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BY CNA team - November 7, 2018

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BTCC to cease bitcoin mining from Nov 30

BTCC to stop bitcoin mining from Nov 30
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Hong Kong-based BTCC is shutting down the startup’s bitcoin mining pool operations indefinitely from Nov 30.

The startup says in an announcement that the decision was made to shut down all mining servers “due to business adjustments” from Nov 15 while operations will cease completely from Nov 30.

BTCC is urging all miners to switch their hashing power away from the pool before Nov 15 while all mining profits will be released to miners “in time”.

BTCC’s mining pool hashrate or computing power to mine bitcoins has fallen and does not register on the blockchain.com site that tracks hashrate distribution. The business was launched in 2014 alongside the startup’s cryptocurrency exchange operations.

Back in late June, Hong Kong-listed brokerage and commodities trader Value Convergence Holdings announced that it was acquiring a 49% stake in BTCC’s mining pool business for HK$147mil to be satisfied through cash and shares.

Bitcoin mining is not as profitable as before with the price of bitcoin still down by more than half compared to the beginning of the year.

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