The Chinese government’s decision to outlaw crypto-mining has proven to be a massive opportunity for Canada’s mining industry, according to a top executive at a major digital currency mining firm. “It’s a huge opportunity. I don’t know, I can’t believe it. It’s a huge opportunity for all of us. It’s like a huge Christmas gift,” Efraim Levy, CEO of the Vancouver-based Genesis Mining, said Thursday morning in an interview with The Canadian Press.
While the Chinese government has been clamping down on crypto exchanges and ICOs, it’s still a huge opportunity for Canada, said Robert de Vries, CEO of Sunny King – a mining group of Canada. He said that in the words of Jack Ma, founder of Alibaba Group, “China is the new China and Canada is the new Silicon Valley.”
China’s crypto currency regulations continue to discourage big miners. Dubai-based investment company IBC Group plans to stop mining bitcoin (BTC) and ether (ETH) in China after bans were announced in several provinces in the country.
The group has significant mining operations in China and plans to expand its operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and several South American countries, the sources said. The IBC Group recently moved its headquarters to Toronto, Canada.
Commenting on the restrictions on mining-focused cryptocurrencies, Khurram Shroff, chairman of the IBC Group and CEO of iMining, said they were temporary inconveniences. He added that the diversified spread of mining activities is good news for the rest of the world:
Mining crypto currency from China is a big opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first bitcoin ETF. Thus, the country is already ahead of the curve when it comes to the adoption of crypto-currencies.
Following the massive power outages in China’s Xinjiang mining hub in mid-April, China has turned its attention to the mining industry’s power consumption for cryptocurrencies. Tighter government oversight followed and caused a shockwave in the cryptocurrency markets.
Related: Expert explains the status of cryptocurrencies in Canada
Since then, however, industry experts agree that while the initial upheaval will be hard and complicated, the exodus of miners from China will help decentralize cryptocurrencies.
Mike Novogratz of Galaxy Digital sees a big long-term benefit to the bitcoin ecosystem, while Brandon Arvanaghi, a former security engineer at Gemini, pointed out: Removal means bitcoin is working, not failing.
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