BTCC has announced in a blog published in its website that it was going to end its mining pool operations. The exchange firm cites “business adjustments” for the closure.
The mining operation was unveiled back in 2014 together with the firm’s crypto custody wallet-Mobi and US dollar to Bitcoins exchange.
Notice of impending business closure
The company through its blog stated that its mining servers will be closed indefinitely as of November 15. It further advised its miners to pull out their hashing power from the firm’s pool in order to ease the process of reimbursement of earlier earned mining rewards. By November 30 all mining operations for the company will cease to function indefinitely.
Government’s hand in the closure
It would be in order to assume that China’s rigorous campaigns against cryptos have negatively affected the firm’s performance and even informing closure of its main business. Right before the ban, BTTC used to be among the leading exchanges in the country per trading volumes.
The nationwide crackdown on cryptos and ICOs of November 2017 forced BTCC together with several other exchange platforms to shut down its operations. Some exchange platforms however, decided to go around the ban and move their operations abroad where foreign agents would trade on behalf of the Chinese investors.
BTCC closure was temporary as the company was acquired by another blockchain-based firm in Hong Kong for an undisclosed amount. A few months later in July the company reopened but this time with a new strategy. BTCC was going to issue its own cryptos. Also within the first 3 months of the new operations investors would have the privilege of trading for free in the platform.
It is apparent that BTCC’s plan did not pay off as evidenced by its latest move to shut down one of its main functions. The future of cryptos in China remains fuzzy as the government maintains that its ban on cryptos will continue to hold despite outcries from interested parties lobbying for the ban’s lift.
The government recently made a statement that it will extend the ban to cryptos’ airdrops-tokens issued to investors by startups for free.