Cryptocurrency trade KuCoin has introduced that will probably be quickly suspending its Bitcoin (BTC) and Litecoin (LTC) mining swimming pools till additional discover.
In a Wednesday weblog put up, KuCoin stated the choice will probably be efficient ranging from August 15.
The trade stated the transfer is a part of its evolving enterprise technique, advising mining pool customers emigrate their miners to different platforms earlier than the given deadline.
With a purpose to guarantee a easy transition, KuCoin has given its mining pool customers till August 27 to again up and protect their mining data and different associated knowledge.
“Please be told that failure emigrate to different mining swimming pools throughout the aforementioned timeline might have an effect on your mining income, and KuCoin Pool won’t be held accountable for any potential earnings lapses,” the platform stated.
The present hash charges for KuCoin’s Bitcoin and Litecoin mining swimming pools are 9.08 exahashes per second (EH/s) and three.90 terrahashes per second (TH/s) respectively.
To place this in perspective, the Bitcoin community as a complete has a hash fee of 349.19 EH/s, whereas the Litecoin community has 792.16 TH/s.
Nonetheless, KuCoin famous that every one different choices stay operational as typical.
KuCoin Denies Mass Layoff Rumors
This information comes on the heels of rumors concerning mass workers layoffs at KuCoin.
In a July 25 post, unbiased journalist Wu Blockchain claimed that KuCoin would quickly lay off 30% of its workforce resulting from a strict Know Your Buyer coverage in the USA, which had led to a decline within the trade’s income.
Nevertheless, CEO Johnny Lyu reassured the general public that the corporate is working easily and denied any layoff plans.
He acknowledged that KuCoin has been experiencing sturdy progress, with sturdy person numbers and a plethora of latest listings. The trade at the moment boasts over 20 million registered accounts.
“The crypto world modifications quick. To remain on prime, we frequently consider our org construction based mostly on worker efficiency and firm growth. So it isn’t layoffs, and it’s all about making the group extra dynamic and aggressive.”
It’s value noting that KuCoin has not too long ago required all customers to bear obligatory know-your-customer (KYC) procedures.
Current clients needed to full the KYC course of by July 15 with the intention to proceed depositing funds.
The corporate has claimed that the transfer is meant to bolster its safety system and in addition to boost person experiences on the platform.
“KuCoin has strengthened our KYC system to adjust to regulatory necessities worldwide and higher defend the asset safety of all cryptocurrency customers by way of enhanced KYC guidelines,” CEO Lyu stated again in June.