KuCoin suspends Bitcoin, Litecoin mining amid shifting strategy and layoff rumors KuCoin suspends Bitcoin, Litecoin mining amid shifting strategy and layoff rumors
The news comes less than a week after KuCoin denied any alleged layoff plans.
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Updated: Aug. 2, 2023 at 8:17 pm UTC
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According to an Aug. 2 statement, KuCoin plans to suspend its Bitcoin (BTC) and Litecoin (LTC) mining pools, effective from Aug. 15, until further notice.
The exchange attributed its decision to its “evolving business strategy” and advised its mining pool users to transition their miners to alternatives before the deadline. KuCoin mining pool users have until Aug. 27 to back up and preserve their mining records and other data.
Other operations not affected
However, KuCoin assured the community that its mining pool operations suspension does not affect other aspects of its services, including its exchange operations and others. Besides that, its users’ assets remain safe on its platform.
KuCoin’s BTC and LTC mining pools, acknowledged as among the top-performing pools, account for significant portions of their respective networks. As of press time, the exchange’s BTC and LTC pools account for 8.51 EH/s and 2.67 TH/s of the total network hash rate, respectively.
The news is coming less than a week after the exchange denied any alleged layoff plans. At the time, the exchange’s CEO, Johnny Lyu, said the company was only restructuring its business to remain competitive and dynamic.
The change in strategy at KuCoin may be linked to a lawsuit from the Attorney General of New York over alleged noncompliance with KYC rules. In response, KuCoin has bolstered its KYC procedures, reportedly leading to a decline in trading activity and revenue.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Litecoin
$84.5794
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
Johnny Lyu is the CEO and one of the co-founders of KuCoin, one of the largest cryptocurrency exchanges launched in 2017.