BTCC to shut down mining pool operation this month

The company decides to exit the mining business amid efforts to rebuild crypto exchange

BTCC to shut down mining pool operation this month

Hong Kong-based cryptocurrency firm BTCC is closing its mining pool operation, industry website Coindesk has reported.

BTCC announced earlier today that the that it would shut down all mining servers on November 15 and would cease operations indefinitely at the end of the month. The company cited “business adjustments” as the reason for the move.

BTCC has reportedly asked all member miners to switch their hashing power away from the pool before November 15. It has also promised to release previously earned mining profits "in time".

Before China’s ban on cryptocurrency exchange trading in September, 2017, BTCC owned and operated one of the top three digital currency exchanges in the country. Its mining pool, BTCC Pool, was one of its other crypto-related businesses, which also included a digital currency wallet called Mobi. The pool has been operational since 2014. The pool accounted for 1.1% of Bitcoin’s hashing power in June, Coindesk noted, citing data from blockchain.info.

Lately, BTCC, which was acquired by a Hong Kong-based hedge fund in January, has been making moves to restart its exchange business. In July, the company announced that it was relaunching the business, with trading pairs including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), as well as crypto-to-crypto trading options. And last month it was reported that the company was launching a trading platform in South Korea. The new trading platform is set to make its official debut this month.

“BTCC Korea will be able to present a new strategy and vision of crypto exchanges,” Lee Jae-beom, who will reportedly lead the new business, told local publication The Investor.

According to data from digital currency tracker Coinmarketcap, BTCC has generated a trading volume of about $1.7 million in the past 24 hours. This puts it outside the top 100 crypto exchanges by trading volume.

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