OKX, a leading cryptocurrency exchange, has revealed its decision to shut down Bitcoin mining pool products and associated services.
The cryptocurrency exchange OKX stated in a press release on January 26 that it was closing its mining pool services. This closure applied to new user registrations as well however it was still available to current customers until February 25. All services associated to the mining pool will be terminated after the deadline. OKX:
“Due to business adjustments, OKX will discontinue Mining Pool and related services shortly. We apologize for any inconvenience that may cause you.”
According to Mining Pools data, OKX ranked 36th out of the top 70 Bitcoin-focused mining pools, and its overall hash rate was a little over 496 TH/s.
In October 2018, OKX introduced mining pool services and supported several cryptocurrencies, including Decred (DCR), Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin (BTC).
The most recent action is being taken just before Bitcoin’s fourth halving in April, which is anticipated to lower miner incentives from 6.25 to 3.125 BTC.
The halving of Bitcoin happens every 210,000 blocks or roughly every four years. The fundamental mechanism of Bitcoin is to fend off inflation and maintain its value over time.
The incentive for mining new blocks is halved during the halving, which lowers the rate at which new Bitcoins are produced and, as a result, the overall quantity of Bitcoins in circulation.
