KuCoin Halts BTC And LTC Mining Pools To Pursuit Futuristic Business Strategy

Key Points:

• KuCoin to suspend BTC and LTC mining pools on Aug 15, 2023.
• Users are urged to back up data and switch to alternative pools by Aug 27.
• Suspension aligns with KuCoin’s evolving business strategy.

KuCoin, a well-known cryptocurrency exchange, recently disclosed its decision to suspend mining pools supporting Bitcoin (BTC) and Litecoin (LTC) mining, effective August 15, 2023. In light of the forthcoming suspension, the platform’s users have been urged to back up and maintain their mining records before August 27, 2023.

The exchange clarified that this move is aligned with its evolving business strategy, aimed at redirecting resources to core business operations, enhancing user experience, and ensuring the platform’s long-term sustainability. As a result, KuCoin mining pool users are advised to transition their miners to alternative pools before the suspension date.

It’s essential to note that while the mining pool operations are set to be temporarily halted, other services offered by KuCoin, including its exchange operations, remain unaffected. The exchange has assured its community that users’ assets will continue to be safe and secure on the platform throughout the suspension period.

KuCoin’s BTC and LTC mining pools have been acknowledged as top-performing pools, contributing significantly to the respective networks. As of press time, the exchange’s BTC and LTC pools account for 7.7 EH/s and 3.33 TH/s of the total network hash rate, respectively.

This decision comes shortly after KuCoin refuted rumors about possible layoff plans. CEO Johnny Lyu emphasized that the company is undergoing restructuring to maintain its competitive edge and adapt to the dynamic crypto market.

The suspension of mining pool activities could be linked to a legal issue involving the New York Attorney General over alleged non-compliance with KYC rules. Consequently, KuCoin has ramped up its KYC procedures, which reportedly led to a decrease in trading activity and revenue.

During the suspension, KuCoin’s users will retain complete access and control over their assets. The exchange has recommended that miners transition their BTC and LTC miners to alternative pools well ahead of the suspension date to ensure uninterrupted earnings.

While the suspension has been described as “temporary” in Kucoin’s official statement, the exchange has not specified a fixed timeline for the potential restart of mining pool services. Instead, it intends to evaluate market conditions and user demand to make this decision in the future.

As of recent data from BTC.com, KuCoin’s mining pool is ranked as the ninth-largest in terms of hash rate share, contributing approximately 1.2% of the total network hash rate over the past three days.

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