OKX pulls plug on mining pool amid declining user and hashrate numbers

Crypto speech OKX volition discontinue its mining excavation services owed to “business adjustments” reasons, according to a Jan. 26 statement.

The level said it had halted caller lawsuit registrations, effectual immediately. Existing users volition clasp entree to the level until Feb. 25, aft which each mining pool-related services volition beryllium discontinued by Feb. 26.

“Due to concern adjustments, OKX volition discontinue Mining Pool and related services shortly. We apologize for immoderate inconvenience that whitethorn origin you,” OKX stated.

OKX has yet to respond to CryptoSlate’s petition for comments arsenic of property time.

Mining pools heighten block-solving ratio by consolidating computational powerfulness from aggregate miners. This collaboration enables miners to gain cryptocurrencies by collectively tackling the computational requirements of cryptocurrency mining, ensuring a much unchangeable income.

OKX’s determination marks the extremity of a work it initiated successful 2018. The firm’s excavation supported respective Proof-of-Work (PoW) assets, including Bitcoin (BTC), Litecoin (LTC), and Ethereum Classic (ETC), and enjoyed immoderate aboriginal success.

However, data from Mining Pool shows that its usage and adoption person suffered successful caller years, arsenic it present ranks 36th among Bitcoin-focused mining pools.

Notably, its website besides shows that it has conscionable 17 progressive miners for each its supported assets, with its BTC excavation having a full hashrate of 514 TH/s for Bitcoin, 1.49 MH/s for LTC, and 363.87 MH/s for ETC.

Miners hole for BTC halving.

OKX’s determination comes astatine a important time: Most miners are preparing for the Bitcoin halving, which is anticipated to hap by April.

The Bitcoin halving is simply a pivotal lawsuit characterized by a 50% simplification successful mining rewards to mitigate the influx of caller coins into the network. This occurs astatine precise intervals—specifically, each 4 years oregon aft completing 210,000 blocks.

Several BTC miners, including Riot Platforms, Phoenix Group, and others, person purchased substantial amounts of mining hardware successful mentation for this important event.

The station OKX pulls plug connected mining excavation amid declining idiosyncratic and hashrate numbers appeared archetypal connected CryptoSlate.