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After four years running strong, BTCC is shutting down its cryptocurrency mining pool. The cryptocurrency exchange launched its operations in 2014 and has indicated that the current market is not conducive to continue operations. It added that all mining servers will be turned off on November 15 and the BTCC Pool will cease to exist “indefinitely” after November 30.
In preparation to the closure, BTCC is asking all miners using the platform to transfer their hash power to other options prior to November 15. Any outstanding profits from previous operations will be paid out “in time.”
According to an announcement on the company’s website, “Today, we regret to announce that due to business adjustments, the BTCC pool will shut down all mining servers on November 15 and will cease operations indefinitely from November 30. In order to avoid unnecessary losses, please miners to complete the power switch before November 15th, and bind the mining revenue address before November 20th, we will release the profits of all miners in time.”
This past June, BTCC entered into an agreement to sell 49% of its stake in BTCC Pool to a financial service firm out of Hong Kong, Value Convergence Holdings. That deal was purported to generate as much as $17 million to BTCC when consummated, but no information has ever been produced that the deal was signed.
BTCC Pool covered around 1.1% of Bitcoin Core’s (BTC) hash power in June, according to statistics provided by blockchain.info. However, according to the most recent information, the percentage of hash power controlled by the pool was not enough to even register on the blockchain.info scale.
BTCC was previously known as BTC China. It was one of the first, and one of the longest continuously running, crypto exchanges in China. When regulators began to crack down on crypto trading in September of last year and stopped all trading, the company took a huge hit and was sold to a Hong Kong-based blockchain investment fund this past January. The new owner relaunched the exchange in July and has plans to introduce its own digital currency.
This may not be the end of the BTCC Pool. It ended its announcement by telling website visitors, “[We] will see you again!”
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
