Bitfinex, one of the top crypto exchanges, announced Saturday that it will be offline for up to seven hours on January 7, as part of a scheduled data migration to its new dedicated bare-metal servers.
On Monday 7th January 2019, Bitfinex will be offline between three to seven hours as we complete the final stage of our data migration to dedicated bare-metal servers, in a move designed to significantly enhance platform speed, security and performance.https://t.co/uzeW1rSUZl
— Bitfinex (@bitfinex) December 29, 2018
According to the announcement, Bitfinex and its Ethereum-based decentralized exchange, Ethfinex Trustless, will be transitioning from the AWS cloud to a self-designed infrastructure hosted in a Swiss data center.
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.
While the migration could result in significant downtime, Bitfinex notes that the move will have significant benefits in terms of speed and security, which will better gear the platform to serve institutional investors.
Nonetheless, users should prepare to not be able to access their wallets or any feature on either of the platforms for the duration of the upgrade.
Related: Bitfinex Adds Margin Trading for Tether, Bitcoin Cash and Bitcoin SV
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.