BTCC Indefinite Mining Pool Shutdown

BTCC Indefinite Mining Pool Shutdown

By 15 November BTCC’s mining offshoot will shut down its entire mining servers, and by 30 November operations will halt until further notice

BTCC Pool released an announcement notice on the indefinite shut down of its mining pool. The shutdown of operations is caused by business adjustments needed to be made by the company. Profits will be received by miners ‘in time’.

Though operations will be halted indefinitely, BTCC is resolute that the blockchain industry, together with cryptoassets, will continue to evolve and be improved. Also, BTCC Pool implied they will be back.

There will be echoes, we will see you again!

BTCC Mining Pool

On BTCC Pool

Launched in 2014, the mining offshoot of BTCC cryptocurrency exchange has embarked on supplying miners with transparent, safe, and fair crypto mining service. At the same time, the mining offshoot said it promoted blockchain advancement.

The Highs and Lows of the Mining Business

With the fast movement of technology and the prolonged crypto-bear market, cryptocurrency mining businesses struggled to attain their projected profits throughout the year. Because of this Nvidia decided to leave the manufacturing of mining equipments and Bitmain received mixed publicity on the firm’s financial status.

But some companies, including Bitmain, continues to develop mining-related rigs. Yesterday, 6 November, Finrazor reported that Bitmain released two new Antminers with 7nm Finfet and AMD partnered with eight tech firms to produce a range of new generation mining equipments.

Related news

Bitmain CEO: Bullish Behavior Unlikely Following May 2020 BTC Halving

With bearish activity spreading throughout the crypto space as of late, many people are looking for some sort of miracle to sort things out. Many have long believed that the upcoming bitcoin halving – set to take place in May 2020 – is likely to do the trick. Unfortunately, according to Bitmain CEO Jihan Wu, this may not be the case. Bitmain CEO Predicts a Lack of Bulls Bitmain is one of the largest – if not the largest – cryptocurrency mining corporations in the world. Stationed in China, the company is facing the threat of shutdown given that China has long considered a ban on crypto mining given the alleged hazards its poses to the environment. At the same time, China has been considering this ban for some time and has not done anything to implement it. Perhaps the country is realizing that it will lose a lot of income if it does such a thing. Nevertheless, Bitmain has managed to stick around through both good and bad times, having survived the BTC price scare of 2018 that caused the world’s number one cryptocurrency by market cap to lose approximately 70 percent of its value. During that time, mining equipment sales for the company were at an all-time low, as many were concerned about bitcoin’s falling price and interest dropped significantly. It’s probably safe to say that given the company’s long and arduous journey, its head executive Jihan Wu knows a thing or two about crypto and what it will do in the future. In a recent interview, he’s claiming that the bitcoin halving set for this coming May might not lead to the bull market everyone is expecting. However, he does mention that the price could potentially grow “long-term.” He suggests that the cryptocurrency’s price maneuvers in “cycles,” and that perhaps mining hardware might make a better investment than the actual currency itself. He states: There are many uncertainties, but now is a good time to invest in crypto mining. If I were a miner, I would not stop mining but continue to invest in mining equipment. We are currently in a short-term correction of price. Having a long-term perspective is significant. If bitcoin’s price remains unchanged after halving, the efficiency of existing equipment must be improved to balance efficiency and computing power. Some New Developments As it turns out, Bitmain is planning to release a new five nanometer mining application in early 2020. The product is set for mass production during the first quarter and will feature “specific integrated circuits” to ensure mining is done faster. Furthermore, he claims that Bitmain is in the process of building “repair centers” that will significantly lessen the time needed to make repairs by the end of this year. Lastly, Bitmain will connect mining hardware owners with mining farms for education and training purposes. The post Bitmain CEO: Bullish Behavior Unlikely Following May 2020 BTC Halving appeared first on Live Bitcoin News.
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