KuCoin’s mining pool will be unavailable to users starting from 15 August 2023 until further notice. In a press release, the exchange said it was temporarily halting KuCoin Pool as part of “KuCoin’s evolving business strategy”.
No reason has yet been given for this halt. But KuCoin said it wishes to “emphasize that the security and integrity of your assets are our utmost priority”.
Investors will maintain all access and control over their crypto assets during this suspension and it will not affect any other KuCoin product.
“We deeply regret any inconvenience this might cause and we remain grateful for your unwavering support and understanding,” said KuCoin.
KuCoin had recently outlined new goals for its mining pool service in its H1 2023 report. The crypto exchange said it would optimise the product and expand KuCoin Pool.
What is KuCoin Pool?
The service describes itself as a “high-performance mining pool for Proof of Work (PoW) assets”. Currently, only Bitcoin and Litecoin are featured in the product. But its website said it planned to list more PoW cryptocurrencies.
KuCoin Pool said it gives investors a chase to earn high returns with low fees, despite PoW assets tending to be more costly. The crypto exchange boasts security and robustness in this service.
The website said: “Alongside high-quality mining services, KuCoin Pool aims to link the mining industry with other sectors, granting miners access to diverse products and increased investment and earning prospects.”
Rival proof-of-stake cryptocurrencies have seen huge growth as they brought new utility to the industry. Meanwhile, KuCoin Pool was designed bring some of these usecases to PoW digital assets.
Advice to KuCoin Pool users
The suspension of KuCoin pool will begin at 4pm UTC on 15 August. Investors are recommended to move their cryptocurrencies out of the pool “to ensure uninterrupted earnings during our temporary suspension”.
The cryptocurrency exchange notes that users could see their mining revenue impacted if they do not move their BTC or LTC.
“Furthermore, we kindly suggest backing up and preserving your mining records and associated data before August 27, 2023,” the press release said.
KuCoin’s successful start to 2023
KuCoin recently published its H1 report on 12 July. CEO Johnny Lyu tweeted: “Our recent H1 2023 report shows strong growth in users and new listings, and our talented team is expanding steadily.”
Detailed in the report were the “significant milestones” of KuCoin Pool. The cryptocurrency exchange launched a new cloud mining product and saw huge growth in this service.
Moving forwards, the report outlined plans to continue optimising its new cloud mining product, along with expanding KuCoin Pool.
KuCoin said: “The goal is to provide users with a diversified and high-quality mining ecosystem and contribute to the development of the cryptocurrency mining industry.”
However, it is unclear what role the temporary suspension will play in this mission.
KuCoin business changes
The cryptocurrency exchange has recently denied claims that it has large-scale layoffs planned. It said that any redundancies are inline with usual housekeeping.
“We did not initiate any alleged layoff plan. As part of a normal process of organization development, we keep doing biannual appraisals to keep up with the competitive market,” a KuCoin spokesperson told Decrypt.
The initial rumors that KuCoin was laying off 30% of its workforce started after claims that its new know-your-customer policy would affect the exchange’s profits.
Launched on 15 July, KuCoin required all new users to complete identification verification before using any of its products. Meanwhile, current non-KYC users were not able to deposit any more funds.
This KYC policy was introduced as KuCoin looks to improve its compliance with global anti-money laundering regulations.
