Bitcoin Mining Pool BTC Guild To Close June 30, 2015; Risk Of Loss And New York BitLicense Cited

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. Since PPLNS (Pay Per Last N Shares) is a “backwards paying system,” the last shares submitted are unlikely to receive any blocks unless one is found “at the last second.”

The minimum balance for a manual withdrawal is reduced to 0.0001. It will not require a transaction fee to request a withdrawal.

Offers to buy didn’t materialize

One reason BTC Guild cancelled

Read more ... source: CryptoCoinsNews