KuCoin suspends Bitcoin, Litecoin mining amid shifting technique and layoff rumors

In keeping with an Aug. 2 assertion, KuCoin plans to droop its Bitcoin (BTC) and Litecoin (LTC) mining swimming pools, efficient from Aug. 15, till additional discover.

The alternate attributed its determination to its “evolving enterprise technique” and suggested its mining pool customers to transition their miners to options earlier than the deadline. KuCoin mining pool customers have till Aug. 27 to again up and protect their mining data and different knowledge.

Different operations not affected

Nevertheless, KuCoin assured the group that its mining pool operations suspension doesn’t have an effect on different features of its companies, together with its alternate operations and others. Apart from that,  its customers’ belongings stay secure on its platform.

KuCoin’s BTC and LTC mining swimming pools, acknowledged as among the many top-performing swimming pools, account for important parts of their respective networks. As of press time, the alternate’s BTC and LTC swimming pools account for 8.51 EH/s and a pair of.67 TH/s of the overall community hash fee, respectively.

The information is coming lower than per week after the alternate denied any alleged layoff plans. On the time, the alternate’s CEO, Johnny Lyu, mentioned the corporate was solely restructuring its enterprise to stay aggressive and dynamic.

The change in technique at KuCoin could also be linked to a lawsuit from the Lawyer Normal of New York over alleged noncompliance with KYC guidelines. In response, KuCoin has bolstered its KYC procedures, reportedly resulting in a decline in buying and selling exercise and income.

The submit KuCoin suspends Bitcoin, Litecoin mining amid shifting technique and layoff rumors appeared first on StarCrypto.