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.
SCOOP: Following Binance, cryptocurrency exchange KuCoin will lay off 30% of its workforce. Confirmed by more than three internal employees. KuCoin has nearly 1,000 employees. The main reason is that the strict KYC policy was launched after being sued by the United States, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023