BTCC, which is the Hong Kong-based crypto exchange, is now shutting down its BTCC Pool, which is its mining pool business after it operated for four years.
Shutting down the BTCC Pool after operating four years
BTCC Pool, which started its mining activities four years ago, in 2014, is now shut down, as a result of the unknown business adjustments, without giving any precise details about the circumstances which led to such decision.
Now, the firm asked all member miners to switch their hashing power away from the pool before the 15th of November, adding that it is going to release some previously earned mining profits in time.
As we already mentioned, the pool has been launched in 2014 as one of the several business verticals of BTCC, together with the crypto wallet called Mobi, and a USD/BTC exchange.
The statement about the shutting down said that they regret to announce that because of some business adjustments, the BTCC Pool is going to shut down all of its mining servers on the 15th of November and is also going to cease operations indefinitely from the 30th of November.
BTCC is optimistic, as the decision for closing is not permanent
Also concluding its outlook for the market, BTCC nonetheless expressed a sense of optimism, hinting that the decision to close down has not been strictly permanent.
They stated that they firmly believe that the crypto assets and the blockchain industry which is represented by BTC, is going to continue developing and improving.
In June 2018, BTCC Pool provisionally agreed to sell about 49% of its equity to a Hong Kong-based financial service firm which is called Value Convergence or VC Holdings. The deal has been expected to raise US$17 million when finished, but it is still not clear if it reached that stage.
The pool also accounted for 1.1% of the hashing power of BTC in June 2018, according to some data.
Launching trading services in South Korea
The crypto exchange business BTCC was previously known as BTC China, and it was actually one of the longest-running and once top three-trading platforms in the country, before some regulators effectively banned crypto trading in September last year. In January 2018, the exchange has been acquired by a Hong Kong-based blockchain investment fund, and in July it re-launched with a plant to issue its own tokens.
In October, BTCC announced that it is set to launch trading services in South Korea too. The announcement explains that BTCC Pool believes that crypto assets and the blockchain industry are going to continue developing and improving. The statement also came as a result of notable shifts in the BTC mining landscape.
After the stagnant price actions have pushed up the costs for miners all over the board, industry heavyweights Bitmain, as well as Bitfury continue sparking rumors of an imminent public flotation. As it was also reported, Bitfury completed a giant $80 million closed funding round for a group of international investors. Bitmain, however, announced two new 7-nanometer ‘Antminer’ crypto mining machines, available for buying from the 8th of November.