Hong Kong based company BTCC will stop the operation of the BTCC Pool Limited mining pool due to “changes in the business model”, according to Coindesk.
“Due to changes in the business model, we will switch off all mining servers on November 15th and shut down all operations on November 30th indefinitely.
To avoid losses we ask miners to switch their equipment [to another pool] by November 15th and reconnect their wallet addresses by November 20th.
All payouts will be carried out in time.”
– reports the announcement on the pool’s official website.
BTCC, also previously known as BTC China, launched its pool in 2014 in parallel with Mobi wallet and same name crypto exchange. On August 24th, 2017 BTC Pool found a block on which SegWit protocol activation happened. In June of this year, Hong Kong financial company Value Convergence announced that it is going to buy 49% of the pool’s shares.
BTCC exchange used to be one of the oldest and largest crypto exchanges before the events of September 2017. The exchange was founded by Bobby Lee, brother of the Litecoin creator Charlee Lee. In January 2018 an investment fund from Hong Kong bought out BTCC, and In July it became public that the trading platform will relaunch and that there are plans for the creation of a new cryptocurrency.