had also been a major contributor to the recent market crash in May. MicroStrategy’s Michael Saylor has since stated that this decision by Chinese officials could end up being a mistake of epic proportions.
In related news, BTC China recently made it known that it shall also be leaving the country behind.