KuCoin Launches PoW Mining Pool
- KuCoin was able to offer much lower mining fees on its pool thanks to its team, which reportedly has more than six years of expertise in the industry.
- The CEO of KuCoin, Johnny Lyu, also revealed the KuCoin Pool will encourage “green mining” by offering miners that use renewable energy discount on their fees.
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Popular crypto exchange KuCoin is entering the mining market with its new proof-of-work (PoW) pool, which promises improved efficiency and lower fees, the exchange said in a press release on 25 August.
According to the announcement, the KuCoin Pool will enable the exchange’s customers to contribute to the Bitcoin and Bitcoin Cash networks, and share rewards. While the new product will require miners to install and run the needed hardware themselves for now, in the future the company plans to introduce mining in the cloud. The CEO of KuCoin, Johnny Lyu, said in a statement:
“For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away. Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly.”
The new KuCoin platform was created by a team with over six years of experience in the crypto mining industry, which contributed greatly to its “much lower mining fees”, more efficient mining rewards, and its convenient interface. In addition, the KuCoin Pool will also encourage “green mining” by offering miners that use renewable energy sources reduced fees.
While the KuCoin Pool might be arriving a bit late — with Binance launching its own mining pool back in 2020 — its promises of lower fees could attract a lot of attention. The exchange itself reported it has increased its user base by 1,114% in the last year alone, with it now having around 10 million users.
According to The Chain Bulletin Bitcoin Mining Map, the largest BTC miners currently are AntPool, ViaBTC, Poolin, and F2Pool. And while China has begun cracking down on BTC mining, most of the hash power is still being concentrated in the country, with it currently having around 65% of the global hash power.
- The updated KYC checks will be introduced on 15 July, after which new users will be required to complete the process in order to gain full access to the exchange’s services.
- Existing users who fail to complete the KYC checks will face limitations on the platform, such as being unable to deposit new funds and only having access to certain services.
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- The Twitter account of the crypto exchange was compromised for roughly 45 minutes on Monday, resulting in 22 transactions connected to the hack.
- KuCoin has calculated that the total asset losses were 22,638 USDT, and noted that it will fully reimburse users affected in the incident.
- CEO Changpeng Zhao pledged on Tuesday to implement a Proof-of-Reserve mechanism at Binance to provide full transparency, and called on all industry players to follow suit.
- KuCoin, Poloniex, Huobi, and OKX were among the first crypto exchanges that promised to publish proof of their reserve holdings within a month.