KuCoin launches proof-of-work mining pool

Crypto exchange KuCoin is exploring greener opportunities for mining crypto by launching an integrated proof-of-work revenue pool.

The Seychelles-based exchange offers miners the opportunity to integrate their mining hardware with the KuCoin Pool, which supports Bitcoin and Bitcoin Cash and issues rewards in those crypto denominations.

For the time being, miners will have to manually set up the pool on their hardware but KuCoin is planning to introduce a cloud feature later on.

In a statement published on Wednesday, KuCoin CEO Johnny Lyu said that the pool would serve as an incentive for miners to opt for greener options when it comes to Bitcoin mining.

“Miners can benefit from the one-stop mining service platform and its features to get up and running very quickly”, Lyu added.

While this is a major step forward for KuCoin many other companies have already launched their own pools, including Binance, a rival exchange.

KuCoin has hit 10 million active users, marking a significant increase in operating reach. However, the exchange was also hit by a hack, with criminals spiriting away around $275m in funds.

Green initiatives have been important for crypto miners. Tesla boss Elon Musk said he’d stop accepting BTC as a payment method because of a lack of a green plan for the currency. Ethereum is currently switching to a more ambitious proof-of-stake model in a bid to solve growing environmental concerns.

In the meantime, you can continue to use your crypto on various igaming sites, such as 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 08/26/2021 — 15:00