KuCoin has announced that it will halt its mining pool starting August 15, 2023.
The crypto exchange will temporarily suspend pools that support Bitcoin and Litecoin mining.
The exchange clarified that users would retain access to their crypto assets throughout the suspension period.
Restarting the mining pools would depend on the crypto market and users’ demand.
KuCoin is set to suspend its mining pool services later this month. The Seychelles-based crypto exchange cited its evolving business strategy while making the announcement earlier today. The decision to halt 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 halted on August 15, 2023. The platform’s users have been asked to back up and maintain their mining records before August 27, 2023.
A spokesperson for KuCoin stated that the latest decision was in line with its business strategy that aims to redirect resources to core businesses 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 the suspension on August 15.
The crypto exchange, which is currently ranked 20th by daily trading volume on CoinGecko, assured its users that they would retain complete access and control over their assets throughout 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 users’ demand in the future.
The latest development led to a visible decline in the price of the platform’s native token KCS. At the time of writing, KCS was trading at $5.64, down nearly 3% over the past 24 hours. KuCoin ran into legal trouble earlier this year after the Attorney General of New York sued the crypto exchange for failing to register as a securities and commodities broker-dealer.