KuCoin’s mining pool to halt operations ‘until further notice’

The pool will suspend operations on Aug. 15 at 12 pm ET

article-image

sarayuth3390/Shutterstock modified by Blockworks

share

KuCoin said its mining pool will go offline “until further notice” in less than two weeks from Wednesday.

The pool, which supports proof-of-work coins such as bitcoin and litecoin, will suspend operations on Aug. 15 at 12 pm ET. 

KuCoin told Blockworks the move is the result of shifting priorities for its broader business.

“The decision to suspend operations of KuCoin Pool was made to align with our evolving business strategy of focusing on core businesses and providing users with a safer and more user-friendly trading platform,” a KuCoin representative told Blockworks.

In its announcement, the crypto exchange recommended that users move their miners to alternative mining pools before the Aug. 15 deadline. The firm also advised users to back up their mining data before Aug. 27.

“We wish to emphasize that the security and integrity of your assets are our utmost priority. Throughout this suspension, you will retain complete access and control over your assets, and all other KuCoin offerings remain operational as usual,” the exchange wrote in a statement.

According to BTC.com, KuCoin’s mining pool is the ninth-largest in terms of hash rate share, comprising 1.2% of the network total over the past three days. 

KuCoin’s bitcoin mining pool produced 8.24 exahashes per second (EH/s) by the time of publication, while the litecoin pool produced 3.84 terahashes per second (TH/s). 

By comparison, Riot Platforms reported a deployed hash rate of 10.7 EH/s as of June 30.

KuCoin has faced other headwinds in the last few months. New York Attorney General Letitia James sued the crypto exchange in January, and more recently, reports emerged of layoffs at the company. Representatives for KuCoin have denied the characterization of layoffs.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (6).png

Research

In recent months, a number of highly accretive developments were implemented across the protocol to improve fee capture, expand product functionality, and ultimately drive value accrual to the RUNE token, with more upgrades on the immediate horizon. These developments include hiking the minimum swap fee parameter to increase revenue, adding a Burn System Income Lever to reduce the RUNE supply, the addition of COSM-WASM smart contracting and IBC to enable an application layer, new chain integrations, and more.

article-image

Permissionless provokes thoughts on the future of crypto as folks engage in pull-up competitions

article-image

Plus, Casey sits with House Majority Whip Tom Emmer to get his views on crypto policy progress

article-image

Blockworks Advisory helps protocols coordinate their launch and growth through white-glove, bespoke services

article-image

The app has just two tabs, one for making swaps and one for viewing your wallet balance