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 On the Margin newsletter.

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

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png

Research

With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.

article-image

The QT taper begins this month…but what does that mean for markets?

article-image

Plus, the rise of RWAs could bring about a significant shift in how real-world investments are managed and accessed

article-image

The distributed cell plan provider started selling its own hotspots in October 2023

article-image

The Brazil-based asset manager’s filing comes during a year of milestone bitcoin and ether fund approvals

article-image

The purchase of five sites in Georgia set to help CleanSpark hit its mid-year operating hash rate target of 20 EH/s

article-image

Plus, it’s beginning to look like we may be in for a cruel summer