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Oleg Galeev

2 months ago

What China Crypto Ban Means For Canada?

Canada, China and bitcoin

The multiple locations of Chinese Bitcoin mining headquarters, Optimum Mining Host, were reported to be moving one million Bitcoin mining facilities and distributing their operations to the United Arab Emirates, Kazakhstan, Iceland, different South American countries, and Canada. The IBC Group has also recently relocated its head office to Toronto, Canada.

One Million Bitcoin Mining Facilities Will Be Distributed To Canada In The Following 24 Months

China has been cracking down on cryptocurrency mining operations and a multitude of operations have already been shut down and are looking to be moved elsewhere. The reasons behind all China’s opposition against cryptocurrency mining operations are that the People’s Bank of China wants to separate itself from the volatile cryptocurrency and that it has a carbon-neutral footprint. The following excerpt is from a statement from the People’s Bank of China:

“Virtual currency trading activities disrupt the normal economic and financial order, breed the risk of illegal and criminal activities such as illegal cross-border asset transfer and money laundering, and seriously infringe on the property safety of the people.”

Many cryptocurrency mining operations were already shut down and graphics card prices in China were already starting to drop. There were huge mining operations in China that were operated by a great partnership between Black Rock Petroleum Company and Optimum Mining Host which are now gonna have to go through the hassle of dispersing all of their equipment out of China. Here is a statement from Optimum Mining Host and Black Rock Petroleum Companies:

“Caledonian Mainstream (“Caledonian”) is an Alberta-based company and the owner/ operator of 14 producing liquids-rich natural gas wells at Quirk Creek, Caledonian will become a wholly-owned subsidiary of Black Rock upon completion of the recently announced transaction and Black Rock will utilize the site to host and operate up to 200,000 of the one million bit miners with 300,000 mining machines at the second site in Alberta and 500,000 at a third site to be identified shortly as negotiations are concluded.”

It is actually feasible to move one million rigs from China to Canada, however, we will just have to wait if these rigs will have arrived in Canada in the next 24 months. That’s why more and more Canadian crypto exchange platforms are booming.

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