Seychelles-based leading cryptocurrency exchange KuCoin is launching a mining pool aimed towards offering revenue to PoW [Proof-of-Work] miners after integrating their rigs.
Within an earlier announcement earlier on Wednesday, the exchange outlined that its KuCoin Pool product would permit miners around the world to contribute to the Bitcoin [BTC] and Bitcoin Cash [BCH] and share rewards. At the instant, miners are required to put in and run the required hardware themselves to mine from the pool, but KuCoin added that it might introduce mining within the cloud in the mere future.
KuCoin CEO Johnny Lyu also explained that the pool would be encouraging miners to participate in environmentally-friendly solutions – people employing renewable energy sources for mining will receive discounts on fees. The move is seemingly a part of a shift in many mining firms starting to transition to cleaner or renewable energy.
“For existing KuCoin users, it’ll become straightforward to line up their mining devices to get passive income directly,” added Lyu. “Miners can enjoy the one-stop mining service platform and its features to urge up and running very quickly.”
The exchange is coming in late to mining in comparison with leading firms like Binance, which launched its mining pool earlier in April last year. Consistent with blockchain data, a number of the leading BTC miners embody Antpool – owned by Chinese mining giant Bitmain – Poolin, ViaBTC, as well as F2Pool.
Launched earlier in 2017, KuCoin reported earlier this week that it had reached 10 Mln users, having risen by 1,114% within the last year. Last year, hackers stole roughly $275 Mln from the exchange prior KuCoin was able to recover the majority of its funds.