KuCoin suspends Bitcoin and Litecoin mining pools

KuCoin’s Bitcoin and Litecoin mining pools shall be suspended beginning at 4:00 pm UTC on Aug. 15 till additional discover.

The trade mentioned the choice was “in step with KuCoin’s evolving enterprise technique” however did not elaborate additional. It’s unclear if the choice is said to the upcoming Litecoin (LTC) halving. KuCoin employees wrote:

“To make sure uninterrupted earnings throughout our non permanent suspension, customers who’re concerned in cryptocurrency mining, we advocate transitioning your BTC and LTC miners to different mining pools earlier than 16:00:00 on August 15, 2023 (UTC).”

The trade additionally warned customers to again up and protect their mining data and associated knowledge earlier than Aug. 27.

Presently, 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 price 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 trade 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 latest H1 2023 report reveals sturdy development in customers and new listings, and our gifted group is increasing steadily.”

Since July, the trade has applied obligatory Know Your Buyer (KYC) necessities for its customers. Present prospects shall be barred from depositing except they full KYC. The trade says it has over 20 million registered accounts.

SCOOP: Following Binance, cryptocurrency trade KuCoin will lay off 30% of its workforce. Confirmed by greater than three inside staff. KuCoin has almost 1,000 staff. The primary purpose is that the strict KYC coverage was launched after being sued by the US, which…

— Wu Blockchain (@WuBlockchain) July 25, 2023

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