One of the biggest crypto exchanges in Hong Kong, BTCC, has announced plans to shut down its crypto mining operations indefinitely.
In a publication on its official website, the firm stated that the reason for its planned closure of the mining business is due to business adjustments.
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, BTCC said in the publication.
The mining arm of BTCC dubbed, BTCC Pool Limited, has been in operation for over four years, and has helped miners located within Hong Kong and its environs in their mining operations.
Among the benefits that BTCC pool offers, is its willingness to share transaction fees with miners.
BTCC has prompted miners of its mining pool wing to switch their hashtag power from its server, and to bind the mining revenue address on or before November 15, so as not to incur any losses when the mining server eventually goes down.
According to statistics from blockchain.info released in June, BTCC pool accounted for about 1.1 percent of Bitcoin’s hashing power. However, due to its insufficient hashing power, it was not able to register on the site.
It is to be recalled that in June, the mining firm went into a partnership deal with Hong Kong-based financial service firm called Value Convergence (VC) Holdings, to sell 49 percent of its equity.
The deal was expected to raise 147 million Hong Kong dollars (appr. USD 17 million) if finalised, although it is still not clear if the deal was concluded.
However, BTCC pool has pledged its undying belief in the crypto industry stating that “Bitcoin will continue to develop and improve,” while giving a hint of a possible future comeback into the mining industry.
A Brief History about BTCC
BTCC crypto exchange was established in 2011, formerly known as BTC China and was among the top three largest crypto exchanges in the country. The exchange was forced to shut down activities in the country in September 2017, due to the ban placed by Chinese SEC on crypto exchanges in the country.
However, In early January, the exchange was later acquired by a Hong Kong-based Blockchain investment fund on terms that were not disclosed.