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Chinese Crackdown on Bitcoin Mining Could Send Companies to Canada

Over the past few months, the Chinese government has been clamping down on the cryptocurrency industry. Initial pressure was placed on exchanges and companies conducting ICOs, and is now spreading to mining operations within the country. If and when mining will be outlawed within Chinese territory has yet to be confirmed, but recent indications show that the groundwork for such a move is already taking place.

Rumors of a Chinese crypto mining ban have been circulating of late, and may have reached their peak in recent days. As reported by Finance Magnates yesterday, China has ordered crypto miners to make an “orderly exit.” Miners operating within the country are not taking these statements lightly, and are already making contingency plans, in an effort to avoid being left behind in the increasingly likely event of an imminent mining ban. Some mining companies have already shut down their operations, and others have moved to alternative locations around the world.

All Eyes on Canada

Bitmain Technologies has been highly active in pursuing an entry to Quebec, a Canadian province that is currently in an energy surplus. The growing number of companies setting up in the area can be attributed to fact that the energy is relatively inexpensive and overflowing. Earlier today, Bitmain spokesman Nishant Sharma said that the company is in contact with Canadian energy authorities, and that the operations could be divided into multiple locations including Switzerland. In recent months, Bitmain has been expanding its business reach, creating partnerships and raising funds from intrigued investors.

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