In accordance with an Aug. 2 assertion, KuCoin plans to droop its Bitcoin (BTC) and Litecoin (LTC) mining swimming pools, efficient from Aug. 15, till additional discover.
The trade attributed its determination to its “evolving enterprise technique” and suggested its mining pool customers to transition their miners to options earlier than the deadline. KuCoin mining pool customers have till Aug. 27 to again up and protect their mining data and different information.
Different operations not affected
Nevertheless, KuCoin assured the neighborhood that its mining pool operations suspension doesn’t have an effect on different features of its providers, together with its trade operations and others. Moreover that, its customers’ property stay protected on its platform.
KuCoin’s BTC and LTC mining swimming pools, acknowledged as among the many top-performing swimming pools, account for vital parts of their respective networks. As of press time, the trade’s BTC and LTC swimming pools account for 8.51 EH/s and a couple of.67 TH/s of the entire community hash fee, respectively.
The information is coming lower than per week after the trade denied any alleged layoff plans. On the time, the trade’s CEO, Johnny Lyu, stated the corporate was solely restructuring its enterprise to stay aggressive and dynamic.
The change in technique at KuCoin could also be linked to a lawsuit from the Lawyer Basic of New York over alleged noncompliance with KYC guidelines. In response, KuCoin has bolstered its KYC procedures, reportedly resulting in a decline in buying and selling exercise and income.
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