KuCoin suspends Bitcoin, Litecoin mining amid shifting technique and layoff rumors

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In accordance with an Aug. 2 assertion, KuCoin plans to droop its Bitcoin (BTC) and Litecoin (LTC) mining swimming pools, efficient from Aug. 15, till additional discover.

The change attributed its resolution to its “evolving enterprise technique” and suggested its mining pool customers to transition their miners to alternate options earlier than the deadline. KuCoin mining pool customers have till Aug. 27 to again up and protect their mining data and different knowledge.

Different operations not affected

Nonetheless, KuCoin assured the neighborhood that its mining pool operations suspension doesn’t have an effect on different points of its providers, together with its change operations and others. Apart from that,  its customers’ belongings stay protected on its platform.

KuCoin’s BTC and LTC mining swimming pools, acknowledged as among the many top-performing swimming pools, account for important parts of their respective networks. As of press time, the change’s BTC and LTC swimming pools account for 8.51 EH/s and a couple of.67 TH/s of the entire community hash fee, respectively.

The information is coming lower than per week after the change denied any alleged layoff plans. On the time, the change’s CEO, Johnny Lyu, stated the corporate was solely restructuring its enterprise to stay aggressive and dynamic.

The change in technique at KuCoin could also be linked to a lawsuit from the Legal professional Normal of New York over alleged noncompliance with KYC guidelines. In response, KuCoin has bolstered its KYC procedures, reportedly resulting in a decline in buying and selling exercise and income.

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