Bitcoin Miner BTCC To Sell Stake In Pool For $17 Million

BTCC Pool Limited, the mining pool business of cryptocurrency exchange BTCC, has temporarily consented to offer 49 percent of its value.

And if the deal is finalized, BTCC Pool and its buyer, Value Convergence (VC) Holdings Limited – A Hong Kong-based financial services firm would raise 147 million Hong Kong dollars (US$17 million), according to a memorandum of understanding (MOU) which was recently published this Monday, The MOU however, is no-legally binding and the deal is subject to further revision and negotiation.

Traded on an open market in Hong Kong, VC Group is a securities financier and resource administration firm. The firm said in the MOU that the arrangement is being made through its entirely claimed auxiliary Initial Honor Limited, and comes as a major aspect of a more extensive push to develop its business by a move into the financial technology industry.

The news comes not long after BTCC itself was acquired by a Hong Kong-based blockchain speculation finance in January of this current year.

As beforehand revealed by CoinDesk, BTCC – already called BTC China – was compelled to move its business abroad after the People’s Bank of China prohibited initial coin offerings close by an accepted restriction on crypto trade administrations. At present its three principal regions of business incorporate the mining pool, a digital currency wallet called Mobi and a USD/BTC exchange.

BTCC was forced to shift its business abroad after the People’s Bank of China prohibited Initial Coin Offerings in line with a de facto ban on crypto exchange services. currently, its three principal regions of business incorporate the mining pool, a cryptocurrency wallet called Mobi and a USD/ BTC exchange.

Data from blockchain.info demonstrates that, right now, BTCC Pool represents 1.1 percent of bitcoin’s hashing power, a decline from the figure of 3.3 percent recently recorded.