The KuCoin crypto exchange in Seychelles is launching a mining pool with the goal of generating income for proof-of-work miners after they integrate their mining rigs. There was an announcement on Wednesday. There, the exchange stated that its KuCoin Pool product will allow all the miners worldwide to contribute to Bitcoin (BTC) and Bitcoin Cash (BCH). It will also allow them to share rewards.
At present, all the crypto miners need to install and run the needed hardware themselves so that they can join the pool. However, the KuCoin exchange says it will introduce cloud mining in the future. Johnny Lyu, the CEO of KuCoin, stated that the pool will encourage crypto miners to use green solutions. Furthermore, those who use renewable energy sources for mining will receive reduced fees. The move appears to be part of the shift that many miners are starting to move towards cleaner or renewable energy. Lyu said:
“For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away. Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly.”
The exchange is, however, coming in late to crypto mining when it is compared with big firms such as Binance. Binance launched its mining pools in April 2020 itself. Also, according to data gathered from blockchain, a few of the largest BTC miners include Antpool, Poolin, ViaBTC, and F2Pool. The Chinese mining giant, Bitmain owns Antpool. KuCoin was launched in the year 2017. It reported this week that it has reached 10 million users. This number is up by 1,114 percent from last year. Just last year itself, hackers stole about $275 million from the exchange before KuCoin was able to recover most of the funds.
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