Bitfinex to Shutdown January 7, 2019 to Enhance Traders and Investors' Back Office Interface

    As per a blogpost released on the official Bitfinex website, the premier crypto exchange will be going offline for a period of upto 7 hours on the 7th of January, 2019.

    This shutdown, according to Bitfinex, is part of a scheduled ’data migration program’ that will see the firm transfer its cryptographically stored information onto its new dedicated bare-metal servers.

    More On The Matter

    In addition to all of the aforementioned details, Bitfinex and its Ethereum-based decentralized exchange, Ethfinex Trustless, are all set to move from their existing AWS cloud module to a “self-designed infrastructure” that will be hosted in a data centre located somewhere in Switzerland.

    On the matter, a spokesperson for the firm was quoted as saying:

    “Data migration to dedicated bare-metal servers is atypical in our industry, and we have modeled our approach on traditional stock exchange operations. It has been a considerable undertaking, but one we felt was integral to provide a service up to the standard that professional traders are used to in other sectors.”

    Final Take

    Even though this latest move could result in a significant amount of downtime for the exchange, Bitfinex believes that moving forward this latest move will help the exchange bolster its existing security and efficiency protocols.

    Last but not least, users should mentally prepare themselves not use their wallets or any other feature on either of Bitfinex’s platforms for pretty much the entirety of the day (i.e. Jan 7).

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Shiraz J
    Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    44% Think Bitcoin's in a Bull Market & Alt-Season Will Occur in 2020: Kraken Survey

    In the currently unstable environment where industries are laying off, cryptocurrency exchange Kraken is on a hiring spree as it moves ahead to expand...

    Bitmain Releases Antminer E3 Firmware Update to Keep It Mining ETH Till October

    Mining hardware firm, Bitmain, set to extend the durability of its once “most powerful Ethash miner” from April to October 2020. The mining firm...

    Tether Prints over a Billion USDT in March, Rising Demand or Exchange Run?

    We are about to end March, a month that saw the price of bitcoin hitting $3,850 and ready to end the quarter with over...

    Bitcoin Beating Gold But What will Hold its Value Better in Five Years?

    The price of bitcoin is currently trading in the green by 2.34% as it trades around $6,450. Although down 11.89% YTD and about 34%...

    Lightning Labs New LSAT Protocol Promises To Do Away With Usernames And Passwords

    A statement from Lightning Labs CTO, Olaoluwa Osuntokun, revealed the specs of the Lightning Service Authentication Tokens (LSAT) which is expected to act as...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.