Announcing the launch of the pool on Wednesday, the exchange said its KuCoin Pool product would allow miners around the world to contribute to the Bitcoin (BTC) and Bitcoin Cash (BCH) networks and share rewards.
As part of its efforts to encourage the mining of crypto, KuCoin, a Singapore-based crypto exchange, has announced the launch of a mining pool aimed at providing revenue to proof-of-work miners after integrating their rigs.
Per the announcement, the role of mining cannot be understated in the crypto and blockchain industry. It is an important innovation that allows for a win-win situation for both blockchain projects and miners. For blockchain projects, it helps it to obtain security whilst providing a reward opportunity for miners.
However, over the years, the difficulty associated with mining has increased and this has led to a reduction in the proportion of individual hashrate to only obtain a stable income, except for the fixed costs of electricity, Internet, and equipment maintenance.
This situation prompted the creation of a mining pool by KuCoin to pursue a more stable income by connecting global miners to the platform to share hashrate and rewards. Crypto miners can now integrate their mining rigs to the KuCoin Pool and earn continuous rewards
Announcing the launch of the pool on Wednesday, the exchange said its KuCoin Pool product would allow miners around the world to contribute to the Bitcoin (BTC) and Bitcoin Cash (BCH) networks and share rewards.
For existing KuCoin users, it will become straightforward to set up their mining devices to generate passive income right away, the company’s CEO Johnny Lyu said, adding that Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly.
He also claimed the pool would be vital to help ensure that miners participate in environmentally-friendly solutions — people using renewable energy sources for mining will receive discounts on fees.
“Our Pool team also wants to provide environmentally-friendly mining solutions. Any miner relying on renewable energy will receive mining fee discounts.”
There are also indications that the move is seemingly part of a shift in many mining firms beginning to transition to cleaner and renewable energy.
However, it is important to note that the exchange is coming a little bit late to the party because other foremost firms like Chinese-owned Antpool, Poolin, ViaBTC, and F2Pool had launched a similar platform.
Meanwhile, In a related development, the hashrate for the Bitcoin network has had a massive increase since China’s historic clampdown on mining activities earlier in the year. Cryptoquant, a crypto metrics provider reported that the BTC hashrate is now at 152 EH/s which means that the hashrate of the flagship asset has tripled since it reached as low as 52 EH/s on June 28.
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