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KuCoin’s Bitcoin (BTC) and Litecoin (LTC) mining swimming pools will likely be suspended from 16:00:00 on Aug. 15, 2023 (UTC) till additional discover.
The trade mentioned the choice was “in step with KuCoin’s evolving enterprise technique” however did not elaborate additional. It is unclear if the choice is expounded to the upcoming Litecoin halving. KuCoin workers wrote:
“To make sure uninterrupted earnings throughout our non permanent suspension, customers who’re concerned in cryptocurrency mining, we suggest 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.
Presently, 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 price 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 exhibits sturdy progress in customers and new listings, and our gifted group is increasing steadily.”
Since July, the trade has applied necessary Know Your Buyer (KYC) necessities for its customers. Current prospects will likely 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 inside staff. KuCoin has almost 1,00zero staff. The principle motive is that the strict KYC coverage was launched after being sued by the US, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023
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