• Thu, Nov 15, 2018 06:47 PM
  • All times are UTC
  • Edition :
    International
Link copied

Crypto Exchange BTCC to shut down its mining pool business

Nov 07, 2018 04:10 am UTC

Leading cryptocurrency exchange BTCC has announced that it is shutting down its mining pool business, which has been in operation for the past four years.

In its official announcement, BTCC said that it decided to shut down all mining servers due to “business adjustments.

“The BTCC pool will shut down all mining servers on November 15 and will cease operations indefinitely from November 30,” it said. It is urging miners to switch their hashing power before November 15 to avoid unnecessary losses and said that it “will release the profits of all miners in time.”

BTCC launched China’s first bitcoin exchange back in 2011. However, in the wake of regulatory changes in China, including the ban on initial coin offering (ICO)-related activities, it stopped its operations in September 2017. In January 2018, BTCC moved to Hong Kong and London and was acquired by Hong Kong Blockchain Investment Fund.

More recently, BTCC launched its operations in South Korea with the roll out of BTCC KOREA.

The company launched the pool in 2014. In June 2018, BTCC Pool provisionally agreed to sell 49 percent of its equity to Value Convergence (VC) Holdings, a Hong Kong-based financial service firm, CoinDesk reported. The deal was expected to raise $17 million, but it is currently uncertain if it was finalized.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $5,595.24(-3.2%)
  • XRP (XRP) $0.4696(+2.4%)
  • Ethereum (ETH) $178.117(-3.0%)
  • Bitcoin Cash (BCH) $420.852(-3.9%)
  • Stellar (XLM) $0.2327(+0.2%)
  • Bitcoin (BTC) $5,595.24(-3.2%)
Nov 15, 2018 (Thursday)
11:25
75 pct Irish people unwilling to consider career in blockchain technology: Study
10:23
American restaurant chain Sweetgreen plans blockchain push following $200M funding
10:11
Decentralized exchange EOSDAQ lists KEOS tokens
08:45
Smithfield Foods joins Subway, Tyson Foods and others in Food Industry Blockchain Consortium
06:36
Telecom giant Telefónica seeks to streamline core business processes using IBM Blockchain
06:03
Gibraltar Stock Exchange forms joint venture with fintech firms to develop blockchain technologies
04:44
Singaporean crypto startup KuCoin secures $20M in Series A round from IDG Capital, Matrix Partners, and Neo Global Capital
04:12
H&M subsidiary Arket trials blockchain for product traceability
03:28
Kakao’s blockchain platform Klaytn teams up with stablecoin project Terra
Nov 14, 2018 (Wednesday)
11:42
MAS, Bank of Canada begin work to link respective blockchain platforms
10:11
SIX Swiss exchange expects blockchain-based platform to replace existing system in 10 years
07:02
Circle Invest launches crypto reward program for new users
06:10
Thailand’s Democrat Party taps Zcoin’s blockchain for e-voting system in primary election
05:14
Chinese city of Loudi rolls out blockchain platform for real estate data
04:05
Crypto exchange OKEx adds support for Vietnamese Dong to C2C trading market
03:38
Shell and BP-backed VAKT to launch blockchain platform to digitize commodities trading industry by end of 2018
Nov 13, 2018 (Tuesday)
14:12
HSBC joins blockchain startup Axoni's Series B funding round
11:14
CSIRO’s Data61, CBA successfully complete trial of blockchain-powered smart money
09:51
Nine leading shipping companies team up for new blockchain consortium
07:21
Transoil International, Solaris Commodities conduct blockchain pilot for Black Sea wheat
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
EconoTimes