- KuCoin has introduced that it’ll halt its mining pool beginning August 15, 2023.
- The crypto trade will quickly droop swimming pools that assist Bitcoin and Litecoin mining.
- The trade clarified that customers would retain entry to their crypto property all through the suspension interval.
- Restarting the mining swimming pools would rely upon the crypto market and customers’ demand.
KuCoin is about to droop its mining pool companies later this month. The Seychelles-based crypto trade cited its evolving enterprise technique whereas making the announcement earlier at present. 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 stay in August 2021.
KuCoin’s Native Token (KCS) Tanks 3%
In keeping with a blog post by KuCoin earlier at present, 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 preserve their mining data earlier than August 27, 2023.
A spokesperson for KuCoin acknowledged that the most recent determination was consistent with its enterprise technique that goals to redirect assets to core companies to make the platform extra user-friendly. The crypto trade urged miners on the platform to switch their property to various mining swimming pools forward of the suspension on August 15.
The crypto trade, which is at the moment ranked twentieth by day by day buying and selling quantity on CoinGecko, assured its customers that they’d retain full entry and management over their property all through the suspension interval. Information from MiningPoolStats, KuCoin Pool is at the moment 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 acknowledged 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 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 Legal professional Basic of New York sued the crypto trade for failing to register as a securities and commodities broker-dealer.
