1 year ago
According to an Aug. 2 statement, KuCoin plans to suspend its Bitcoin (BTC) and Litecoin (LTC) mining pools, effectual from Aug. 15, until further notice.
The speech attributed its determination to its “evolving concern strategy” and advised its mining excavation users to modulation their miners to alternatives earlier the deadline. KuCoin mining excavation users person until Aug. 27 to backmost up and sphere their mining records and different data.
Other operations not affected
However, KuCoin assured the assemblage that its mining excavation operations suspension does not impact different aspects of its services, including its speech operations and others. Besides that, its users’ assets stay harmless connected its platform.
KuCoin’s BTC and LTC mining pools, acknowledged arsenic among the top-performing pools, relationship for important portions of their respective networks. As of property time, the exchange’s BTC and LTC pools relationship for 8.51 EH/s and 2.67 TH/s of the full web hash rate, respectively.
The quality is coming little than a week aft the speech denied immoderate alleged layoff plans. At the time, the exchange’s CEO, Johnny Lyu, said the institution was lone restructuring its concern to stay competitory and dynamic.
The alteration successful strategy astatine KuCoin whitethorn beryllium linked to a suit from the Attorney General of New York implicit alleged noncompliance with KYC rules. In response, KuCoin has bolstered its KYC procedures, reportedly starring to a diminution successful trading enactment and revenue.
The station KuCoin suspends Bitcoin, Litecoin mining amid shifting strategy and layoff rumors appeared archetypal connected CryptoSlate.
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