- On August 15th Kucoin suspense their Bitcoin and Litecoin mining pools
- “We deeply regret any inconvenience this might cause and we remain grateful for your unwavering support and understanding,” the exchange wrote.
- Kucoin has said their exchange is doing well and strong growth in their users.
KuCoin’s Bitcoin and Litecoin mining pools will be suspended starting at 4:00 pm UTC on Aug. 15 until further notice.
The exchange said the decision was “in line with KuCoin’s evolving business strategy” but didn’t elaborate further. It’s unclear if the decision is related to the upcoming Litecoin halving. KuCoin staff wrote:
“To ensure uninterrupted earnings during our temporary suspension, users who are involved in cryptocurrency mining, we recommend transitioning your BTC and LTC miners to alternative mining pools before 16:00:00 on August 15, 2023 (UTC).”
The exchange also warned users to back up and preserve their mining records and related data before Aug. 27.
Currently, the KuCoin Bitcoin and Litecoin mining pools have hash rates of 9.08 exahashes per second (EH/s) and 3.90 terrahashes per second (TH/s), respectively. On the whole, the Bitcoin network has a hash rate of 349.19 EH/s, compared to 792.16 TH/s for the Litecoin network.
Its previously reported that KuCoin is preparing to lay off 30% of its workforce. The exchange denied it was doing so, stating that it had not initiated any layoff plans. CEO Johnny Lyu wrote:
“First things first, KuCoin is operating smoothly. Our recent H1 2023 report shows strong growth in users and new listings, and our talented team is expanding steadily.”
Since July, the exchange has implemented mandatory Know Your Customer (KYC) requirements for its users. Existing customers will be barred from depositing unless they complete KYC. The exchange says it has over 20 million registered accounts.
