- KuCoin has introduced that it’s going to halt its mining pool beginning August 15, 2023.
- The crypto alternate will quickly droop swimming pools that help Bitcoin and Litecoin mining.
- The alternate 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 companies later this month. The Seychelles-based crypto alternate cited its evolving enterprise technique whereas making the announcement earlier in the present day. 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 response to a blog post by KuCoin earlier in the present day, the mining swimming pools supporting cryptocurrencies together with Bitcoin (BTC) and Litecoin (LTC) mining, shall be halted on August 15, 2023. The platform’s customers have been requested to again up and keep their mining information earlier than August 27, 2023.
A spokesperson for KuCoin said that the most recent determination was in keeping with its enterprise technique that goals to redirect sources to core companies to make the platform extra user-friendly. The crypto alternate urged miners on the platform to switch their belongings to different mining swimming pools forward of the suspension on August 15.
The crypto alternate, which is presently 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 presently the eighth-largest pool for BTC mining and the eleventh largest for LTC mining.
When requested in regards to the timeline for restarting KuCoin’s mining pool companies, a spokesperson said that the crypto alternate would make the choice primarily based on the crypto market and customers’ demand sooner or later.
The newest growth led to a visual decline within the worth 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 hassle earlier this yr after the Lawyer Common of New York sued the crypto alternate for failing to register as a securities and commodities broker-dealer.