BTCGuild may be closing

BTCGuild, one of the oldest mining pools that very first opened on the 9th of May 2011 issued a statement on their websiteand redditthat the pool will be closing on the 30th of November 2014.

The total statement from the webstek goes after.

BTC Guild Shutting Down

After many months of consideration, I have ultimately made the choice to announce the planned closure of BTC Guild. Below, I’ve outlined the closure process/timeline and reasons that this decision wasgoed made.

Spil identified te the support section and ter the 2nd postbode on this thread, BTC Guild has had an official policy for the amount of time that will be given ter the event of closure. The official date that BTC Guild will cease all business is January 31, 2015. This postbode is the commence of the identified Three months of warning.

  1. Effective instantly, registrations are closed to fresh users.
  2. BTC Guild mining servers will remain online until November 30, 2014.
  3. Users will have until 11:59 PM (PST) on January 31, 2015 to withdraw any remaining balances on their account.

The above timeline may switch if BTC Guild is sold prior to the planned date of closure.

1) Risk/cost of a successful attack against the pool. Spil pooled mining te general is shrinking due to large manufacturers creating private farms, the potential revenue for the pool has gone down spil expected. While the pool is still very profitable, the amount of time it would take to recover from an attack has enlargened due to the overall share of the network shrinking.

BTC Guild has, to date, never bot successfully hacked. However, I have seen a rise te attack attempts, and things like Heartbleed/Shellshock which demonstrate that efforts are being waterput into compromising common Linux services if possible. Neither of those attacks had any affect on BTC Guild, but they were both reminders that under BTC Guild’s own code, there are many services which could be a doorway into the pool’s servers if a vulnerability wasgoed discovered.

One successful attack could cost close to a year of pool revenue, maybe more depending on what happens te the mining landscape overheen that period of time. If something else happened ter that time (subsequent attack or regulation forcing closure), it would mean continuing to operate the pool beyond this point has cost mij more money than it might potentially make te the surplus of its lifetime.

Two) US government/regulators are already taking stances against specific business types te Bitcoin, applying requirements which would be unlikely for BTC Guild to operate under if they attempt to extend regulation into pooled mining, either directly or indirectly due to unclear definitions. Nobody will mine on a pool which requires them to provide personally identifiable information when they can switch a single line ter their configuration to point elsewhere.

Additionally, state regulators are beginning to make noise about Bitcoin. Fresh York is the very first to publicly waterput anything forward, but there are 49 other states which can waterput their own spin on things. Due to the capability for states to establish a nexus for businesses dealing with their state’s residents, it is a scary landscape to proceed operating ter.

I have no intention of leaving the US myself, and given the latest history of the US when it comes to online businesses, I don’t feel safe simply moving the business legal entity to another country while continuing to live te the US myself.

Ter the event that BTC Guild is acquired prior to closure, users will not have their mining history and withdrawal history transferred to the fresh proprietor. All balances up to the date of aquisition will be retained by myself, and a separate service will be made available to voorwaarde any funds owed. I am unwilling to compromise on this, because I reject to do anything where it puts the users of the pool at risk of not receiving what they’ve earned under my witness.

For users looking for a fresh huis for their miners, I very recommend BitMinter, Eligius, and p2pool. I do not recommend Slush overheen any of those Trio options, and I actively encourage users to not use Discus Fish or Other smaller pools exist which are run by fair people, but due to their size, it is difficult to recommend them to the average miner.

When I got into Bitcoin back ter March of 2011, I never expected anything that wij’ve seen overheen the last Trio and a half years. I had never built a pc before, never run a server beyond a Gentoo PC ter a spare bedroom, and never setup a webstek that experienced even 0.1% of the traffic BTC Guild gets on an average day.

Bitcoin and BTC Guild have both radically switched my life. While I am closing BTC Guild, I still project to remain a part of the Bitcoin community. I do believe, even ter the face of over-regulation, that Bitcoin will proceed to grow and become more useful and usable. I just feel that it is time to budge on from BTC Guild, and take pride te the fact that BTC Guild’s closure can voorstelling that not all Bitcoin businesses end with somebody stealing funds from their users, either by “getting hacked” or outright theft.

It seems tho’ that the bitcoin community is not finished with BTCGuild spil a straks statement within an hour alluded to the possibility of fresh owners,-


Leave your comment