According to this Facebook post last year the company did not quit bitcoin mining. They instead quit the website. Here is past of the post below. Once again this is according the Mely Facebook page. I created the spaces to make it easier to read but everything is word for word.
The only problem is the post is from 16 January 2016.
BTCPOOLPARTY:
The company has determined that it will not pursue the business model of operating a public Bitcoin mining pool.
During the initial beta stages of development, the company built out an effective platform for the purposes of mining Bitcoin on a large scale, however due to circumstances beyond the company’s control, the required critical mass of mining Hash rate was never achieved both by the Company or by third party miners. This in turn compromised the BTCPOOLPARTY in its effectiveness and success in mining Bitcoin from the block chain.
The company has determined that in order to be relatively successful the pool must have a minimum of 5 Petahash mining in order to be competitive in the mining pool arena.
The Company will continue to operate the BTCPOOLPARTY website as a communication tool and ultimately provide tracking of the Companies miners in the near future.
Bellingham Facility:
The Company is in the process of winding down the Bellingham facility and is currently in negotiations for a new facility with less expensive power costs.
The company is also in the process of replacing the existing 100 Bitmain Antminer S-2 miners with the current edition Bitmain Antminer S7 miners.
This will allow for significant savings of power consumption with additional hash rate providing for higher BTC production and potential profitability.
Looking Forward:
The Company is looking to 2016 as a rebuilding year where the Company will capitalize on the miss-steps made over the last two years in an industry that is new and without any established formula for success.
With the price of Bitcoin now back to a reasonable level, the company believes that it has the ability to rebuild a successful, profitable, BTC mining operation for the future.
