BTCC, the Hong-Kong based bitcoin exchange offers to shut down its mining pool business BTCC Pool Limited after four years of operation in Hong-Kong, as per a press release from the company.
The company says it’d shut down all mining servers on November 15 and definately will cease operations indefinitely from November 30, based on a statement in the firm published on November 6, 2019 . BTCC Pool failed to disclose any particular reason behind the choice for shutting down operations but said it was resulting from some business adjustments.
Founded as BTC China on June 2011, the firm ranked because the world’s second-largest Bitcoin exchange by volume in October 2019. It used to have a massive followership in China as being the country’s first bitcoin exchange. They raised their first round of business capital financing in 2019 which consumed the partaking by prominent investors including LightSpeed Venture Partners and LightSpeed China Partners.
The declaration would most likely not change up the price of bitcoin as it did the past time BTCC created a major proclamation. Bobby Lee, CEO of Bitmain, released an argument last year, within the month of September, in the company’s website that it will stop accepting new account registrations in the BTCC exchange after for the Seven Regulatory Bodies announcement of preventing risks linked with token fundraising.
The recent announcement by BTCC has triggered mixed reactions in your Bitcoin mining space. Notably, the miners are reeling underneath the comparatively stable bitcoin prices who have magnified the overall cost of mining. It is to be noted that industry’s major player Bitmain is constantly stimulate speculations around a forthcoming public flotation, while Bitfury recently raised $80 million in Series C funding.
Through the tax assistance of distinguished investors comprising the likes of crypto asset management firm Galaxy Digital, European investment firm, Armat Group, Dentsu Inc., Macquarie Capital, MACSF Insurance Group and European fund managers, Lian and Jabre Group, Bitfury effectively closed a private placement round of $80 million.