KuCoin’s Bitcoin and Litecoin mining pools shall be suspended beginning at 4:00 pm UTC on Aug. 15 till additional discover.
The alternate mentioned the choice was “in step with KuCoin’s evolving enterprise technique” however did not elaborate additional. It’s unclear if the choice is expounded to the upcoming Litecoin (LTC) halving. KuCoin employees wrote:
“To make sure uninterrupted earnings throughout our momentary suspension, customers who’re concerned in cryptocurrency mining, we advocate transitioning your BTC and LTC miners to various mining pools earlier than 16:00:00 on August 15, 2023 (UTC).”
The alternate additionally warned customers to again up and protect their mining information and associated information earlier than Aug. 27.
At the moment, the KuCoin Bitcoin (BTC) and Litecoin mining pools have hash charges of 9.08 exahashes per second (EH/s) and 3.90 terrahashes per second (TH/s), respectively. On the entire, the Bitcoin community has a hash fee of 349.19 EH/s, in comparison with 792.16 TH/s for the Litecoin community.
Cointelegraph beforehand reported that KuCoin is preparing to lay off 30% of its workforce. The alternate denied it was doing so, stating that it had not initiated any layoff plans. CEO Johnny Lyu wrote:
“First issues first, KuCoin is working easily. Our current H1 2023 report reveals robust progress in customers and new listings, and our proficient workforce is increasing steadily.”
Since July, the alternate has carried out obligatory Know Your Buyer (KYC) necessities for its customers. Current clients shall be barred from depositing until they full KYC. The alternate says it has over 20 million registered accounts.
SCOOP: Following Binance, cryptocurrency alternate KuCoin will lay off 30% of its workforce. Confirmed by greater than three inner staff. KuCoin has almost 1,000 staff. The primary cause is that the strict KYC coverage was launched after being sued by the US, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023
Collect this article as an NFT to protect this second in historical past and present your assist for unbiased journalism within the crypto area.
Journal: Deposit risk: What do crypto exchanges really do with your money?
Cointelegraph by Zhiyuan Solar KuCoin suspends Bitcoin and Litecoin mining pools cointelegraph.com 2023-08-02 15:01:44
Source link
