The Hong Kong exchange closes the cryptic extraction pool after 4 years



What was once the second largest encryption exchange in the world by volume, BTCC, closes its mining pool later this month.

The Hong Kong-based exchange today issued a note (identified by CoinDesk) and said it would end the mining operation on 15 November and end its operations entirely on 30 November.

The encryption exchange recommended that anyone in the mining pool disconnect and participate in another pool before November 15th. According to CryptoCompare, the BTCC mining tank is currently mined by Bitcoin, Litecoin, Super Bitcoin and Bitcoin Cash.

It was only a few months back that BTCC's mining pool was responsible for more than 1 percent of Bithoin's total hashpower. Since then, however, numbers have steadily declined to the point where the BTCC mining tank is not even recorded on blockchain.info.

BTCC mentions "business adjustments" as the driving factor for shutting down the mine. Probably, it's no longer a speculative venture to exchange.

Indeed, research by the blockchain research group, Diar, found miners to have won $ 4.7 billion this year, but are struggling to turn profits.

Coincidentally, this news comes in the same week that a survey was published that further criticizes the energy consumption of crypto-epimon extraction.

Published 6 November 2018 – 13:42 UTC