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Hong Kong shuts down mining!

Hong Kong shuts down mining!

November 7, 2018 5:15 am,

Hong Kong based cryptocurrency exchange, which was once the second largest cryptocurrency exchange in the world by volume, BTCC is shutting down its mining pool later this month. The exchange issued a notice stating that it will shut down its mining pool operations on November 15, and total closure of all operations by November 30th.

The cryptocurrency exchange has advice everyone in the mining pool to disconnect and join any other pool before November 15 and release the previously earned profits in mining in time. The main currencies in the mining pool currently mines Bitcoin, Litecoin, Super Bitcoin and Bitcoin Cash.

The reason stated as “business adjustments”, by the BTCC pool. The pool as launched in 2015, as one of BTCC’s several business verticals, alongside crytocurrency wallets called Mobi and a USD/BTC exchange. In June of this year, BTCC Pool provisionally agreed to sell 49% of its equity to a Hong Kong based financial service firm called Value Convergence (VC) Holdings. The deal was expected to raise $17 million when finalised, but it is still unclear if it has reached that stage. The pool accounted for 1.1 percent of the bitcoin’s hashing power in June of this year.

BTCC

BTCC is this country’s based bitcoin exchange founded in 2011, as BTCChina. It was China’s first Bitcoin exchange and most of its customers are thought to be from the domestic market. BTCC also announced that is ready to launch the trading services in South Korea.  Company CEO Bobby Lee, approached the then two-person company in 2013, and investing their own money in the company and attracting investors. In 2013, BTCChina had announced that they were temporarily suspending acceptance of Chinese Yuan deposits, attributing the decision to government regulations. In January 2014, the exchange resumed accepting yuan deposits after studying the statement from PBOC. While PBOC prohibited banks from trading in Bitcoin, BTCChina explained that they accepted Yuan into their corporate bank account and transferring that money to customer accounts, before it was traded for bitcoins.

BTCC’s crypto exchange business was previously the longest running and once the top three trending platforms in the country before the regulators effectively banned crypto trading in September 2017. In January this year, the exchange was acquired by a Hong Kong blockchain investment fund, and in July it relaunched with a plan to issure its own tokens. BTCC this year stated that the miners earned $4.7 billion this year, but are struggling to turn a profit. Also the company is worried about the energy consumption of crypto mining, which is constantly criticized.