BTCC, Hong Kong-based crypto trading platform, is going to get rid of its mining business – BTCC Pool Limited.
The company made a statement on Tuesday that its mining pool would be shut down as a part of the business adjustment measures. The servers will be stopped on November 15, with the mining business to close on November 30.
BTCC Pool has been in operation for about 4 years beginning from 2014. As of June 2018, the mining pool accounted for 1.1% of the total capacity of the bitcoin network as the statistics showed. Moreover, it was rumoured that 49% stake in BTCC pool might be sold to financial service provider Value Convergence Holdings from Hong Kong, but there were no more reports about the deal progress. The contract price could be some $17 million.
The company addressed its users with a request to switch their capacities to other pools before the shut-off date. All the profit is said to be paid without delays.
Along with BTCC Pool, the company also run crypto wallet Mobi and trading platform. BTCC exchange is considered to one of the first places to trade crypto. Earlier, it was known as BTC China, but in 2017 suspended business facing restrictions in China. This year the company was acquired by Hong Kong's fund and resumed trading as the new business.