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Canada is a country with a cool climate and a friendly attitude of the authorities towards cryptocurrency, and therefore is well suited for cryptocurrency mining. Earlier, it has been repeatedly written that miners often chose the province of Quebec for mining cryptocurrency. A more even distribution of bitcoin hashrate across the planet would be much better than its concentration in China, whose government periodically bans this activity.
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China crypto ban a ‘huge opportunity for Canada,’ mining group head says
China’s regulatory crackdown on cryptocurrencies continues to alienate major miners. Dubai-based investment company IBC Group reportedly plans to end Bitcoin (BTC) and Ether (ETH) mining operations in China following ban announcements from the different provinces across the country.
The group has major mining operations in China and plans to distribute its operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and various South American countries, according to sources. IBC Group recently relocated its headquarters to Toronto, Canada.
Commenting on the crackdown on crypto with a focus on mining activities, IBC Group chairman and iMining CEO Khurram Shroff said it’s a temporary inconvenience. He added that the diversified location of mining facilities is great news for the rest of the world: