By BTCC, a Hong Kong-based cryptocurrency exchange recently announced that they are closing the doors to their mining pool company BTCC Pool Limited after four years of operating.
BTCC Pool announced on Tuesday that they will cease operations for good on the 30th November and shutting down all mining servers as early as next Thursday the 15th November citing the reason for this sudden closure as “business adjustments.”
Following this, BTCC has also requested that all mining members switch hashing power away from their pool before next Thursday and added that they will release all previously earned profits from mining efforts “in time.”
This mining pool was launched back in 2014 as one of many of BTCC’s business endeavours along with their crypto wallet service Mobi and their USD/BTC exchange.
Earlier this year, back in June, BTCC Pool made a provisional agreement to sell off a whopping 49% of their equity to Value Convergence Holdings, a Hong Kong-based financial service and this deal was predicted to raise up to $17 million in US when completed but at this stage it’s currently unclear if this number was ever reached.
This pool roughly accounted for about 1.1% of BTC’s hashing power back in June according to data provided by blockchain.info
Previously known as BTC China, BTCC’s crypto exchange was one of the longest-existing also was once one of the top three trading platforms in the nation before regulators successfully banned all crypto trading back in September of 2017.
Back in January this year, the exchange was picked up by a Hong Kong-based blockchain investment fund and in July it was rebranded and relaunched with plans to issue their own, new tokens.
Lastly, in BTCC Pool’s announcement earlier today, they said that they believe that crypto assets, as well as the blockchain industry, will continue to “develop and approve”.
What are your thoughts on BTCC Pool shutting down their mining efforts? Let us know by commenting below.
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