Developements

A major crypto exchange will shut down its mining pool business indefinitely

A major crypto exchange based in Hong Kong has announced that it will be shutting down its mining pool business after four years of operation. The platform is BTCC crypto exchange which launched its mining pool back in 2014.

Reason for the closure

In an announcement made today, the exchange has cited ‘business adjustment’ as the reason for the closing of the BTCC pool. The company added that it would shut down all mining servers on November 15. Adding that it will cease all operations indefinitely from November 30th.

The company is now asking all member miners to switch their hashing power away from the BTCC pool before November 15. It’s a move that will enable the firm to release all the previously earned mining profits ‘in time.’

The BTCC pool was launched in 2014 as part of several other BTCC business verticals. Including a USD/BTC exchange and a crypto wallet called Mobi.

In June of this year, the BTCC pool initially agreed to sell 49 percent of its equity to Value Convergence (VC) Holdings, a Hong Kong-based financial service. The deal was rumored to be worth around $17 million when finalized however it’s still unclear if it went through.

According to data from blockchain.info, the BTCC pool accounted for 1.1 percent of all bitcoin hashing power as of June this year. However, its hashing power is currently not sufficient to register on the site.

BTCC is a major crypto exchange that was previously known as BTC China. Before regulators in the country banned crypto trading in September 2017, the platform was one of the longest operating in China. At one time it was in the top three trading platforms in China.

In today’s announcement, BTCC pool said that they believe the blockchain industry and crypto assets will continue to develop and improve.

What’s your take on this major crypto exchange shutting down its mining pool business? Share your thoughts in the comment section below.

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Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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