KuCoin suspends Bitcoin and Litecoin mining pools

KuCoin’s Bitcoin (BTC) and Litecoin (LTC) mining swimming pools shall be suspended from 16:00:00 on Aug. 15, 2023 (UTC) till additional discover.

The trade mentioned the choice was “according to KuCoin’s evolving enterprise technique” however did not elaborate additional. It is unclear if the choice is said to the upcoming Litecoin 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 swimming pools earlier than 16:00:00 on August 15, 2023 (UTC).”

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

At the moment, the KuCoin Bitcoin and Litecoin mining swimming pools have hash charges of 9.08 exahash per second (EH/s) and three.90 terrahash per second (TH/s), respectively. On the entire, the Bitcoin community has a hash charge of 349.19 EH/s, in comparison with 792.16 TH/s for the Litecoin community.

Cointelegraph beforehand reported that KuCoin is making ready to put 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 current H1 2023 report reveals sturdy development in customers and new listings, and our proficient workforce is increasing steadily.”

Since July, the trade has applied obligatory Know Your Buyer (KYC) necessities for its customers. Present clients 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 inner workers. KuCoin has practically 1,000 workers. The primary purpose is that the strict KYC coverage was launched after being sued by america, which…

— Wu Blockchain (@WuBlockchain) July 25, 2023

Journal: Deposit danger: What do crypto exchanges actually do together with your cash?

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