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Hong Kong-based cryptocurrency exchange BTCC is closing its mining pool business, BTCC Pool Limited, after four years in business.
Citing the reason for the closure as "business adjustments", the BTCC Pool said on Tuesday that it will close all mining servers on November 15 and cease operations indefinitely starting November 30.
The company has now asked all members of the miners to transfer their hashing power from the pool before November 15, adding that it will release mining profits previously earned "on time".
The pool was launched in 2014 as one of BTCC's various vertical businesses, together with the cryptocurrency portfolio called Mobi and a USD / BTC exchange.
In June of this year, BTCC Pool provisionally decided to sell 49% of its capital to a Hong Kong-based financial services company called Value Convergence (VC) Holdings. It was expected that the agreement would raise USD 17 million once finalized, but at the moment it is unclear whether it has come to that point.
The pool accounted for 1.1% of the bitcoin hashing power in June of this year, according to data from blockchain.info. At the time of printing, its hashing power is not enough to register on the site.
The BTCC encryption business was formerly known as BTC China and was one of the longest running trading platforms and one of the first three in the country before the regulators actually banned the encryption in September 2017. In January of this year, the exchange was acquired by a blockchain investment fund based in Hong Kong, and in July it was re-launched with a plan to issue its tokens.
BTCC Pool stated in today's announcement that it believes that cryptographic assets and the blockchain industry will continue to "develop and improve".
Image of Hong Kong via Shutterstock
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