- KuCoin has introduced that it’s going to halt its mining pool beginning August 15, 2023.
- The crypto trade will quickly droop swimming pools that help Bitcoin and Litecoin mining.
- The trade clarified that customers would retain entry to their crypto belongings all through the suspension interval.
- Restarting the mining swimming pools would rely on the crypto market and customers’ demand.
KuCoin is about to droop its mining pool providers later this month. The Seychelles-based crypto trade cited its evolving enterprise technique whereas making the announcement earlier right now. The choice to halt the swimming pools will have an effect on Bitcoin and Litecoin mining on the crypto platform. The choice comes practically two years after the swimming pools went reside in August 2021.
KuCoin’s Native Token (KCS) Tanks 3%
In accordance with a blog post by KuCoin earlier right now, the mining swimming pools supporting cryptocurrencies together with Bitcoin (BTC) and Litecoin (LTC) mining, can be halted on August 15, 2023. The platform’s customers have been requested to again up and preserve their mining information earlier than August 27, 2023.
A spokesperson for KuCoin said that the newest determination was in step with its enterprise technique that goals to redirect sources to core companies to make the platform extra user-friendly. The crypto trade urged miners on the platform to switch their belongings to various mining swimming pools forward of the suspension on August 15.
The crypto trade, which is at present ranked twentieth by each day buying and selling quantity on CoinGecko, assured its customers that they might retain full entry and management over their belongings all through the suspension interval. Knowledge from MiningPoolStats, KuCoin Pool is at present the eighth-largest pool for BTC mining and the eleventh largest for LTC mining.
When requested concerning the timeline for restarting KuCoin’s mining pool providers, a spokesperson said that the crypto trade would make the choice primarily based on the crypto market and customers’ demand sooner or later.
The most recent growth led to a visual decline within the value of the platform’s native token KCS. On the time of writing, KCS was buying and selling at $5.64, down practically 3% over the previous 24 hours. KuCoin bumped into authorized bother earlier this 12 months after the Lawyer Normal of New York sued the crypto trade for failing to register as a securities and commodities broker-dealer.
