Bitcoin: China’s oldest Mining Pool, BTCC, 30. November, the Mining. In a press release, the company justified the step with the necessary “business adjustments”.
Bitcoin Mining is for fewer and fewer market participants a rewarding experience. Because the Mining Pools to see in 2018, with falling rates and at the same time increasing Hash Rate faced. This combination makes the business of Bitcoin Mining becoming unprofitable.
This development is also China’s oldest crypto now seems to be the stock market fell victim to. As the company in a press release from the 6. November writes, BTCC forced, until the end of the month, the Mining halt:
“Today we regret to inform you that the BTCC-Pool due to changes to the Business on 15. November, all the Mining-shut down Server and from the 30. November will set the operation for an indefinite period of time.“
Farewell to time
It seems to be at the step, however, is a temporary adjustment. In the press report says:
“We are firmly convinced that Bitcoin – and the Blockchain-industry more and improve. […] We see us again!“
BTCC, formerly BTC China, the establishment in 2014 of the oldest Chinese crypto exchange at all. Due to the government regulations in the people’s Republic of 2017, the company now operates from Hong Kong.
Bitcoin-Mining-exit with a message
The persistent bear market in the Mining industry is increasingly trouble. While the big players aspire to how to make Bitmain after the Expansion of your market, the less strong sales at the Miner’s problems, to generate a profit. The Hash Rate has doubled within a year from 28 quadrillion Hashes per second (28 EH/s) to the current 50 EH/s fast – declining rates.
The increase can be, actually, only with a higher number of miners in the market and thus a higher competition explain. The resulting decline in profit margin can compensate for large Pools, such as Bitmain for a long time. For smaller companies, however, it will slowly close, as you can see on the example of HashFlare and BTCC.
However, in BTCC with its head stuck in the Sand and, as an Exchange even expansion intentions. At the end of October, the crypto-stock exchange established a branch in the South Korean Gangnam.