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Bitcoin Exchange BTCC Closes Its Mining Pool Business

Bitcoin Exchange BTCC Mining Pool

BTCC, a Hong Kong-based cryptocurrency exchange is closing its mining pool business, BTCC Pool Ltd. The company made the announcement through a statement issued on Nov. 6, 2018.

The statement cited “business adjustments,” as the reason for the closure. Further, the company elaborated that it was shutting down all its mining servers on Nov. 15 and stop its operations from Nov.15.

According to the statement, all workers should switch their hashing power away from the pool before the Nov. 15 deadline. With regard to previously earned mining profits, the firm categorically stated that it will release them in time.

About BTCC

Founded in 2011, BTCC was once a leading cryptocurrency exchange before the Chinese began an acerbic crackdown on crypto exchanges. Originally, referred to as BTC China, it was acquired by a Hong Kong-based company and changed its name to BTCC. In 2014, it launched the mining pool segment as one of its business verticals. In addition to the pool business, BTCC also has the Mobi cryptocurrency wallet and a USD/BTC exchange.

In June 2018, BTCC Pool tentatively agreed to dispose 49 Per cent of its shareholding to Value Convergence (VC) Holdings. According to the agreement, Value Convergence would purchase 4,900 shares in BTCC Pool. Reportedly, the deal would have raised approximately $18.7 million. It is not clear whether the deal reached the final stages.

Hash Rate

According to available data, BTCC Pool currently accounts for close to 1.1 per cent of Bitcoin’s hashing power. Admittedly, the size is quite significant, but it is dwarfed by pools under the purview of Chinese behemoth Bitmain.

Specifically, at one time Bitmain claimed an enormous 42 Percent of the total blocks on the Bitcoin network. Nevertheless, even with 1.1 per cent of the total hash rate of bitcoin, BTCC Pool remains a formidable player.

In October, BTCC announced its intention to enter the South Korean market. In South Korea, BTCC would offer a trading platform, wallet service, mining pool, and a service to enable consumer payments. However, the decision to close its pool business after four years of operation means that the service will not be available in South Korea.

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