Crypto Exchange BTCC to shut down its mining pool business

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.