- KuCoin has announced that it will shut down its mining pool from August 15, 2023.
- The crypto exchange will temporarily suspend pools that support Bitcoin and Litecoin mining.
- The exchange clarified that users would continue to have access to their crypto assets during the suspension period.
- Restarting the mining pools would depend on the crypto market and user demand.
KuCoin will suspend its mining pool services later this month. The Seychelles-based crypto exchange cited its evolving business strategy as it made the announcement earlier today. The decision to shut down the pools will affect Bitcoin and Litecoin mining on the crypto platform. The decision comes nearly two years after the pools went live in August 2021.
KuCoin’s Native Token (KCS) Tanks 3%
According to a blog post by KuCoin earlier today, the mining pools supporting cryptocurrencies, including Bitcoin (BTC) and Litecoin (LTC) mining, will be discontinued on August 15, 2023. The users of the platform have been asked to back up before August 27, 2023 and keep track of their mining records.
A KuCoin spokesperson stated that the latest decision was in line with the company’s strategy that aims to redirect resources to core activities to make the platform more user-friendly. The crypto exchange urged miners on the platform to transfer their assets to alternative mining pools ahead of its August 15 suspension.
The crypto exchange, which is currently ranked 20th by daily trading volume on CoinGecko, assured its users that they would retain full access and control over their assets during the suspension period. Data from MiningPoolStats, KuCoin Pool is currently the eighth largest pool for BTC mining and the eleventh largest for LTC mining.
When asked about the timeline for restarting KuCoin’s mining pool services, a spokesperson stated that the crypto exchange would make the decision based on the crypto market and user demand going forward.
The latest development led to a visible drop in the price of the platform’s native token KCS. At the time of writing, KCS was trading at $5.64, down nearly 3% in the past 24 hours. KuCoin ran into legal trouble earlier this year after the New York Attorney General sued the crypto exchange for failing to register as a securities and commodities broker-dealer.