Chinese-owned BTCC cryptocurrency exchange is shutting down its mining pool servers on 15 November 2018, according to a company announcement released this week.

In its statement, it said that BTCC Pool Limited, the mining operation arm of the exchange, contributed a great deal to the “development of the blockchain ecosystem” but will now cease its operations indefinitely on 30 November 2018.

The company has attributed this development to “business adjustments”, with no further detail on what prompted the action. Its mining pool had been fully operational for the past four years, mining a total of 18,027 blocks, accounting for 3.28% of the total blocks mined thus far.

BTCC stated: “We have won the support and trust of the miners with low rejection rates, low latency and quality service around the clock.”

The company has requested all miners to move their hashing power away from the server before it is shut down on 15 November and to bind mining revenue addresses before 20 November to “avoid unnecessary losses”. It promised to distribute all mining profits to miners “as soon as possible”.

Formerly known as BTC China, BTCC was established in 2011 and grew over time to be one of the largest cryptocurrency exchanges ever known. Earlier this year, BTCC pool provisionally offered to sell 49% of its equity valued at USD 17 million to Value Convergence (VC) Holdings Limited, a brokerage and asset management firm. This was shortly after the firm BTCC was acquired by a Hong Kong-based blockchain investment fund.

Its mining operation shutdown comes off as a surprise, given that, less than a month ago, BTCC exchange announced that it was expanding its market to include South Korea; part of its service chain would include a mining pool.

Despite the situation of its mining closure, the firm still maintains a bullish stance on cryptocurrencies and the blockchain industry, stating that it “firmly believes that the digital encryption assets and blockchain industry represented by Bitcoin will continue to develop and improve”.

 

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