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China’s Oldest Bitcoin Exchange BTCC Goes on “Indefinite” Closure

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BTCC Pool, the mining operation of Hong Kong-based cryptocurrency exchange BTCC, would be closing “indefinitely” at the end of November.

The firm made the announcement through a statement that was issued earlier this week.

BTCC Pool, which started mining activities in 2014, is closing because of unknown “business adjustments,” the company remarked, without giving any more information about the situation.

The firm’s statement reads:

“Today, we regret to announce that due to business adjustments, the BTCC pool will shut down all mining servers on November 15 and will cease operations indefinitely from November 30.”

In spite of its situation, BTCC nevertheless expressed optimism, hinting that the ruling to close down was not at all permanent.

“We firmly believe that the cryptocurrency assets and the blockchain industry represented by Bitcoin will continue to develop and improve,” the statement added, before settling:

“[W]e will see you again!”

BTCC, which was China’s first Bitcoin exchange, was formerly known as BTC China, declared last month that it is set to introduce trading services in South Korea.

Today’s announcement comes in the middle of noteworthy shifts in the Bitcoin mining landscape. After dormant price action raised the costs for miners across the board, industry heavyweights Bitmain and Bitfury sparked rumors of an looming public flotation.

Bitfury has also completed a massive $80 million closed funding round from an organization composed of foreign investors.

Bitmain just declared its two new 7nm (nanometer) “Antminer” crypto mining machines, supposedly available for purchase Nov. 8.

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