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KuCoin, an change with over 20 million purchasers, will pause its Bitcoin and Litecoin mining swimming pools on Aug. 16 as a part of a shift in the direction of its core enterprise focus. Latest layoffs, rumored to have affected virtually 30% of its workforce, prompted the transfer.
The KuCoin Bitcoin mining pool’s hash fee at present stands at 9.60 EH/s.
KuCoin altering ways
In an Aug. 1 announcement, KuCoin mentioned it’s going to quickly droop its pool service from Aug. 15, 2023, at 16:00:00 (UTC) till additional updates are launched.
KuCoin Pool is being paused shy of its second anniversary. The final word objective of the service was to develop into one of many largest proof-of-work mining swimming pools globally to reinforce the safety of assorted public chains.
Regardless of providing Bitcoin and Litecoin mining companies, it was touted as one of many prime performing swimming pools.
Customers could have safe entry and whole management over their property throughout the interim section. KuCoin’s different choices will proceed with out interruption.
With this directive, Bitcoin and Litecoin miners should discover various swimming pools earlier than the deadline. On the identical time, all clients ought to again up and protect important data by Aug. 27, 2023 (UTC).
Tightening the foundations
KuCoin pinned the choice on their evolving enterprise technique.
On July 25, a crypto reporter, Colin Wu, mentioned KuCoin is downsizing like Binance.
KuCoin mentioned the job cuts weren’t attributable to efficiency however have been aimed toward bettering their essential enterprise. Nonetheless, this could possibly be a approach for the change to navigate regulatory adjustments and overcome dicey market situations to stay aggressive.
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