Starting from August 15 at 4:00 PM UTC, KuCoin will suspend its Bitcoin and Litecoin mining pools until further notice. The exchange's decision is stated to be aligned with its evolving business strategy, though no further details were provided. Th is move comes ahead of the Litecoin halving event. KuCoin recommended users participating in cryptocurrency mining to transfer their BTC and LTC miners to alternative mining pools during the suspension to ensure uninterrupted earnings. The exchange also advised users to back up their mining records and related data before August 27.
The current hash rates for KuCoin's Bitcoin and Litecoin mining pools are 9.08 exahashes per second (EH/s) and 3.90 terrahashes per second (TH/s) respectively. By comparison, the Bitcoin network's overall hash rate is 349.19 EH/s , while the Litecoin network's hash rate is 792.16 TH/s.
KuCoin recently addressed reports of potential layoffs by clarifying that it is operating smoothly and has not initiated any workforce reductions. CEO Johnny Lu emphasized the exchange's steady expansion and strong growth in users and new listings, as indicated in its H 1 2023 report.
KuCoin has also made changes in its user requirements, introducing mandatory know-your-customer (KYC) procedures for its users since July. Existing customers must complete KYC to continue depositing on the platform. With over 20 million registered accounts, KuCoin Coin has been working to enhance its compliance and user verification processes.
