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 change mentioned the choice was “in keeping 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 employees wrote:
“To make sure uninterrupted earnings throughout our non permanent suspension, customers who’re concerned in cryptocurrency mining, we advocate transitioning your BTC and LTC miners to various mining swimming pools earlier than 16:00:00 on August 15, 2023 (UTC).”
The change additionally warned customers to again up and protect their mining data and associated information earlier than Aug. 27.
At present, 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 fee 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 change 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 reveals sturdy development in customers and new listings, and our proficient workforce is increasing steadily.”
Since July, the change has applied obligatory Know Your Buyer (KYC) necessities for its customers. Present clients will likely be barred from depositing until they full KYC. The change says it has over 20 million registered accounts.
SCOOP: Following Binance, cryptocurrency change KuCoin will lay off 30% of its workforce. Confirmed by greater than three inner staff. KuCoin has almost 1,000 staff. The primary motive is that the strict KYC coverage was launched after being sued by america, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023
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