- KuCoin has introduced that it’s going to halt its mining pool beginning August 15, 2023.
- The crypto change will briefly droop swimming pools that help Bitcoin and Litecoin mining.
- The change clarified that customers would retain entry to their crypto belongings all through the suspension interval.
- Restarting the mining swimming pools would rely on the crypto market and customers’ demand.
KuCoin is ready to droop its mining pool companies later this month. The Seychelles-based crypto change cited its evolving enterprise technique whereas making the announcement earlier right now. 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 stay in August 2021.
KuCoin’s Native Token (KCS) Tanks 3%
In line with a weblog put up by KuCoin earlier right now, the mining swimming pools supporting cryptocurrencies together with Bitcoin (BTC) and Litecoin (LTC) mining, might be halted on August 15, 2023. The platform’s customers have been requested to again up and keep their mining data earlier than August 27, 2023.
A spokesperson for KuCoin said that the most recent resolution was in keeping with its enterprise technique that goals to redirect assets to core companies to make the platform extra user-friendly. The crypto change urged miners on the platform to switch their belongings to various mining swimming pools forward of the suspension on August 15.
The crypto change, which is at present ranked twentieth by each day buying and selling quantity on CoinGecko, assured its customers that they’d retain full entry and management over their belongings all through the suspension interval. Information from MiningPoolStats, KuCoin Pool is at present 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 said that the crypto change would make the choice primarily based on the crypto market and customers’ demand sooner or later.
The most recent improvement 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 almost 3% over the previous 24 hours. KuCoin bumped into authorized hassle earlier this 12 months after the Lawyer Normal of New York sued the crypto change for failing to register as a securities and commodities broker-dealer.