Crypto Mining Suspended on KuCoin
KuCoin has announced the suspension of Bitcoin (BTC) and Litecoin (LTC) mining pools from 16:00:00 on Aug. 15, 2023 (UTC) until further notice. The decision is “in line with KuCoin’s evolving business strategy” but the exact reasoning is unclear. It is possible that the Litecoin halving is related to the suspension.
Users of the KuCoin Bitcoin and Litecoin mining pools are advised to back up and preserve their records and data before Aug. 27. Currently, the KuCoin Bitcoin and Litecoin mining pools have hash rates of 9.08 exahash per second (EH/s) and 3.90 terrahash per second (TH/s), respectively. On the whole, the Bitcoin network has a hash rate of 349.19 EH/s, compared to 792.16 TH/s for the Litecoin network.
The suspension of the mining pools has caused a stir in the crypto world, with users of services such as Fetch Crypto, Enzyme Crypto, Dogelon Crypto, DDX Crypto, Ergo Crypto, Crypto.net, Crypto.com, and EMAX Crypto all taking notice.
Crypto Exchange Implements KYC Requirements
As Cointelegraph previously reported, KuCoin was rumored to be preparing to lay off 30% of its workforce. However, the exchange denied these reports, clarifying that no layoff plans had been initiated. CEO Johnny Lyu wrote:
In July, the crypto exchange began to enforce mandatory Know Your Customer (KYC) requirements for its users. Existing customers must complete KYC in order to deposit funds. KuCoin currently has over 20 million registered accounts.
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