1 year ago
- KuCoin has announced that it volition halt its mining excavation starting August 15, 2023.
- The crypto speech volition temporarily suspend pools that enactment Bitcoin and Litecoin mining.
- The speech clarified that users would clasp entree to their crypto assets passim the suspension period.
- Restarting the mining pools would beryllium connected the crypto marketplace and users’ demand.
KuCoin is acceptable to suspend its mining excavation services aboriginal this month. The Seychelles-based crypto speech cited its evolving concern strategy portion making the announcement earlier today. The determination to halt the pools volition impact Bitcoin and Litecoin mining connected the crypto platform. The determination comes astir 2 years aft the pools went unrecorded successful August 2021.
KuCoin’s Native Token (KCS) Tanks 3%
According to a blog post by KuCoin earlier today, the mining pools supporting cryptocurrencies including Bitcoin (BTC) and Litecoin (LTC) mining, volition beryllium halted connected August 15, 2023. The platform’s users person been asked to backmost up and support their mining records earlier August 27, 2023.
A spokesperson for KuCoin stated that the latest determination was successful enactment with its concern strategy that aims to redirect resources to halfway businesses to marque the level much user-friendly. The crypto speech urged miners connected the level to transportation their assets to alternate mining pools up of the suspension connected August 15.
The crypto exchange, which is presently ranked 20th by regular trading measurement connected CoinGecko, assured its users that they would clasp implicit entree and power implicit their assets passim the suspension period. Data from MiningPoolStats, KuCoin Pool is presently the eighth-largest excavation for BTC mining and the eleventh largest for LTC mining.
When asked astir the timeline for restarting KuCoin’s mining excavation services, a spokesperson stated that the crypto speech would marque the determination based connected the crypto marketplace and users’ request successful the future.
The latest improvement led to a disposable diminution successful the terms of the platform’s autochthonal token KCS. At the clip of writing, KCS was trading astatine $5.64, down astir 3% implicit the past 24 hours. KuCoin ran into ineligible occupation earlier this twelvemonth aft the Attorney General of New York sued the crypto speech for failing to registry arsenic a securities and commodities broker-dealer.
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