KuCoin cryptocurrency exchange, is introducing a mining pool to pay proof-of-work miners when they integrate their rigs. The pool would encourage miners to use environmentally friendly solutions by offering fee reductions in mining.
The exchange stated in a statement on Wednesday that its KuCoin Pool offering will allow miners all over the world to contribute to Bitcoin (BTC) and Bitcoin Cash (BCH) mining pools and share rewards.
Miners must now install and run the requisite gear in order to join the pool, however, KuCoin has stated that cloud mining will be available in the future.
KuCoin CEO Johnny Lyu further claimed that the pool would encourage miners to use environmentally friendly solutions by offering fee reductions to those who mine with renewable energy sources.
The decision appears to be part of a trend in which many mining companies are switching to cleaner or renewable energy sources.
“It will be simple for existing KuCoin users to set up their mining devices to produce passive money right away,” Lyu said. “Miners can take advantage of the one-stop mining service platform and its capabilities to swiftly get up and running.”
Crypto exchanges and mining pools
When compared to large corporations like Binance, which opened its mining pool in April 2020, the exchange is late to mining.
Antpool, which is controlled by Chinese mining giant Bitmain, Poolin, ViaBTC, and F2Pool are among the largest BTC miners, according to blockchain statistics.
KuCoin, which was founded in 2017, announced this week that it has surpassed 10 million users, an increase of 1,114 percent over the previous year.
Hackers took $275 million from the exchange last year, but KuCoin was able to recover the majority of the assets.
