KuCoin, an exchange with over 20 million clients, will pause its Bitcoin and Litecoin mining pools as part of a shift towards its core business focus.
Without going into more detail, the exchange stated that the choice was “in line with KuCoin’s evolving business strategy.” Uncertainty exists regarding the decision’s connection to the imminent Litecoin (LTC) halving. The KuCoin team wrote:
“To ensure uninterrupted earnings during our temporary suspension, users 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).”
Additionally, the exchange advised users to back up their mining logs and related data before August 27. There are now hash rates of 9.08 exahashes per second (EH/s) and 3.90 terrahashes per second (TH/s) for the KuCoin Bitcoin (BTC) and Litecoin mining pools, respectively.
The overall hash rate for the Bitcoin network is 349.19 EH/s, whereas the overall hash rate for the Litecoin network is 792.16 TH/s. As previously reported, KuCoin is reportedly getting ready to fire 30% of its employees. The exchange denied doing so and said no layoff plans had been started. Chairman 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 mandated Know Your Customer (KYC) rules for its users. Existing customers will be allowed to deposit once they finish their KYC. The exchange claims to have over 20 million accounts registered.
