Home » KuCoin Suspends Bitcoin and Litecoin Mining Pools

KuCoin Suspends Bitcoin and Litecoin Mining Pools

KuCoin, a popular cryptocurrency exchange, has made an announcement regarding the suspension of its Bitcoin and Litecoin mining pools.

by coinbrit

Exchange Announces Suspension

 The suspension is set to take effect from 16:00:00 on August 15, 2023 (UTC) until further notice. While the exchange cited its evolving business strategy as the reason behind the decision, it did not provide further details.

Recommendations for Miners

To ensure uninterrupted earnings for users involved in cryptocurrency mining, KuCoin has recommended transitioning BTC and LTC miners to alternative mining pools before the specified suspension date. Users are advised to act promptly to avoid disruptions to their mining operations.

Preservation of Mining Records

As part of the announcement, KuCoin also issued a warning to users to back up and preserve their mining records and related data before August 27. Preserving this information is essential for miners to maintain continuity and monitor their mining activities effectively.

Current Hash Rates

At present, KuCoin’s Bitcoin and Litecoin mining pools have hash rates of 9.08 exahash per second (EH/s) and 3.90 terrahash per second (TH/s), respectively. Comparatively, the entire Bitcoin network currently operates at a hash rate of 349.19 EH/s, while the Litecoin network operates at 792.16 TH/s.

Denial of Layoff Plans

This announcement comes amid earlier reports suggesting that KuCoin was planning to lay off 30% of its workforce. However, the exchange’s CEO, Johnny Lyu, denied such claims, asserting that KuCoin is operating smoothly and experiencing growth in users and new listings. The exchange has recently implemented mandatory Know Your Customer (KYC) requirements for its users, with over 20 million registered accounts.

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