- KuCoin has introduced that it’s going to 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 depend upon the crypto market and customers’ demand.
KuCoin is ready to droop its mining pool providers 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 almost two years after the swimming pools went reside in August 2021.
KuCoin’s Native Token (KCS) Tanks 3%
In line with a blog post by KuCoin earlier at present, the mining swimming pools supporting cryptocurrencies together with Bitcoin (BTC) and Litecoin (LTC) mining, will likely 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 step with its enterprise technique that goals to redirect sources to core companies to make the platform extra user-friendly. The crypto trade urged miners on the platform to switch their property to different mining swimming pools forward of the suspension on August 15.
The crypto trade, 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 property all through the suspension interval. Information 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 providers, a spokesperson said that the crypto trade would make the choice based mostly on the crypto market and customers’ demand sooner or later.
The newest improvement led to a visual decline within the value of the platform’s native token KCS. On the time of writing, KCS was buying and selling at $5.64, down almost 3% over the previous 24 hours. KuCoin bumped into authorized bother earlier this yr after the Lawyer Common of New York sued the crypto trade for failing to register as a securities and commodities broker-dealer.