KuCoin announced that it is suspending its Bitcoin and Litecoin mining pools.
While the cryptocurrency industry is experiencing one of the longest bear seasons, industry players are going to save income in other ways. Cryptocurrency exchange KuCoin has announced that it will suspend its investments in Bitcoin and Litecoin pools.
KuCoin increases investments in Bitcoin and Litecoin pools
KuCoin announced that it is suspending Bitcoin and Litecoin mining pools. The exchange stated that this decision was “in line with its evolving business strategy,” but did not provide a detailed explanation. The suspension will last until 16:00 on August 15, 2023 and will continue until further notice.
KuCoin recommended its users to switch Bitcoin and Litecoin miners to alternative mining pools to ensure uninterrupted earnings during the temporary suspension. It also warned users to back up and keep their mining logs and related data until August 27.
Currently, KuCoin’s Bitcoin and Litecoin mining pools have hash rates of 9.08 exahash per second (EH/s) and 3.90 terrahash per second (TH/s), respectively. This means that the hash rate of the Bitcoin network is 349.19 EH/s, compared to 792.16 TH/s for the Litecoin network.
Previously, Cointelegraph reported that KuCoin is planning to lay off 30 percent of its workforce. However, the CEO of the exchange, Johnny Lyu, stated that there is no such plan and KuCoin is running smoothly. KuCoin has implemented mandatory Know Your Customer (KYC) requirements for its users since July. Existing customers will be blocked from depositing unless they complete KYC. KuCoin states that it has more than 20 million registered accounts.
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