China continues to crack down on miners. This is alienating to many large companies. So the other day, the investment company IBC Group, located in Dubai, plans to stop mining operations for bitcoin and ether in China and move to Toronto. It was no coincidence that Canada was chosen as the Toronto Stock Exchange recently posted the world’s first Bitcoin ETF. Most of the companies began to slowly move to the United Arab Emirates, Canada, USA, Kazakhstan and other countries in order to continue mining.
“Moving cryptocurrency mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently posted the world’s first Bitcoin ETF, so the country is already ahead of the trend in terms of mainstream cryptocurrencies, ”commented iMining Director Khurram Shroff.
Blockchain.com CEO and co-founder Peter Smith also sees this as a positive start for the crypto industry. In his opinion, this will help diversify the extraction of minerals around the world and will lead to the acceleration of the construction of large mines in Europe and the United States.
Experts believe that the migration of miners will not be as easy as it seems. Their move will contribute to the decentralization of cryptography.