Bitcoin Mining Pool BTC Guild to Close Over BitLicense Concerns
Following the publication of this article, a spokesperson for the New York State Department of Financial Services told CoinDesk "miners and mining pools are exempt from the BitLicense". BTC Guild is set to close at the end of June, months after previously announcing that it would shut down its long-running bitcoin mining pool. In its announcement, posted to Bitcoin Talk, owner Eleuthria cited the finalization of the BitLicense as a primary motivator for shutting down, stating that BTC Guild could not afford any legal threats that may arise as a result of the New York regulatory framework.....
Related News
BTC Guild won't be shutting down. Not too long after the NYDFS had published it Bitlicense proposal guidelines, Michael, the owner of BTC Guild, had stated that he would shut the pool down if the regulations went into effect as proposed. On 10/31/14, he announced that he would be shutting down BTC Guild. While at first the shutdown came as no surprise, the community response to it was. Within a few hours of the announcement, Michael changed the statement to reflect that BTC Guild was being sold instead of just being . One of the main drivers of this proposed closure was the myriad of....
Eobot, a cryptocurrency cloud mining company, will not serve customers in New York State as of July 1, 2015, on account of the recently finalized New York State BitLicense requirements. "If you are residing in and/or accessing Eobot within the State of New York, U. S., please withdraw all coins and cease all mining with Eobot as of July 1, 2015, as we are ceasing all Eobot mining connections from within New York at that time," the company announced on its website. We regret that we must cease Eobot business within New York State, however the new BitLicense requirements in this state place....
Bitcoin mining company BTC Guild has announced to closedown its operations in the wake of BitLicense, the state's official Bitcoin regulatory framework. In its final notice on BitcoinTalk.org, owner Eleuthria admitted that the said framework has enough "gray area" to threaten the functioning of their mining pool, saying that they cannot bear the expense of defending the company at this moment. "The fact that BTC Guild is not in New York does not matter, since it would be doing business with New York residents while they are physically in New York," explained Eleuthria. "This fact makes it....
BTC Guild will shut down its mining servers on June 30, 2015 at 23:59 UTC, the company announced on its website. Users will be able to log in and retrieve their history and request withdrawals until Sept. 30, 2015. The notice marks the second time BTC Guild has announced its closing, "but this time the decision will not be reversed." The reasons for the closure are the same as originally announced. The pool is closing because it will not be able to cover losses in the event of compromise. Users will be able to continue mining until the servers turn off at the end of day June 30, 2015.....
Mere weeks after New York state's BitLicense requirements were said to be “in effect,” two Bitcoin mining pools have been forced to deny their services to New York IP addresses (one shutting down entirely), and one exchange has done the same. BTC Guild and Eobot are among Bitcoin's smaller mining pools — you know, the kind that have kept Bitcoin mining sort of “decentralized.” But BTC Guild has now shut down entirely, telling its members: Similarly, Eobot explained to their members who use New York IP addresses that the mining pool could no longer afford to deal with them: “The fact that....