BTCC Is Anticipated To Close Mining Pool Because Of Business Changes
The BTC mining sector has continued to experience serious challenges this week. This is after BTCCPool announced its intention to shut down operations at the end of this month.
BTCC Withdraws Out Of Mining
The pool commenced its operations four years ago. It is present in China's and Hong-Kong's jurisdictions respectively. However, it is not able to compete with market big players like Bitmain’s Antpool.
A confirmation verified the closure on November 6, though many officials were perplexed why such a decision was taken. Most of them were against such a move as it adversely affects trade in this industry.
The message read that BBTCC pool anticipates stopping their mining activities from mid this month. Moreover, it is expected to cease its operations from 30th November. It explained that this was due to the business changes taking place in the environment.
The expected adjustments were not disclosed at that time which left many individuals speculating about the matter. These changes come when BTC mining has been recording low profit margins because of the long-lasting price clampdown.
Additionally, the shutdown is a short-term move as BTCC strategizes on how to rectify the situation. It revealed that it will resume operations in the future.
The entity expressed its hope by saying that BTC will continue to experience tremendous growth in the future. It is because most corporations and individuals are adopting the crypto around the world.
Money Stays In Mining
Established Bitcoin mining in the meantime continues witnessing varied treasures. Bitmain is also struggling with mixed reactions regarding its financial status. BitFury,the market giant, recently revealed that it had received $80 million funding from overseas investors.
The company’s private placement is expected to take its corporate governance to the next level. It will also widen the corporation’s monetary strategic choices. As a result, it will increase the chances of the firm’s growth in the future.