KuCoin promotes greener crypto-mining with proof-of-work pool

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Seychelles-based crypto exchange KuCoin is launching a mining pool aimed at providing income to proof-of-work miners after integrating their platforms.

In an announcement on Wednesday, the exchange said its KuCoin Pool product would allow miners around the world to contribute Bitcoin (BTC) and Bitcoin Cash (BCH) and share rewards. For now, miners must install and run the necessary hardware themselves to join the pool, but KuCoin has said it will introduce cloud mining in the future.

KuCoin CEO Johnny Lyu also claimed that the pool will encourage miners to participate in environmentally friendly solutions. People using renewable energy sources for mining would benefit from fee reductions. The move is apparently part of a shift in many mining companies starting to switch to cleaner or renewable energy.

For existing KuCoin users, it will become simple to configure their mining devices to immediately generate passive income, Lyu said. Miners can benefit from the one stop mining service platform and its features to get up and running very quickly.

The exchange comes late in mining compared to big companies like Binance, which launched its mining pool in April 2020. According to blockchain data, some of the biggest BTC miners include Antpool owned by the Chinese mining giant. Bitmain Poolin, ViaBTC and F2Pool.

Related: Are KuCoin Shares Overvalued After KCS Price Gains 100% In One Month?

Launched in 2017, KuCoin announced this week that it has reached 10 million users, after increasing 1.114% last year. Last year, hackers stole around $ 275 million from the exchange before KuCoin could recover the majority of the funds.

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