Hong Kong Based BTC Exchange, BTCC, Closes Its Mining Pool

Nov 12, 2018 at 21:30 Update Date :Nov 12, 2018 at 21:30 UTC

BTCC, which is China’s oldest BTC exchange, is now closing down its mining pool which has been functioning for four years. The firm decided to cease the business operations from November 30 due to some adjustment in the business.

The crypto mining pool was launched by BTC exchange of Hong-Kong, and it has been into action since 2014. The firm, by providing stability and transparency in the mining services (with low latency 24*7 and security), has gained the trust of the miners. BTCC asked the miners of the cryptocurrency to sum up their activities on the platform before November 15 (shutting down date).

The firm said in their reports stated that they’re regretting to announce that BTCC pool mining will be shutting down all its mining services on November 15 due to some business adjustments. The firm will cease the operations permanently from November 30. They added, “If users want to avoid any further losses, please complete your activities before November 15, and do bind the revenue address before November 20.” They further promised to release the gains of all miners.

BTCC was founded by Bobby Lee, a computer science graduate of Stanford University, and he a brother of Charlie Lee, who is the founder of Litecoin. The BTCC mining pool supports mining like Bitcoin, Litecoin, BCD, BTM, SBTC, and Bitcoin Cash.

From now onwards, BTCC will focus only on the crypto exchange services and wallets. BTCC was founded in the year 2011 as BTCChina. In October 2014, BTCC was the second largest virtual currency operator in the world in terms of volume. The firm, at present, has around 150 working employees.

The firm further stated in their reports that they believe blockchain industry and virtual encryption assets will develop and modify in the future. They said, “You, remember, there will be echoes, we will see you again!”

BTCC’s operation in Shanghai has ceased trading on their domestic exchange. The seizing includes shutting down of trading cryptocurrencies like BTC and Ethereum.

Recently, they have launched a branch in South Korea. The operator there has certification ISO27001, which is the global standard for the information security management system.

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