BTC Guild is a well-known Bitcoin mining pool. The mining pool has recently announced that it might be sold, only a few hours after they declared that they might close down next year.Michael Marsee, the founder of BTC Guild, posted his plans to close the firm early next year.
But, while people were still accepting this news, they informed that they may sell the organization.The team is considering the offers they got from the potential sellers and it seems like they will sell soon.Mining pools syndicate the processing power of numerous people’s computing infrastructure.BTC Guild was approached by multiple parties, who have expressed very strong interest in buying the company and keeping it running, according to Marsee.He also added on the note he posted on BTC Guild’s homepage that the timeline for closure of operations announced earlier has been cancelled because of this. The site will continue its operate normally even though the ownership may change.
Originally, Marsee gave all the miners a 3-month warning by announcing plans for closing the pool. He thought they will shut it on 31 January 2015.Marsee shared his concerns about regulatory actions being taken against Bitcoin businesses. He dreads that there may be an attack on BTC Guild.
In an earlier post he informed that State regulators are beginning to make noise about Bitcoin. Although New York was the first state to put anything forward publicly, there are 49 other states also have stories to share.Marsee explained that the ability for different states to establish a link between businesses and the residents make it a risky situation to continue operating in.According to his post on 31st October, all new registrations have been suspended but the mining servers will remain active until 30th November. The existing users need to withdraw their remaining balances before 11:59 pm on 30th January.
BTC Guild announced that the total security risks and regulatory uncertainties ascending from its presence in US led to serious long-term challenges.The organization first considered closing in July, when the users received a message from BTC Guild stating that future pressures might result in such an outcome.The pool constitutes 5% of the bitcoin network hashrate at present. Marsee predicted that costs of a strong hack attack would imperil the platform and impair the pool’s customers financially.
Eleuthria, the owner, posted a farewell letter on the Bitcoin Talk forum. He said that users will get more updates if the pool closes.Eleuthria expressed gratitude towards all long-time supporters of the mining pool and the bitcoin community for their immense support.He added that both Bitcoin and BTC Guild have changed his life tremendously. He wrote that he will continue to be a part of the Bitcoin community although he was closing BTC Guild.He believes strongly that Bitcoin will continue to grow, even with all the regulations.
