BTCC has announced that the oldest Bitcoin exchange in China will be indefinitely closing its mining pool beginning November 30. The company states that the decision to indefinitely shut down the mining pool, which has been active since 2014, is due to business adjustments.
The firm stresses that it has earned the support and trust of crypto miners by giving a steady and transparent mining service with security and low latency 24/7. Now, BTCC requests crypto miners to end their mining operation on the platform before its shutdown on November 15, stating:
“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. In order to avoid unnecessary losses, please miners to complete the power switch before November 15th, and bind the mining revenue address before November 20th, we will release the profits of all miners in time.”
The mining pool’s servers, which are installed in prime locations across the world, now prepare to cease operation in mid-November. BTCC will then focus its efforts on crypto exchange services and crypto wallets. Initially established as BTCChina in June of 2011, the company used to be the second-largest cryptocurrency operator in terms of volume in October 2014.
The firm has decided not to divulge the reasons behind the shutdown but has clarified that it remains a staunch supporter of Bitcoin and the Blockchain industry. On the other hand, BTCC seems to be suggesting an eventual resumption of its crypto mining pool, saying:
“We firmly believe that the digital encryption assets and blockchain industry represented by Bitcoin will continue to develop and improve. You, remember, there will be echoes, we will see you again!”
After the implementation of more stringent regulations in the Chinese cryptocurrency scene in September last year, BTCC’s Shanghai operation also ceased trading on its local exchange. The company stopped trading digital currencies like Bitcoin and Ether and ceased accepting new customers.
Meanwhile, BTCC has also recently opened a subsidiary in South Korea with an office domiciled in Gangnam.