{"id":45525,"date":"2021-07-05T16:04:10","date_gmt":"2021-07-05T13:04:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45525"},"modified":"2025-09-01T11:36:53","modified_gmt":"2025-09-01T08:36:53","slug":"opinion-chinas-crackdown-on-miners-is-a-boon-for-canada","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-chinas-crackdown-on-miners-is-a-boon-for-canada\/","title":{"rendered":"Opinion: China’s crackdown on miners is a boon for Canada"},"content":{"rendered":"

Diversification of Bitcoin mining centers due to the crackdown in China is good news for Canada. This view was expressed by Huram Shroff, head of the Dubai-based investment firm IBC Group, according to the press release<\/a>.<\/p>\n

\n

\u2018The relocation of mining operations from China will be a huge opportunity for Canada. The Toronto Stock Exchange recently registered<\/a> the world’s first Bitcoin ETF, so the country is already ahead of its rivals,\u2019 he noted.<\/p>\n<\/blockquote>\n

IBC Group plans to cease mining Bitcoin and Ethereum in China after recent bans<\/a> and relocate mining centers to the UAE, the United States, Canada, Iceland, Kazakhstan and various South American countries. The company previously moved its headquarters to Toronto.<\/p>\n

On May 18, journalist Colin Wu reported that three associations under the People\u2019s Bank of China issued a joint notice, prohibiting companies from supporting cryptocurrency-related businesses<\/a>.<\/p>\n

On May 21, Liu He, Vice Premier of the State Council of the PRC, during a speech at the Financial Stability and Development Committee, stated that Chinese authorities take measures against digital asset mining and Bitcoin trading<\/a>.<\/p>\n

Subsequently, Xinhua News Agency criticised digital gold and its mining methods<\/a>. Within a month, authorities in several provinces ordered miners to cease operations. Among them: Yunnan<\/a>, Sichuan<\/a>, Qinghai<\/a>, Xinjiang<\/a> and Inner Mongolia<\/a>. <\/p>\n

In late June, Bitmain representatives at a client meeting in Chengdu, the capital of Sichuan Province, offered assistance with relocation abroad<\/a>.<\/p>\n

Galaxy Digital founder Mike Novogratz called the exodus of miners from China ‘a major plus’<\/a> for the cryptocurrency industry.<\/p>\n

MicroStrategy boss Michael Saylor noted that the restrictive measures against the Bitcoin mining industry in the PRC were a geopolitical misstep by the authorities. He called this a ‘one-trillion-dollar mistake’<\/a>.<\/p>\n

Read ForkLog Bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

Diversification of Bitcoin mining centers due to the crackdown in China is good news for Canada. This view was expressed by Huram Shroff, head of the Dubai-based investment firm IBC Group.<\/p>\n","protected":false},"author":1,"featured_media":45526,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[771,133,1137,1138],"class_list":["post-45525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canada","tag-china","tag-cryptocurrency-mining","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=45525"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45525\/revisions"}],"predecessor-version":[{"id":45527,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/45525\/revisions\/45527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/45526"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=45525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=45525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=45525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}