Crypto Exchange BTCC To Shut Down Its Bitcoin Mining Pool Indefinitely

Announcements, News | November 7, 2018 By:

Hong Kong-based cryptocurrency exchange BTCC will be shutting down its mining pool business at the end of this month.

BTCC Pool, which has been in operation since 2014, is the 7th most successful bitcoin mining pool in the world. It currently mines about 7 percent of all blocks. BTCC claims that the mining pool has earned the support and trust of the miners by providing a stable and transparent mining service for miners with security and low latency 24/7. In June of this year, BTCC provisionally agreed to sell a 49 percent stake of its bitcoin mining pool to Value Convergence (VC) Holdings, a Hong Kong-based financial service firm, for 18.7 million.

In its announcement, BTCC, citing unknown “business adjustments,” said that it will deactivate its mining pool servers on November 15 and cease all operations entirely come November 30.

“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,” the company said. “In order to avoid unnecessary losses, we urge 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.”

BTCC was ousted from China last year due to a nation-wide crackdown on crypto exchanges and initial coin offerings. In January of this year, the exchange moved to Hong Kong and London and was acquired by Hong Kong Blockchain Investment Fund.