KuCoin To Suspend Mining Pool Services Starting August 15

• KuCoin has introduced that it’s going to halt its mining pool beginning August 15, 2023. 
• The crypto change will quickly droop swimming pools that assist Bitcoin and Litecoin mining. 
• The change clarified that customers would retain entry to their crypto belongings all through the suspension interval. 
• Restarting the mining swimming pools would rely on the crypto market and customers’ demand. 

KuCoin is ready to droop its mining pool providers later this month. The Seychelles-based crypto change cited its evolving enterprise technique whereas making the announcement earlier in the present day. The choice to halt the swimming pools will have an effect on Bitcoin and Litecoin mining on the crypto platform. The choice comes practically two years after the swimming pools went dwell in August 2021. 

KuCoin’s Native Token (KCS) Tanks 3% 

In response to a blog post by KuCoin earlier in the present day, the mining swimming pools supporting cryptocurrencies together with Bitcoin (BTC) and Litecoin (LTC) mining, will likely be halted on August 15, 2023. The platform’s customers have been requested to again up and preserve their mining information earlier than August 27, 2023. 

A spokesperson for KuCoin acknowledged that the newest determination was according to its enterprise technique that goals to redirect assets to core companies to make the platform extra user-friendly. The crypto change urged miners on the platform to switch their belongings to various mining swimming pools forward of the suspension on August 15. 

The crypto change, which is presently ranked twentieth by every day buying and selling quantity on CoinGecko, assured its customers that they might retain full entry and management over their belongings all through the suspension interval. Knowledge from MiningPoolStats, KuCoin Pool is presently the eighth-largest pool for BTC mining and the eleventh largest for LTC mining. 

When requested concerning the timeline for restarting KuCoin’s mining pool providers, a spokesperson acknowledged that the crypto change would make the choice primarily based on the crypto market and customers’ demand sooner or later. 

The newest growth led to a visual decline within the value of the platform’s native token KCS. On the time of writing, KCS was buying and selling at $5.64, down practically 3% over the previous 24 hours. KuCoin bumped into authorized bother earlier this yr after the Legal professional Common of New York sued the crypto change for failing to register as a securities and commodities broker-dealer.